Many Gen Xers in UK face financial hardship in retirement | Retirement planning

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A significant proportion of Gen Xers in Britain face financial hardship in retirement, with one in three likely to experience substantial disadvantage, according to a report.

Many young people between the ages of 40 and 55 are unable to save because they are overwhelmed by multiple financial pressures, struggling with volatile incomes and juggling competing priorities including care, debt and mortgages.

The report from the International Longevity Center UK (ILCUK) says:

Gen Xers are chronically under-saved, with nearly one in three people at risk of reaching retirement with insufficient income.

The majority (57%) want to save more for retirement, but cannot afford it due to multiple financial pressures.

Many Gen Xers are unaware that they are saving too little to reach the level of income they want: just 7% of those with a defined contribution (DC) pension are saving enough to adopt a pension plan. moderate retirement living.

Covid-19 has further disrupted people’s retirement plans, with one in five Gen Xers saving less or spending less as a result.

“It is clear that Gen Xers will need to contribute the lion’s share of their pension contributions to earn modest or moderate retirement income,” said Sophia Dimitriadis, author of the report.

“Generation X is a very diverse cohort. Certain sub-groups of the age bracket are well prepared for retirement: almost 60% expect to have additional income upon retirement, such as property, other investments or savings, etc.

Source

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