The forgotten generation? Retirement income prospects for Generation X
About
With many ‘Gen Xers’ (those born between 1965 and 1980) having entered the job market too late to benefit from final salary pensions, yet too early to benefit from schemes such as auto-enrolment, this group is expected to face significant challenges in retirement, if policymakers fail to respond urgently.
There are currently 14 million Gen Xers in the UK – 1 in 5 of the total population. On average, people in this group save just £200 into their pension pots each month and 33% of Generation X are at high risk of retiring with insufficient incomes. With the ongoing COVID-19 pandemic putting additional strain on finances, the case for policy action becomes urgent.
This project is exploring the retirement income prospects of Generation X and what measures Government can take to support this generation set to retire over the next 10 to 30 years.
This project has been supported by Phoenix Group.
Past events
Report launch: Slipping between the cracks? Retirement income prospects for Generation X
Date: Tuesday 2 March 2021
Time: 2.00pm – 3.30pm GMT
On Tuesday 2 March, we launched our report on the retirement income prospects of Generation X.
Speakers included:
- Jonathan Reynolds MP
- Simoney Kyriakou, Senior editor, FT Adviser
- Chris Curry, Director, PPI
- Andy Curran, UK CEO for Savings and Retirement, Phoenix Group
Future of Ageing: Together for tomorrow
Date: Thursday 3 December 2020
Time: 9.00am – 5.30pm GMT
At Future of Ageing 2020, we shared initial findings on the retirement income prospects of Gen X and hosted a panel discussion on how policymakers can support this generation as it heads for retirement over the next 10 – 30 years.
Speakers included:
- Guy Opperman MP, Minister for Pensions
- Daniela Silcock, Head of Policy Research, PPI
- Jenny Holt, Head of Propositions, Phoenix Group
- Sophia Dimitriadis, Research Fellow, ILC
Publications
02/03/21
Slipping between the cracks? Retirement income prospects for Generation X
This report, based on a nationally representative survey, finds that:
- Nearly 1 in 3 Gen Xers risk reaching retirement with inadequate incomes.
- 1 in 5 Gen Xers are saving less or spending down their savings as a result of COVID-19.
- The majority of Gen Xers (57%) want to save more for retirement but can’t as they straddle multiple financial pressures, volatile incomes and competing priorities.
30/11/20
The forgotten generation? Retirement income prospects of Generation X – Interim findings
Many Gen Xers face the grave reality of retiring without an adequate income. 15 years on from the Pension Commission’s Second Report, we again find ourselves in challenging times. Among other issues, the ongoing COVID-19 pandemic, high housing costs, low returns on investments, job insecurity, increasing caring responsibilities, and low increases in wage rates, are making it difficult for those aged between 40 and 55 to adequately prepare for retirement.
Blogs
11/03/2021
International Women’s Day: How tweaks to tax relief can ensure Gen Xers’ who leave the labour market to care are not left behind
Blog by: Sophia Dimitriadis, ILC
Some people with caring responsibilities, may need or want to take a career-break regardless of any changes to policy – with 14% of Gen X having done this already. What can we do to support this group to build up their pension pots even when they aren’t working?
09/03/2021
International Women’s Day: Is the double burden of care hurting female Gen Xers’ retirement income prospects?
Blog by: Sophia Dimitriadis, ILC
Our research found that 1 in 3 Gen Xers risk facing bleak retirement prospects. But not all Gen Xers have been hit equally. Female Gen Xers face particular challenges to saving for retirement – they are more likely to have no pension relative to Gen X men, with 1 in 6 Gen X women having no pension savings at all (12% vs. 16%).
News
20/07/2021
Self-employed Gen Xers could face dire retirement prospects, think tank report finds
Research by the International Longevity Centre UK (ILC) finds that self-employed Gen X workers are 5 times more likely to have no pension provision than other workers due to a lack of access to traditional pension schemes.
