Key Takeaways from Allianz Life’s Study on Generation X’s Financial Confidence

The latest study conducted by insurer Allianz has revealed some concerning findings about the financial confidence of Generation X. According to the study, only 62% of Gen Xers are confident that they will be able to financially support their life plans, compared to 82% of baby boomers and 77% of millennials.

The survey, which included 1,000 individuals aged 25 and over in the U.S. with a certain level of income or assets, also found that 58% of Gen Xers have no written financial plan. This lack of planning has led to regrets among 55% of Gen Xers for not saving more.

In response to these findings, many Gen Xers are taking action to improve their financial situation. 64% are focused on paying off debts, 58% are working on building up an emergency fund, and 55% are seeking to improve their credit score.

Kelly LaVigne, vice president of Consumer Insights at Allianz Life, emphasized the importance of saving more for retirement, especially for Gen Xers who are reaching a critical point in their retirement planning. LaVigne highlighted the need for a comprehensive retirement strategy that goes beyond just having a large sum of money saved.

The survey also included a diverse group of respondents, representing various racial and ethnic backgrounds. Overall, the findings suggest that Gen Xers are facing a “crunch time” when it comes to their financial future, and taking proactive steps now can help ensure a more secure retirement down the line.