Economy 5 min read By Callum Montgomery
Gen X savers least confident of any generation about retirement, survey finds
Only 49 per cent of Gen X savers say they are on track for retirement, the lowest share of any generation in Goldman Sachs Asset Management's 2026 survey, as financial pressure pushes them to work more and delay goals.
Only 49 per cent of Gen X savers say they are on track or ahead for retirement, the lowest share of any generation in the 2026 Goldman Sachs Asset Management Retirement Survey and Insights Report. The figure has fallen from 58 per cent a year earlier, and Gen X is the only generation in the survey where fewer than half feel on track. Gen Z stands at 66 per cent, millennials at 61 per cent and boomers at 60 per cent.
Other generations also lost ground this year, but they started from higher positions. Millennials fell furthest, by 13 points from 74 per cent. Gen X began lower than the rest and slipped further behind, leaving it in the weakest position of any group. The report was released on 30 September and drew on 5,106 respondents surveyed in July.
The survey points to a generation that is working harder while feeling less secure. Only 57 per cent of Gen X respondents describe their primary job as financially stable, the lowest of the four generations, against 71 per cent of millennials. Some 57 per cent of Gen Xers have taken on work beyond their main job, and 72 per cent of them said they needed the extra income. Another 33 per cent said their job covers current expenses but makes it hard to get ahead, while 11 per cent said they struggle to stay financially secure despite working consistently.
Greg Wilson, head of retirement and co-head of Americas third-party wealth at Goldman Sachs Asset Management, said that workers may look financially stable from the outside but are, underneath, working more, delaying major goals and supplementing their incomes. The report describes Gen X as the generation in the heart of its career and earning years that is least likely to say its job provides long-term financial security, calling the job-security figure a striking result. It adds that confidence in earning power should be at its peak at this stage of a career.
The pressure shows up in day-to-day spending. Housing was the top savings obstacle for Gen Z, at 38 per cent, and for millennials, at 36 per cent. For Gen X, everyday expenses were the main obstacle, cited by 37 per cent, the highest share of any generation. Some 65 per cent of Gen Xers said they had delayed a major financial goal. Chris Ceder, senior retirement strategist at Goldman Sachs Asset Management, said deferring such goals postpones stability and compounds the savings problem, adding that emergency savings matter because one unexpected expense can trigger debt and crowd out savings a household has already delayed.
Gen X is also the first generation to have built its whole career around the 401(k) rather than a pension, which makes it something of a test case. The oldest members are now in their early 60s, so the results are approaching a decisive stage.
The survey also found a broader defensive shift among workers. The share who increased retirement savings fell to 39 per cent, down more than 16 points, which Ceder described as the largest decline the survey has recorded in six years. He said savers were taking less action and that the steps they were taking were more defensive, suggesting concern about persistent inflation and market volatility. The share who cut their savings rose to 14 per cent from 8 per cent. Two-thirds of Gen Z, millennial and Gen X respondents expect to delay retirement.
The findings also show that the traditional path to security is not always within workers' control. Among retirees surveyed, 44 per cent stopped working earlier than they had planned. Of those, 12 per cent said their job was no longer available, and 14 per cent left to care for a family member.
Financial strain is also affecting the workplace. Some 53 per cent of Gen Xers said financial concerns make it hard to focus at work at least sometimes, and 27 per cent had missed work in the past year because of a financial challenge. About a third, or 32 per cent, said they were likely to look for a new job within 12 months, mainly to improve their finances. Jonathan Barber, head of compensation and benefits solutions at Goldman Sachs Ayco, said this gives employers a clear incentive to provide support tools beyond traditional retirement plans.
One finding offers some encouragement. Savers with a personalised retirement plan were far more likely to feel on track, at 72 per cent compared with 33 per cent of those without one. Of those with a plan, 46 per cent increased their savings in the past year, against 26 per cent of those without.
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