A vast majority of millennials have no idea how much they are worth and many have not started saving for retirement, according to a survey released Wednesday by Personal Capital, an online financial services firm based in San Francisco.

According to the Retirement Readiness Survey, 73 percent of millennials do not know what they are worth and 40 percent have not started saving for retirement. The survey included 2,120 American adults, including 582 millennials ages 18 to 34.

Knowing what you are worth and having a retirement account started are two factors that are critical for taking charge of personal finances, according to Personal Capital. On the other hand, 34 percent of millennials say they are hopeful about their retirement, which represents a false sense of security around their current savings and creates a risk of them not reaching the retirement goals they are hoping for, the survey says.

“With the average projected savings needed to retire comfortably hitting at least $1 million, far too many millennials don’t realize they are already staggeringly behind,” says Personal Capital.

“Millennials are oblivious to the $14 trillion retirement crisis facing America,” says Personal Capital CEO Bill Harris. “They’re dangerously assuming that retirement planning can start tomorrow, instead of today. We’ve found that millennials are banking on working just 15 years, and many plan to live on inheritances during retirement – it’s delusional.”

Millennials expect to save an average of $445,687 for retirement, and they anticipate receiving an average of $1.06 million from inheritance - twice as much income as from their paychecks.

Young men and women look at their retirement preparedness differently. Sixty-three percent of millennial men say they are emotional about their retirement savings account balances, while only 43 percent of women have an emotional reaction. Twelve percent of young men say they feel hopeless about their retirement savings while only 6 percent of women feel that way.