Unless swift action is taken by thousands of Generation X workers, they could be the first generation never able to retire, according to new research.
More than a quarter of Britons surveyed by Annuity Ready said they believed they would need upwards of £500,000 to retire comfortably, while 17% of Gen X – people born between roughly 1965 and 1980 – believe they will never be able to retire.
In 1995, 50% of UK workers had access to a final salary pension – today, that number has collapsed to just 12%.
While nearly half of Gen X had access to these schemes early in their careers, 65% say they are no longer available to them.
Auto-enrolment, introduced in 2012, arrived too late for many in this generation. Around 30% say it has made no meaningful impact on their savings, and they now face the challenge of trying to catch up with limited time.
Around 66% fear the cost of living will prevent them from retiring comfortably. Nearly 60% worry the state pension will be insufficient or unavailable by the time they retire.
Despite this, Annuity Ready says it’s not too late for Gen Xers or others concerned about their retirement.
It says the UK government-backed pension advice service Pension Wise is a useful tool to start with, though it adds some 81% of Brits have never sought advice from the platform.
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