If you were born between 1965 and 1981, it might be time to reassess your retirement goals.
Recent research shows that only 28% of individuals in this age group believe they are on track to meet their retirement savings targets.
These findings were released as part of research commissioned by the Get Britain Pension Ready campaign for Annuity Ready, based on research conducted in December 2024.
Angellica Bell, ambassador for the Get Britain Pension Ready campaign, 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.
“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.
“This has left many Brits unsure if and when they will be able to retire comfortably.”
Despite 45% of Gen X once having access to final salary pension schemes, 65% no longer do.
A significant portion of Gen X is worried about not being able to retire fully, with 17% expressing concern and 78% believing they won’t have enough saved.
Contributing factors include the rising cost of living (66%) and concerns that the state pension won’t be sufficient (59%).
The survey also highlighted that over a quarter (26%) of Gen X didn’t have pension schemes available when they first started working.
Additionally, 30% of respondents stated that auto-enrolment came too late to make a significant impact on their savings.
Rotimi Merriman-Johnson (Mr MoneyJar), independent expert for Get Britain Pension Ready, added: “Retirement should be something to look forward to, but our research reveals that too many members of the British public instead feel anxious, overwhelmed, and fearful of making the wrong financial decisions.”
