The recent tumultuous financial environment has left more than half of Americans feeling like they are behind their peers when it comes to saving for retirement. A recent survey of 1,000 U.S. adults conducted by FinanceBuzz found that more than two in five people feel they aren't earning enough to save for retirement.

The recent resumption of student loan repayments following a 3-year pause due to COVID-19 is also putting the pinch on savers: 54% of the survey's respondents said they will contribute less to their retirement savings in order to make student loan payments. In addition, 40% of those who responded said inflation has become a roadblock to saving for retirement, and 33% pointed to credit card debt as a barrier to saving for retirement.

Gen X respondents reported feeling the most behind their peers, with 43% saying they feel far behind and 27% saying they feel a little behind in terms of saving for retirement. Gen Z was slightly more optimistic, with about one-third of this age group saying they feel on par with their peers in their retirement savings journey. Millennials were the most confident about their retirement position, with 12% saying they feel far ahead of their peers in saving for retirement.