More than half of the people classified as Generation X say they won’t be financially prepared for retirement.
To make matters worse, only 45% of Gen X — Americans born between 1965 and 1980 — said they were “very or somewhat confident” that Social Security will be there to support them when they need it, according to a survey released Monday by Northwestern Mutual.
Fueling the anxiety is the fact that many in Gen X are financially responsible for both their kids and aging parents, according to Christian Mitchell, chief customer office at Northwestern Mutual.
“It’s a lot of pressure and it’s forcing people of this generation to put their own financial goals – such as retirement – on the backburner,” he said. “Part of what’s coming through in the numbers is likely the anxiety that can emerge in that period of life when your ideal retirement age comes into view.”
When it comes the state of the US economy, 67% of all generations surveyed expect a recession later in 2023. Of those, a third expect it to last a year or less, and 19% anticipate it stretching beyond two years.
The survey, conducted in February and March by Harris Poll, involved 2,740 online interviews.
This article was provided by Bloomberg News.