Gen Xers have worse view of retirement prospects than baby boomers or millennials
Members of Generation X have the gloomiest outlook about their retirement prospects of any age group, according to BlackRock's fifth annual DC Pulse Survey released Thursday.
Only 62% of Gen Xers — those born between the mid-1960s and the early 1980s — believe they are on track with their retirement savings. That compares with 76% of millennials and 68% of baby boomers who say they are on track.
Gen Xers is also the cohort most likely to say they're not on track to retire at all. More than 1 in 10 Gen Xers (13%) report not being on track, compared with 8% of millennials and 11% of baby boomers who report the same.
Generation X retirement plan participants cited the cost of living and other expenses — as well as not saving enough — as the reasons for their concerns.
The survey also pointed to gender differences in retirement savings, with women registering markedly lower levels of confidence in their retirement readiness. Less than 3 in 5 women (59%) say they are on track for retirement, compared with 78% for men.
Overall, the majority of participants report being on track for retirement despite the pandemic. Almost 7 in 10 (68%) of participants believe they will retire with the lifestyle they want, up from the 60% who reported the same in 2019