Generation X Faces Significant Challenges When It Comes To Retirement
Retirement may be farther off for Generation X than they’d prefer. A survey by Business Insider and Morning Consult found that almost half—47 percent—of this cohort have no money saved in a retirement account and 10 percent—more than any other generation—don’t expect to be able to retire at all.
Business Insider and Morning Consult found that of the 1,131 members of Gen X included in the survey—those age 38 to 53—roughly half expect to retire by age 75. Of the 48 percent of respondents who do have a retirement savings account, 48 percent have saved less than $50,000 while 25 percent have more than $100,000. The survey found that 17 percent have a brokerage account, and for most, it contains less than $50,000.
Business Insider notes that its findings align with an earlier study by MetLife, which found that 55 percent of Generation X feels either significantly or somewhat behind in retirement savings, and that 48 percent of members live paycheck to paycheck.
Respondents to the Business Insider and Morning Consult study were also asked what they would do if given $1,000. Generation X was the group least likely to apply it to savings or investments—22 percent said they would pay bills and 28 percent said they would pay off debt. Members of Generation X are the most likely to have credit card debt, while roughly 25 percent have student loan debt and 70 percent have a mortgage.