Gen X Retirement Confidence Dips Compared to Boomers, Millennials, Study Reveals

By Madz Dizon

Jun 17, 2024 02:50 AM EDT

Gen X Retirement Confidence Dips Compared to Boomers, Millennials, Study Reveals

(Photo : Sam Balye/ Unslpash)

A recent study conducted by Allianz Life sheds light on the financial regrets, concerns, and priorities of Gen X. 

Interestingly, the findings show that this cohort tends to have lower confidence in their retirement finances compared to Millennials, who have more time to prepare.

Gen X Least Confident Generation in Terms of Financial Abilities

The study revealed that a significant portion of Gen Xers express concerns about their ability to financially support their desired lifestyle. 

Interestingly, the statistics indicate that Black/African American and Asian/Asian American respondents reported slightly higher levels of confidence compared to White and Hispanic individuals.

In contrast, a significant majority of Boomers (82%) and Millennials (77%) expressed confidence in their financial ability to pursue their desired activities, Investment News reported.

A significant number of individuals from the Gen X generation expressed regret over not saving enough for retirement.

They cited various factors such as daily expenses, credit card debt, and housing debt as major obstacles preventing them from saving more for their retirement.

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Gen X Falls Short in Retirement Savings

The Allianz survey also highlighted that the Gen X demographic fell behind other generations when it came to taking important measures to plan for their retirement.

According to Fortune, a smaller percentage of Gen Xers are currently working with a financial professional, in comparison to Millennials and Boomers. 

Furthermore, a significant majority of Gen Xers, specifically 58%, lack any "written financial plans," as reported by Allianz. This percentage is higher compared to 52% of Boomers and 37% of Millennials.

Additional research has also indicated that individuals from the Gen X generation express greater concern about retirement compared to both Boomers and Millennials. 

A significant number of them anticipate extending their working years beyond their original intentions.

According to a recent study by the National Institute on Retirement Security, there is a significant wealth disparity among Gen X individuals. 

On average, the top 25% of this generation possesses around $250,000 in wealth, while the bottom quartile has a significantly lower average of approximately $35,000.

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