Gen X retirement confidence has fallen sharply, with fewer than half of savers in the generation saying they are on track or ahead, a survey by Goldman Sachs Asset Management has found.
Just 49% of Gen X respondents said they felt on course for retirement, down from 58% a year earlier. They were the only generation surveyed in which fewer than half expressed that level of confidence.
Confidence was higher among Gen Z, at 66%, millennials, at 61%, and baby boomers, at 60%. Millennials recorded the largest annual fall, dropping 13 percentage points from 74%, but Gen X started from a lower position and declined further.
The findings come from a survey of 5,106 people conducted in July for the 2026 Goldman Sachs Asset Management Retirement Survey & Insights Report.
Gen X respondents also reported the weakest sense of security in their working lives. Only 57% described their main job as financially stable, compared with 71% of millennials.
More than half of Gen X respondents, 57%, said they had taken on work outside their main job. Of those, 72% said they needed the additional income.
“While workers may look financially stable externally, underneath, they’re working more, delaying major goals, and supplementing their income,” said Greg Wilson, head of retirement and co-head of Americas third-party wealth at Goldman Sachs Asset Management.
A further 33% of Gen X respondents said their income covered current expenses but left little opportunity to get ahead. Another 11% said they struggled to remain financially secure despite working consistently.
Goldman Sachs said Gen X was in “the heart of their career and earning years” and the least likely generation to say its job provided long-term financial security. The report described the result as “a striking result”, given the generation’s proximity to retirement and the importance of its remaining years of saving.
Gen X retirement insecurity grows as costs rise
Everyday expenses were the biggest obstacle to saving for 37% of Gen X respondents, the highest proportion among the generations surveyed. Housing was the leading concern for Gen Z, at 38%, and millennials, at 36%.
Some 65% of Gen X respondents said they had postponed a major financial goal. Chris Ceder, a senior retirement strategist at Goldman Sachs Asset Management, said deferring such goals could delay financial stability and worsen the savings shortfall.
“Emergency savings is especially important as one unexpected expense can trigger debt and crowd out the savings that a household has already delayed,” he said.
The wider survey suggested workers were becoming more cautious. The proportion who increased their retirement contributions fell to 39%, a decline of more than 16 percentage points and the biggest drop recorded by the survey in six years. Meanwhile, the share cutting their savings rose from 8% to 14%.
Two-thirds of Gen Z, millennial and Gen X respondents expected to delay retirement. Among retirees surveyed, 44% said they had stopped working earlier than planned; 12% attributed that to their job no longer being available, while 14% left work to care for a family member.
Financial pressure was also affecting employment. More than half of Gen X respondents, 53%, said money worries made it difficult to concentrate at work at least sometimes, while 27% had missed work during the previous year because of a financial challenge.
About 32% said they were likely to seek a new job within the next 12 months, mainly to improve their finances. Jonathan Barber, head of compensation and benefits solutions at Goldman Sachs Ayco, said employers had an opportunity to offer support beyond traditional retirement plans.
Personalised retirement plans linked to greater confidence
The survey found a significant difference among savers with a personalised retirement plan. Some 72% of those with one felt on track for retirement, compared with 33% of those without a plan.
Savers with a plan were also more likely to have increased their contributions during the previous year, at 46%, compared with 26% among those without one.
Gen X was the first generation to build its retirement arrangements largely around the 401(k) rather than a pension, making it a test case for that model. The oldest members of the generation are now in their early 60s.
“For generations, the retirement security formula was straightforward: work consistently, save diligently, and security would follow,” Mr Wilson said.
