Generation X is more concerned than other generations about having enough money in retirement.
A study by LIMRA found that only 25 percent of Generation Y consumers — those 18 to 32 years old — and three in 10 baby boomers were very concerned about having enough money for retirement. But 36 percent of Gen Xers were very concerned.
"While many Gen X Americans are in the prime earning years, they are less likely to have a defined benefit plan than Boomers and more likely to be aware of risks associated with retirement and the challenges they face to save enough to achieve a secure retirement than younger consumers," said Alison Salka, corporate vice president and director of LIMRA Retirement Research. "They also may be managing multiple financial demands like saving for a child's education or helping older parents. Meanwhile, baby boomers probably already have a realistic picture on their retirement outlook."
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