Savings and pensions for Gen X

The changing financial pressures facing members of different intergenerational groups has been a recurring theme in recent years, with the narrative usually proclaiming how younger generations have lower income, assets and prospects than their older counterparts.

However, there has been relatively little consideration of the potential retirement woes facing people born between 1966 and 1980 – Generation X.

Limited time to plan

Members of Generation X have between 12 and 28 years left to work and build up a sufficient pension pot to fund their post-working years. A recent report suggests this group is at greater risk of reaching retirement with insufficient income.

This partly reflects an array of changes in the labour market and pension landscape, as well as a challenging economic climate, which have combined to increase the complexity of preparing for later life.

Challenges facing Gen X

A number of specific issues have also placed Generation X at risk of reaching retirement with inadequate funds. The decline in private sector defined benefit provision means a large proportion of this group will rely on defined contribution schemes, while they are also likely to receive a lower State Pension income than their predecessors. Additionally, automatic enrolment came too late for this group to benefit fully as most were in their late thirties or over when it was introduced.

Next steps

If you’re concerned about your retirement prospects, then get in touch with us. It’s never too late to understand what you have relative to what you might need in retirement.

The information given in this article should not be construed as financial advice.

For an initial, free, no obligation meeting, please get in touch with our experienced Financial Planning Consultants on 01772 821021 or email

This article was originally written by our colleagues at MHA Tait Walker.