Gen X Faces Retirement Crisis as Majority Fear Savings Fall Short

Only 28% of Generation X adults in the UK feel confident about their retirement savings, citing rising costs, limited pension options, and insufficient state support.

A new survey reveals that just 28% of Generation X adults in the UK believe they are on track for a comfortable retirement, the lowest confidence level among all generations surveyed.
Approximately 17% of Gen X respondents fear they may never be able to retire, citing high living costs and inadequate state pensions as major barriers.
Many Gen Xers missed out on defined benefit pensions and only benefited from auto-enrollment schemes late in their careers, limiting their ability to save sufficiently.
Experts recommend steps like consolidating pension pots, increasing contributions, and checking state pension forecasts to improve retirement readiness.
Proposals such as lowering the auto-enrollment age, increasing employer contributions, and launching a pensions dashboard could provide long-term solutions but remain unimplemented.

The Independent