An overwhelming number of Boomers and Gen Xers agree there is a retirement crisis (84% and 92%, respectively), and both groups reported being heavily impacted by the 2008 crash. And although both groups see themselves as being hit harder by the recession, both generations agree that it’s been much harder for Gen Xers to keep a job or plan for retirement.
Although these results may be disheartening, the good news is that both generations do believe it’s critically important for them to build their financial security in retirement (94% of Gen Xers and 95% of Boomers).
Major study findings:
- Romantic fantasy of the past – 82% of boomers and Generation Xers agree that a traditional retirement is a romantic fantasy of the past. More than eight in 10 (84%) from both generations said they feel that a retirement starting at age 65 spent “doing exactly what you want” is now unrealistic.
- Disadvantaged Gen Xers – Gen X respondents were much more hopeless about their ability to achieve retirement goals and about their overall financial situation than were their boomer counterparts. Although each generation feels their circumstances have been tougher to manage, Gen X respondents indicated stronger feelings about the extent to which they feel burdened and disadvantaged by their reality. More than two thirds (67%) of Gen Xers agreed with the idea that supposed targets for how much you need to retire are way out of reach versus less than half of boomers (49%).
- Warped reality – Despite clear concerns about their financial situations and prospect for a comfortable retirement, both generations are surprisingly relaxed about planning for their financial futures. An astounding percentage of boomers (65%) and Gen Xers (53%) said they "just have this feeling that everything’s going to work out."
The Allianz Generations Apart Study, fielded by Larson Research and Strategy Consulting, was a nationwide online quantitative survey of 2,000 U.S. adults ages 35–67 with a minimum household income of $30,000. The sample was designed to achieve a 50/50 balance of men and women, and a 50/50 balance of boomers and Generation Xers. The margin of error is +/- 3%. For more information go here