Middle-aged people in the Generation X age group are the least likely to feel their savings are on track to give them a comfortable retirement, a survey indicates. Fewer than three in 10 (28%) people in the Generation X age group (people born between 1965 and 1980) feel they are on course to meet a savings goal that would allow them to live comfortably throughout retirement.
They are significantly less confident than the younger generations of Gen-Z (50%) and Millennials (47%), as well as the older Baby Boomer (37%) generation sitting just above Gen-X. The research was commissioned by the Get Britain Pension Ready campaign for Annuity Ready – a lifetime annuity comparison service and part of the Legal & General Group.
Those behind the study said Gen-X face a more complex retirement planning process than other generations. While some people in older generations may have had salary-based pensions to rely on in their later years, 65% of Gen-X said a final salary pension scheme is no longer available to them as a savings option, despite nearly half (45%) indicating that it was when they first started working.
And while many people in younger generations will be automatically placed in a workplace pension early on in their careers, 30% of the Gen-X age group surveyed said the auto-enrolment workplace pension initiative was not introduced in time to make a significant difference in their overall pension savings.
Nearly one in six (17%) members of Generation X said they are worried about never being able to fully retire, according to the OnePoll survey of 2,000 people across the UK in December.In addition to savings shortfalls, two-thirds (66%) of Gen-Xers cited living costs and 59% cited the state pension as reasons for doubting their ability to retire.
Sarah Lloyd, spokesperson for Get Britain Pension Ready, said: “Brits across the board are feeling the pressure, with an alarming number of people worried they might never be able to retire.”. People can take steps to see if they are on track for retirement by checking their state pension forecast on gov.uk, tracking down any lost pensions using the Pension Tracing Service and considering increasing their workplace pension contributions, if they can.