09/06/2021
1.7 million Gen X carers risk retirement poverty
Generation Xers (those born between 1965 and 1980) with caring responsibilities are considerably disadvantaged when it comes to retirement finances, research from the International Longevity Centre (ILC) and supported by Phoenix Group reveals ahead of Carers Week, 7-13 June 2021.
03/03/2021
Gen Xers’ retirement plans hit hard as COVID-19 adds to pension saving woes
Many Gen Xers (those born between 1965 and 1980) are ill-prepared for later life argues a new report, which calls for urgent action to support saving and help people work longer. The new report, Slipping between the cracks? Retirement income prospects for Generation X, published today by the International Longevity Centre-UK (ILC) with the support of Phoenix Group, calls for urgent support to help this group set to retire over the next 10-27 years.
30/11/2020
2.6 million Gen Xers’ retirement savings disrupted by COVID-19 pandemic and many more at risk of financial hardship in retirement
New research by the International Longevity Centre UK (ILC), supported by Phoenix Group, finds that 1 in 3 Gen Xers will face a grave reality of retiring without adequate levels of pension provision, if policymakers fail to respond urgently to support this generation set to retire over the next 10 – 30 years.
11/09/2020
Are Gen Xers ready for retirement?
With support from Phoenix Group, the International Longevity Centre (ILC) UK is embarking on a new project to explore how public policy can best support retirement income prospects of those aged between 40 and 55 (Gen X).
27/08/2020
We need your input: What should Government do to support Gen X?
Please feed into our ideas by completing our survey. The deadline for this survey is Wednesday 9th September.
19/08/2020
Apply to join our Gen X panel
In September we will be inviting a group of people aged between 40 to 55 to join a series of discussions about what needs to happen next. If you would like to feed in, please get in touch.
Videos
08/06/2021
Charles Counsell, Chief Executive of the Pensions Regulator, gives his thoughts on the retirement income prospects of Generation X.
23/04/2021
Generation X: The importance of education on financial planning
Lisa Cameron MP explains how the lack of education on or encouragement to plan for retirement has allowed Generation X to slip through the cracks.
25/02/2021
Are Gen Xers slipping through the cracks?
Sophia Dimitriadis, ILC Research Fellow, outlines some of the key findings on the retirement income prospects of Generation X ahead of the launch of our new report.
22/01/2021
Generation X: The role of property wealth
Private pensions and property count for more than 3/4 of the UK’s household wealth.
David Burrowes, Chair of the Equity Release Council, explains why property wealth should be considered as a solution to support the retirement income prospects of Generation X.
14 January 2021
Generation X: How can we improve their retirement income prospects?
Francis McGee, Member of the Financial Services Consumer Panel, makes two recommendations for improving the retirement income prospects of Generation X:
- High quality and independent information, advice and guidance.
- Financial products that are more adaptable and offer better value for money.
21 December 2020
Generation X: One in three Gen Xers to retire without sufficient incomes
Patrick Swain, ILC Research and Projects Officer, introduces our upcoming research: “The forgotten generation? Retirement income prospects for Generation X”
The project will examine the retirement income prospects of those born between 1965 and 1980.
17 December 2020
Generation X: No one wants to be forgotten
The gender pay gap has not only restricted the income of many women, but has also limited their pension contributions.
Simoney Kyriakou, Senior editor of FT Adviser, discusses why female Gen Xers face particular challenges in terms of their retirement income prospects.
9 December 2020
Generation X: Government needs to step up to the mark
COVID-19 has disrupted the retirement savings of 2.6 million Gen Xers.
Ian Paisley MP calls on the Government to ensure that this generation have the resources and information to prepare for their retirement.
2 December 2020
Generation X: It’s never too late to start planning for the future
At least 1 in 3 of Generation X are at risk of spending their later years with minimal retirement income.
Hear from Martyn Day MP on how this generation can better plan for their retirement.
Get in touch
We will be speaking to policymakers, industry leaders and ‘Gen Xers’ across the country to discuss how Government can best support Gen Xers as they approach retirement over the next 10 – 30 years.
Want to get involved by:
- Sharing your views
- Making a video
- Or sharing a quote?
Get in touch with Patrick Swain.