New research has revealed that Generation X, Britons aged between 45 and 60, are facing a severe pension savings crisis, with just 28 per cent on track to meet their retirement goals.
The findings, released today by the Get Britain Pension Ready campaign, suggest that those born between 1965 and 1980 are significantly trailing behind the ideal amount needed to retire.
The study highlights a growing concern for this age group, who are caught between the phasing out of final salary pension schemes and the late introduction of auto-enrollment pension programmes.
Research reveals a stark generational divide in retirement readiness, with Gen X's 28 per cent significantly behind Gen Z (50 per cent), Millennials (47 per cent), and Baby Boomers (37 per cent).
This outlook appears particularly bleak for many Gen X members, with nearly one in six (17 per cent) expressing concerns they may never be able to fully retire.
Furthermore, the study found that over a quarter of all respondents believe they will need more than £500,000 to live comfortably in retirement.
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Analysts are warning Britons about a looming pension savings shortfall
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Nearly half (45 per cent) of Gen X workers initially had access to final salary pension schemes through their employers, which offered guaranteed lifetime income.
However, these schemes were later phased out, with 65 per cent of Gen X respondents reporting they are no longer available to them.
The introduction of auto-enrollment pension schemes came too late for many, with 30 per cent of Gen X saying it made no notable difference to their pension savings.
Research found that when auto-enrollment was introduced, the average Briton had already been working for over 15 years.
Gen X Brits are the least prepared for retirement, a survey has found
GETTYRotimi Merriman-Johnson, known as Mr MoneyJar and an independent expert for Get Britain Pension Ready, highlighted the severity of the situation.
He said: "These findings highlight a stark challenge for Generation X, who are disproportionately at risk of falling short in their retirement savings.
"The phasing out of final salary schemes, combined with the delayed introduction of auto-enrolment, has created a unique gap that has left many feeling unprepared."
However, he stressed that "it's never too late to take action" and emphasised the importance of "education and proactive planning" to help people secure their financial futures.
According to the research, there are widespread concerns among Generation X about their retirement prospects, with 78 per cent believing they won't have enough money saved.
Cost of living fears are a major worry, with 66 per cent of Gen X respondents citing this as a barrier to retirement.
Nearly three in five (59 per cent) express doubts about the availability or sufficiency of the state pension.
The study also found that 80 per cent of all respondents would welcome a guaranteed income for life in retirement.
However, understanding of pension options remains low, with 31 per cent unaware of what annuity products are or how they function.
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Pensioners are worried about their retirement GETTY Angellica Bell, an ambassador for the Get Britain Pension Ready campaign, emphasised that Gen X's challenges reflect a broader societal issue.
She said: "After taking to the streets again to talk to Brits about pensions, it is clear Gen X are not alone in the challenge of becoming retirement ready."
Bell highlighted how rising living costs are affecting retirement planning across generations.
"With the cost of living rising, people across different generations are balancing their daily expenses and pension contributions with their long-term savings and retirement dreams," she noted.
