Gen X's Struggle with Retirement Savings: A Battle Against Inflation and Debt

4

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

The survey unveiled that a significant 31% of Generation X are apprehensive about ever securing enough savings for retirement, and nearly half (48%) worry about exhausting their funds during their retirement years. These concerns are magnified by inflation, with 69% of respondents citing it as a major obstacle disrupting their retirement plans.

The repercussions of inflation are evident, as 55% of Generation X admit to saving less because of escalated daily expenses, and 41% state that inflation is outright destroying their retirement goals. Another major concern is public debt. An overwhelming 77% are anxious that escalating public debt could curtail their retirement benefits, and 58% foresee difficulties in sustaining themselves without these benefits.

A notable finding from the Natixis survey is that a majority of Generation X (56%) recognize the need for professional financial advice to reach their retirement ambitions. Despite this, there is a growing trend towards digital solutions. Almost half (49%) of Generation X now favor digital financial advice, a significant increase from 35% just five years ago.

Louise Watson, Country Head for Australia and New Zealand at Natixis Investment Managers, remarked on the intricate financial terrain that Generation X navigates. "Gen X is arguably the generation most in need of comprehensive financial advice today. They face a myriad of challenges, from inflation and public debt to global geopolitical issues and domestic crises like the housing and cost-of-living problems," Watson observed.

Watson further noted, "The dual responsibilities of caring for elderly parents and raising children, while managing demanding careers, have positioned Gen X as pioneers in adopting digital financial advice. However, despite the convenience of technology, it cannot yet substitute the personalized and complex advice provided by skilled financial advisers. The role of professional advisers remains crucial in navigating these financial uncertainties."

As Generation X continues to juggle these multifaceted challenges, the demand for both conventional and digital financial advisory services seems poised to grow, emphasizing the need for adaptable and accessible financial planning solutions.

Published:Thursday, 20th Jun 2024
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Finance News

Clear

Ray White Marine Unveils Impressive Fleet at Sydney Boat Show

19 Jan 2026: Paige Estritori

Ray White Marine made a significant impact at the 2025 Sydney International Boat Show, unveiling its largest and most valuable display to date-a $70 million lineup of luxury vessels at Darling Harbour. This showcase marked a milestone for the event, which transitioned to a summer schedule for the first time, transforming the harbor into a vibrant on-water playground from 13 to 16 November. - read more

Australian Boating Industry Sees Significant Growth Amidst Economic Challenges

11 Jan 2026: Paige Estritori

The Boating Industry Association (BIA) has released its latest State of the Industry Data Report, revealing a noteworthy national turnover of $10.12 billion for the fiscal year 2023-24. This represents a 5% increase from the previous year, underscoring the sector's resilience and growth despite recent economic uncertainties. - read more

BIA Advocates for Government Support Amidst Marine Industry Skills Shortage

18 Dec 2025: Paige Estritori

The Boating Industry Association Ltd (BIA) has recently called upon all levels of Australian government to provide strategic support to the nation's marine manufacturing and recreational boating sector. This appeal comes in response to a significant skills shortage that poses a threat to the industry's economic potential. - read more

Australian Boating Industry Poised for $20 Billion Expenditure by 2030

18 Dec 2025: Paige Estritori

The Boating Industry Association (BIA) has released the National Recreational Boating Statement, providing a comprehensive overview of the sector's scale, value, and future projections. The statement forecasts that by 2030, Australians will spend $20 billion annually on boating activities, underscoring the industry's significant economic and social impact. - read more

Ian Thorpe Embarks on New Challenge in Sydney-Hobart Yacht Race

10 Dec 2025: Paige Estritori

Australian Olympic swimming legend Ian Thorpe is set to make waves in a new arena by joining the crew of the supermaxi yacht LawConnect for the upcoming Sydney-Hobart Yacht Race. This marks a significant transition for Thorpe, who has previously dominated the swimming world with five Olympic gold medals. - read more

BIA's 'Discover Boating' Initiative Encourages Australians to Embrace the Water

10 Dec 2025: Paige Estritori

The Boating Industry Association Ltd (BIA) has unveiled its annual 'See You Out There' campaign, a key component of the 'Discover Boating' initiative aimed at inviting Australians to experience the joys and benefits of boating. Launching on November 1, this campaign seeks to highlight the freedom, connection, and well-being that come from spending time on the water. - read more

Click for more Finance News