More baby boomers are getting better at saving for retirement. So are millennials, but Gen Xers still have lots of work to do.

Those are some of the conclusions of a new study from Allianz Life Insurance of North America that found 72 percent of boomers feel financially prepared for retirement, up 15 percent from a similar study in 2010.

Indeed, boomers and millennials are becoming more confident that they will be able to fully fund their retirement goals, even though many still say they are concerned about running out of money before they die, according to the study.

Despite their progress, 63 percent of Americans still fear running out of money in retirement more than death, Allianz Life officials said.

The study questioned some 3,000 people, equally divided among boomers, ages 52 to 70; Gen Xers, 37-51; and millennials, 20-36.

The overwhelming majority of millennials (78 percent), said they are “confident” they will be able to pay for their life goals. Some 25 percent said they are “extremely confident.”

Why are boomers doing a better job of planning for the golden years?

Baby boomers have become more frugal, demonstrating a stronger sense of financial preparedness and confidence than in previous Allianz studies, according to the survey.

Allianz officials noted that 64 percent of boomers say they are savers rather than spenders and 61 percent said they know exactly how much is in their accounts. A quarter of boomers even call themselves “penny-pinchers,” the survey said.

“Boomers are placing more focus on their financial future, both because more are entering retirement every day, but also due to the natural tendency to learn from past generations about preparing for the future,” said Paul Kelash, vice president of consumer insights for Allianz Life.

Boomers are starting to embrace the habits of their Depression-era parents, and millennials are starting to follow the same pattern, he said.

“Millennials saw their parents go through the financial crisis in 2008, so they have a pretty good perspective on the importance of saving and retirement planning,” Kelash said, adding that millennials are taking a pro-active approach, believing they can avoid the money mistakes of their parents.

But Generation Xers, the study said, are continuing “to struggle with saving and spending." For instance, the study found the median retirement savings for millennials and Generation Xers is about the same, some $35,000, even though Gen Xers are closer to retirement.

“Generation Xers are clearly feeling more vulnerable,” according to the study.

How does any group reverse these vulnerabilities? 


“The key for each generation,” said Kelash, “is to recognize that a solid retirement plan doesn’t just happen by chance but rather with a clear process and defined actions.”