Erica Parker, Managing Director Research Product at The Harris Poll, presents key findings from the “Quiet Stability” poll on the ANA Masters of Marketing main stage, sharing how marketers view the next generation’s career priorities. PHOTO/The Harris Poll.
By EA REPORTER
Generation X, those born between 1965 and 1980, is confronting a looming retirement crisis, with millions failing to prepare adequately for life after work and now scrambling to close the savings gap.
A new study by The Harris Poll and Nationwide highlights how the cohort; many of whom are now between the ages of 45 and 60, has been caught off-guard by the approaching retirement milestone, with delayed financial planning and worsening economic pressures exacerbating the situation.
The report reveals that 61 per cent of non-retired Gen Xers didn’t prioritise saving for retirement until after the age of 50, with a further 26 per cent saying they won’t do so until at least 60. This late realisation has led to a sharp shift in financial behaviour, as individuals take urgent steps to catch up: 40 per cent are cutting discretionary spending, 34 per cent are increasing contributions to retirement accounts, and 23 per cent are seeking professional financial advice.
However, despite these efforts, the data paints a troubling picture of widespread financial insecurity. One in four Gen X investors fears their savings won’t last beyond 14 years, while 12 per cent say their savings are already dwindling, heightening concerns that they may run out of money before the end of their retirement. Financial advisers interviewed for the report agree that insufficient retirement income is one of the biggest challenges Gen Xers face.
The cost of living is also emerging as a major obstacle. Eighty-nine per cent of Gen X respondents say rising living costs are making it harder to retire comfortably, with many adjusting their retirement plans in response to the ongoing inflation crisis. Over half (56 per cent) of respondents expect inflation to rise further in the next year, prompting a reevaluation of timelines and expectations.
Economic uncertainty has also triggered a more conservative investment approach. Fifty per cent of Gen X investors say recent market turbulence has made them more likely to consider annuities or other products that provide guaranteed income, in a bid to hedge against future volatility.
But even with these adjustments, many are facing a harsh reality. Sixteen per cent of non-retired Gen Xers say they now plan to retire later than they had originally hoped, while 26 per cent believe they would need to return to work within a year if they retired today due to insufficient savings.
The study also found that many Gen Xers have been motivated to reassess their own retirement planning after witnessing financial struggles among family members and peers. Thirty-seven per cent cited observing others’ retirement difficulties as a key catalyst for prioritising their own planning.
For others, the push to act came from external financial advisers. Twenty-eight per cent of respondents said that advice from a financial professional had prompted them to accelerate their retirement planning, while 38 per cent said the economic climate and market volatility had made retirement savings a more immediate concern.
Financial professionals are stepping up their support for Gen X clients, with many adopting more flexible, frequent communication to guide them through their final years of work. Forty-three per cent of advisers say they are increasing their interactions with Gen X clients, while 32 per cent are incorporating annuities into their retirement strategies as a response to growing concerns about market instability and income longevity.
Suzanne Ricklin, vice president of Nationwide Retention and Sales, warned that time is running out for Gen X investors: “Retirement is no longer a distant goal for this generation; it’s right around the corner. Every year of delay makes it harder to secure a comfortable retirement. Gen Xers must prioritise their retirement savings now, or face the risk of running out of options.”
As Gen X struggles to navigate these financial headwinds, the implications for broader economic stability are profound, with this cohort’s retirement preparedness expected to influence future policy and investment strategies.
The findings are drawn from Nationwide’s eleventh annual Advisor Authority study, conducted by The Harris Poll between August 19 and September 2, 2025. The survey included responses from 510 financial professionals and 2,007 investors with at least $10,000 in investable assets, including 580 Gen X participants.
