As the critical mass of baby boomers approaches retirement age, the public is hearing, as never before, about the changing face of retirement. Company pensions are shrinking or disappearing and, the experts all say, the average American must think in very real terms about net worth as retirement livelihood. Save and plan carefully, the new rules read, or age at your own risk.

But if studying net worth is more important than ever, the public seems to have mostly skipped class. A new survey released this week reveals some stark realities about how Americans think about money and, by extension, saving for retirement. "Americans should be as aware of their net wealth as well as they are of their physical weight," said Stephen Braybock, executive director of the Consumer Federation of America, which co-authored the survey. The Financial Planning Association was the survey's other sponsor.

Braybock's words appear to be falling on disinterested ears as less than half (49%) of Americans polled even know how to define net personal wealth. After being told how to calculate net worth, more than half the respondents (54%) had no idea as to their own number. Behind the public's disinterest, according to the survey, lies a general sense that acquiring any substantial wealth is largely impossible. Indeed, only one quarter of those polled believe they could save $200,000 or more in their lifetime. Dig further, as the survey did, and reality grows bleaker. One fifth (21%) of Americans now believe winning the lottery is the best way to accumulate several hundred thousand dollars. For those making less than $25,000 per year, that number increases substantially to 38%.