According to Citi-SMU (SingaporeManagement University) symposium on financial Literacy for young adults, it is important to start managing one's finances when young. This is because picking up financial literacy is more suited when one is young. When you are old, "you can't teach old dogs new tricks". Financial literacy means the ability to understand and process economic information.
Thus, it is incorrect to say "it's never too late to start financial planning".
My comment: I agree that retirement planning is only for the young. For those who are old and has yet to plan for retirement, it is already too late.
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