Over half (52%) of Gen X said they are not confident that they will have enough money saved to achieve a good standard of living after finishing work, Just Group has found.

In a new research project on Gen X (people born between 1965-81), Just Group revealed that almost four in 10 (38%) of Gen Xers are not confident at all in the adequacy of their future savings.

A further 10% said they didn’t know whether they would be able to accrue enough savings to achieve a financially comfortable retirement, with 4% stating they hadn’t thought about it.

Out of the 1,567 Gen Xers surveyed, over half (54%) of homeowners said they were significantly more confident that they would build up sufficient pension savings for a good standard of living in retirement, compared to a third of renters (33%).

Furthermore, the research revealed that nearly a third (29%) of Gen X are financially supporting their adult children, aged 21 and over, and one in 10 (11%) are financially contributing to the care costs of their parents or elderly relatives, highlighting the extent of demands on their income and savings and forcing many to deprioritise contributions to their pension pots.

Group communications director at Just Group, Stephen Lowe, said: "Our research focused on Gen X – or Generation Anxiety – has uncovered their fears that they will have to work longer, pay off their mortgage for a longer period and now it highlights concerns that they won’t build up adequate pension savings.

"It is clear that Gen X are feeling squeezed – their pensions are less generous, their mortgages are more costly, and many are supporting their children financially with some also helping with later life care fees. “In this environment with the cost-of-living crisis tightening budgets further it is perhaps unsurprising that people feel unable or unwilling to increase pension contributions.

"When members of this generation do start thinking about retirement they are going to benefit from expert support to make the most of what they have and help make careful choices about when they exit the workforce. Financial planning can help people achieve better retirement outcomes so we would recommend those with worries talk to a professional adviser or, as a minimum, take the free, independent and impartial guidance offered by the Government’s Money and Pensions Service and Pension Wise."

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