Retirement Planning Gaps Among Generations Revealed

Recent surveys indicate that Generation X, along with older adults, face significant challenges in retirement planning, with only 14% of Gen Xers believing they have saved adequately. Approximately 24% of adults aged 55 and over have never checked their pensions, particularly affecting women, indicating a trend of neglecting retirement savings among older demographics. Financial literacy among younger generations is also lacking, with many believing they can start saving for retirement much later than advisable, which could result in substantial financial losses over time. Research shows that while many retirees enjoy leisure time, a lack of purpose post-retirement can lead to unhappiness and health issues. Additionally, a study reveals that baby boomers are less prepared for financial uncertainties in retirement, with many failing to consider critical factors like serious illness or the need for care. Overall, these findings underscore the urgent need for individuals across generations to assess their financial planning and savings strategies for a secure retirement.