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

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Future of Ageing: Together for tomorrow

Date: Thursday 3 December 2020
Time: 9.00am – 5.30pm GMT

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

In 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.

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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.

READ MORE

 

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.

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News

30/11/2020

Press release: 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.

Read more

 

11/09/2020

Press release: 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).

Read more

 

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.

Read more

 

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.

Read more

Videos

22 January 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.

Watch here.

 

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.

Watch here. 

 

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.

Watch here.

 

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.

Watch here. 

 

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.

Watch here.

 

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.

Watch here.

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.