Just Group’s latest research project focuses on Generation X, aiming to shed light on the financial and lifestyle pressures that contribute to what is being termed as “Generation Anxiety.”
The second snapshot of this series reveals a notable lack of confidence among those born between 1965-81 regarding their pension savings as they approach retirement.
The study finds that a majority (52%) of Gen X individuals are not confident they will have saved enough to maintain a good standard of living post-retirement.
Among them, 38% expressed no confidence in their future savings sufficiency, 10% were unsure about accruing enough for a comfortable retirement, and 4% hadn’t considered it yet. Homeowners (54%) showed more confidence in building sufficient pension savings than renters (33%).
The research also highlighted the financial burden on Gen X, with nearly a third (29%) supporting their adult children aged 21 and over, and 11% contributing to the care costs of parents or elderly relatives. These demands on income and savings are forcing many to deprioritize contributions to their pension pots.
Stephen Lowe, group communications director at Just Group, commented on the findings: “Our research focused on Gen X – or Generation Anxiety – has uncovered their fears that they will have to work longer, pay off their mortgage for a longer period and now it highlights concerns that they won’t build up adequate pension savings.
“It is clear that Gen X are feeling squeezed – their pensions are less generous, their mortgages are more costly, and many are supporting their children financially with some also helping with later life care fees.
“In this environment with the cost-of-living crisis tightening budgets further it is perhaps unsurprising that people feel unable or unwilling to increase pension contributions.”
