Gen X Fearing Retirement
Posted On November 8, 2012
Generation X has been notoriously reluctant to embrace appropriate retirement investments. A new Pew study offers a clue as to why: they may be too afraid to even look at them. The study showed that Xers are more afraid than any other generation that their retirement will be accompanied by poverty and destitution.
Nearly half (49%) of Xers are not confident they will ever have enough to retire. The fear peaks in those around 38 years old. 53% of them lack confidence about retirement. Among other generations, those figures are in the high 30s/low 40s.
This fear corresponds to a recent loss of wealth. As reported earlier, Gen X lost 56% of its household wealth in the last decade, feeling the impact of both the financial and housing crises to a greater degree than others. “They’re in a very vulnerable place,” said one of the study’s authors, “It’s a fragile group.” Perhaps too afraid to even look ahead.