Generation X’s critical need for financial wellness

Day-to-day expenses, debt and competing priorities are preventing Generation X from saving enough for retirement, but financial wellness solutions can help.

Unprepared for retirement

Gen X faces a stark reality when it comes to the future. 40% don’t have any money saved for retirement, and of those who do, less than 25% have more than $250,000 saved.1 Even though the oldest Gen Xers are only 10 to 15 years from retirement, 64% are saving less than they think they need to be on track.2

Competing priorities hamper savings

Why aren’t Gen Xers saving more if they know they need to? Research shows 66% say they can’t afford it, and 34% have more important financial goals.3 When asked about their personal financial situations, 25% of Gen Xers say they’re barely getting by, and 5% consider themselves to be in trouble.4

What are their financial goals competing with retirement? The most-cited priorities were mortgages (71%), travel funds (62%), credit card debts (52%), emergency funds (50%), and car loans (50%).5 Think student loans are just a millennial problem? While only 19% of Gen Xers are still paying off student loan debt, 63% of them say they’re saving less for retirement because of it.6

Boosting financial wellness is vital

Gen X is dealing with routine expenses, debt and priorities that are more important to them than retirement saving. However, there is a way they can handle these issues and still save more for the future. Financial wellness education and personalized tools are the key.

Financial wellness solutions

Effective financial wellness solutions take an omnichannel approach. Participants need relevant, dynamic web content accessible 24/7 so they can engage when and how they want. One-on-one support provides personal help with both retirement planning and holistic financial wellness. Comprehensive, easy-to-use financial wellness tools can help participants set goals, track progress and take charge of their financial lives.

Help Gen Xers take action

Gen Xers could use some help—and they’re still far enough away from retiring that saving more now could make a difference. Give this generation the financial wellness tools they need to manage their everyday challenges so they’re free to think about their long-term goals, such as retirement.

Talk to your Lincoln representative about our financial wellness solutions so we can help Generation X journey to retirement with confidence.
 

Insured Retirement Institute, Generation X and Retirement Readiness: They’re (Mostly) Doing it Wrong,  https://www.myirionline.org/docs/default-source/research/2018-genx.pdf (PDF)
Lincoln Retirement Power® Participant Study, 2017.
Ibid.
2017 Lincoln Financial Focus: Goals and Reflections of Today’s Consumer.
Lincoln Retirement Power® Participant Study, 2017.
6Ibid.
                   

Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates, including Lincoln Retirement Services Company, LLC, The Lincoln National Life Insurance Company, Fort Wayne, IN, and in New York, Lincoln Life & Annuity Company of New York, Syracuse, NY. Affiliates are separately responsible for their own financial and contractual obligations.