Leaders.com
  • Business
  • Leadership
  • Wealth
  • Master Classes
  • Business
    • Entrepreneurs
    • Executives
    • Marketing and Sales
    • Social Media
    • Innovation
    • Women in Business
  • Leadership
    • Personal Growth
    • Company Culture
    • Public Speaking
    • Productivity
    • Hiring
    • Social Issues
    • Leaders
  • Wealth
    • Investing
    • Cryptocurrency
    • Retirement
    • Venture Capital
    • Loans and Borrowing
    • Taxes
    • Markets
    • Real Estate
  • Master Classes
Wealth Gen X savings

With more financial responsibilities and increasing costs of living, Gen X is struggling to save enough for retirement. (Photo by In Pictures Ltd./Corbis via Getty Images)

By Hannah Bryan Leaders Staff

Hannah Bryan

News Writer

Hannah Bryan is a news writer for Leaders Media. Most recently she was a reporter for the Sanilac County News...

Full bio


Learn about our editorial policy

Jun 12, 2023

Gen X’s Savings Shortage

Half of Generation X have little to no savings for their retirement, according to a Prudential Financial survey.

Key Details

  • More than half of Generation X—including people born between 1965 and 1980—have insufficient savings for their retirement. 
  • A prudent Financial survey of 2,000 Gen Xers found that 35% of the age group have less than $10,000 in their retirement savings, and 18% have nothing saved for retirement, Yahoo Finance reports. 
  • The oldest Gen Xers are just a decade away from retirement age.
  • Previous generations were able to rely on pension plans and similar programs, but these began to fade away during Gen X’s lifetime. 

Why it’s news

Around 65 million adults in the U.S. make up Gen X, and a large percentage of them are unprepared for retirement. In the next decade, this could represent a significant problem for the U.S. economy as retirees rely almost exclusively on Social Security benefits and assistance from family. 

While many Gen Xers do not have a retirement savings account, nearly half worry that they will outlive what savings they do have, according to a Northwestern Mutual survey. 

Still, 55% of Gen Xers think they are better off financially than previous generations at their age. Around 69% say they are confident in their ability to support their lifestyle, but this is a decrease from 73% who said the same last year, Yahoo Finance reports. 

Unlike other generations, Gen Xers have more financial responsibilities to consider. Many Gen Xers are still supporting their children and are financially helping their now-retired parents. These financial focuses decrease Gen Xers’ ability to set aside retirement funds. 

With higher consumer prices, Gen Xers are facing even more financial concerns. They still have just as many financial responsibilities, but their costs have increased. Over two-thirds of Gen Xers in the workforce are worried about how inflation will affect their ability to save for retirement. 

In anticipation of an insufficient retirement account, nearly half of Gen Xers plan to retire late. Another 40% plan to work part-time even after retirement, Yahoo Finance reports. The majority, around 58%, plan to rely on Social Security as a primary source of income during their retirement, but only 45% are “very or somewhat confident” that Social Security will be available to support them.

Current projections suggest that the Social Security trust fund reserves will be depleted by 2033—about the time that the oldest Gen Xers will reach retirement age. Few Gen Xers have pension funds, further reducing the reliable income available in their retirement. Except for government employees, few workers have access to a pension.

Home / News / Gen X’s Savings Shortage
Share
FacebookTweetEmailLinkedIn

Related Stories

Wall Street Makes $100 Billion Bet on Weight Loss Pills

by PJ Howland Leaders Staff
Investing

Oct 25, 2023

Ozempic

Investor optimism around a potential blockbuster obesity drug by Structure Therapeutics led to soaring share prices across the weight-loss pharma sector.

Key Details

  • Structure Therapeutics' stock jumped 35% after reporting positive results from early clinical trials of a once-daily weight-loss pill.
  • The experimental drug helped participants lose about 5% of their body weight over one month without side effects, although there are concerns with Ozempic.
  • Analysts predict the global anti-obesity medication market could reach sales of $100 billion by 2030, up from $71 billion currently.
  • With promising growth prospects, investors are betting on companies developing new weight loss drugs like Structure, Eli Lilly, Novo Nordisk, and Pfizer.

Go deeper

FacebookTweetEmailLinkedIn

Parent’s Wealth Tip The Scales In SAT Scores and College Admissions

by PJ Howland Leaders Staff
Wealth

Oct 25, 2023

Parent's wealth tips the scales for SAT numbers

New data shows a strong correlation between family income and SAT scores, indicating the exam may act as a “wealth test” that advantages higher-income students.

Key Details

  • Students from wealthier families tend to score higher on the SAT than lower-income peers due to advantages like well-funded schools, tutors, and extracurricular activities.
  • The pandemic has exacerbated SAT score disparities, with average scores dropping the most among disadvantaged groups.
  • Addressing the gap requires increased funding for lower-income school districts and expanding access to test prep resources.
  • Children from the top 1% of families are twice as likely to attend an Ivy-Plus college (Ivy League, Stanford, MIT, Duke, and Chicago) compared to middle-class families with similar SAT/ACT scores.

Go deeper

FacebookTweetEmailLinkedIn

Seattle Takes The Crown For Advanced Tech Talent

by PJ Howland Leaders Staff
Tech

Oct 24, 2023

Seattle tech talent

Seattle has emerged as the metro area with the most advanced tech talent, beating out tech hubs like San Francisco and Silicon Valley.

Key Details

  • According to a new ranking by the Burning Glass Institute, Seattle has the highest proportion of advanced tech workers compared to other cities with similarly sized tech workforces.
  • The ranking evaluated 60 million high-paying, in-demand tech job postings and histories to identify cities with cutting-edge roles like AI and cybersecurity rather than legacy tech positions.
  • With tech giants Amazon and Microsoft headquartered in Seattle, the city edged out the San Francisco Bay Area, Boston, Austin, and Raleigh on the list.
  • The report found that demand for software developers and IT support specialists has declined over the past five years as companies seek more specialized tech talent.

Go deeper

FacebookTweetEmailLinkedIn
car loans, used cars
Loans and Borrowing

Oct 23, 2023

More Americans Can’t Keep Up With Car Payments

by Colin Baker Leaders Staff
Chevron Gas Deal
Markets

Oct 23, 2023

Chevron Makes $53 Billion Deal Amid Surging Gas Prices

by PJ Howland Leaders Staff
nike logo
Company Culture

Oct 20, 2023

Nike to Require More In-Office Days From Employees

by Colin Baker Leaders Staff

Recent Articles

Hiring

Nov 1, 2023

Learn the Winning Answers to the Most Common Phone Interview Questions

Come to your next phone interview fully prepared

Personal Growth

Oct 30, 2023

85 Quotes on Self-Love to Boost Your Self-Esteem

Don’t fall into the trap of harsh self-criticism

Company Culture

Oct 27, 2023

What is a Sabbatical? Your Ticket to Restful Growth and Meaning

Sabbaticals can benefits both employees and businesses

  • Business
  • Leadership
  • Wealth
Join the Leaders Community

Get exclusive tools and resources you need to grow as a leader and scale a purpose-driven business.

Subscribing indicates your consent to our Terms & Conditions and Privacy Policy

Leaders.com
  • Privacy Policy
  • About
  • Careers
  • Cookie Policy
  • Terms
  • Disclosures
  • Editorial Policy
  • Member Login

© 2025 Leaders.com - All rights reserved.

Search Leaders.com