Report: The forgotten generation? Exploring retirement income prospects of Generation X

Many Gen Xers face the grave reality of retiring without an adequate income. The ongoing Covid-19 pandemic, high housing costs, low returns on investments, job insecurity, increasing caring responsibilities, and low increases in wage rates, are making it difficult for those aged between 40 and 55 to adequately prepare for retirement.

With support from Phoenix Group, the International Longevity Centre has been assessing these challenges to highlight the stark realities facing this cohort of 14 million people. This interim report highlights the above concerns, as well as some of the key findings from a nationally representative survey of over 6035 UK adults aged 40-55 (Gen Xers).

Key findings

• Many Gen Xers can expect low incomes in retirement.
• Many Gen Xers find it hard to prepare for retirement due to a lack of financial stability and other pressing priorities.
• Covid-19 is only going to make things harder – the economic fallout will set back many Gen Xers, but it could also increase engagement in retirement planning.

If we act now, we can prevent millions of Gen Xers from the serious possibility of struggling in retirement.