The generation that can’t picture retirement: Gen X twice as likely to draw a blank on later life
Key findings
- 11% of Gen X say they can't picture their retirement at all, more than double the rate of any other generation (5% of Gen Z, 6% of Millennials, 1% of Baby Boomers).
- 56% of Gen X did not seriously think about their pension until they were 46 or older.
- Gen X are the most likely generation to feel indifferent about retirement (11%).
- Nearly half of Gen X (48%) feel they have left retirement planning too late, the highest of any generation.
London, 7 September 2026: Generation X are struggling more than any other generation to picture their retirement, with more than one in ten (11%) unable to imagine life after work - more than twice the proportion of any other age group, new PensionBee research reveals.
For a generation now in their late 40s and 50s, that uncertainty is showing up in how they prepare for later life. More than half (56%) say they didn't seriously think about their pension until they were 46 or older, while nearly half (48%) feel they've left retirement planning too late.
Around one in ten (11%) Gen X respondents also say they feel indifferent about retirement – the highest proportion of any generation. Taken together, the findings suggest retirement remains a distant or hard to picture prospect for a significant slice of this generation, despite it moving increasingly close.
Left too late, for practical reasons
That late start has left its mark. Nearly half of Gen X (48%) say they feel they have left retirement planning too late, the highest proportion of any generation.
But for many, the issue wasn't a lack of interest, but a lack of financial headroom. Gen X savers who feel they started too late, four in ten (40%) say they simply couldn't afford to engage with their pension sooner, while almost one in five (18%) didn't know where to start.
Caught between two pension eras
Gen X has also been caught between two pension eras. Many began their careers as final salary pensions were either disappearing from the private sector, but before Auto-Enrolment was introduced in 2012.
As a result, many missed out on the years of automatic pension saving that younger generations will benefit from throughout most of their working lives. now take for granted. At the same time, many Gen Xers have become the backbone of the so-called “sandwich generation”, supporting ageing parents while still helping dependent or returning adult children. With mortgages, university costs and potentially care bills competing for the same money, their own retirement savings can easily slip down the priority list.
The wider evidence suggests Gen X has a particular reason to feel uncertain about retirement. The Government's Pensions Commission warned that around 15 million people are undersaving for later life, identifying Generation X as facing a particularly acute challenge. In its central scenario, 46% of Gen X are projected to fall short of the income needed to maintain their standard of living in retirement, the highest proportion of any generation. Almost a third (32%) of Gen X savers with defined contribution pension wealth have less than £50,000 saved, according to its findings.
Maike Currie, VP Personal Finance, PensionBee, comments: "You can't plan for a future you can't picture. Gen X are getting closer to retirement than any other working generation, yet for many it still feels abstract. When you can't see what you're aiming for, it's much harder to work out what you need to save to get there. to turn it into something you can plan, save and prepare for.
"Gen X have been squeezed from every angle. They came of age as final salary pensions were disappearing, meanwhile Auto-Enrolment arrived later in their careers. They have weathered repeated economic shocks while many have found themselves sandwiched between supporting children and caring for ageing parents. It's no surprise their own retirement has sometimes slipped down the priority list.
"But being behind doesn't mean being stuck. Gen X may have been born to retire, but they weren't necessarily given the easiest route to get there. The first step is to make retirement real. Find old pensions and bring them together, then use a pension calculator to put a rough number on the life you want in retirement. Once you can see the gap between where you are and where you want to be, you can start doing something about it.
“However this isn't just down to individuals. Gen X risks becoming the first generation to retire worse off than the one before. That should be a wake-up call for the government and policymakers. This is an overlooked generation that needs the tools, support and flexibility to catch up while there is still time.”
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