New figures point to a growing pension crisis among over-50s in Britain, with many approaching retirement on limited savings.
Research from PensionBee reveals that average pension pots stand at just £30,000, raising concerns about financial security for Generation X – those born between 1965 and 1980.
Women over fifty hold average savings of £30,644, while men fare slightly better at £54,512, highlighting a persistent gender gap in retirement readiness.
New research from PensionBee has revealed a looming pension crisis for Britain’s over-50s, with Generation X facing retirement on worryingly low savings.
New figures point to a growing pension crisis among over-50s in Britain, with many approaching retirement on limited savings
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GETTYAverage pots stand at just £30,000, with women holding £30,644 and men £54,512 – highlighting persistent gender gaps in financial preparedness.
Often dubbed the “forgotten generation,” many Gen Xers are caught between caring for elderly parents and supporting children, a dual burden that has strained household budgets.
Rising university fees, care costs and mortgage repayments have forced pensions down the priority list during peak earning years.
While property wealth offers some relief, PensionBee warns it cannot replace regular pension contributions.
She warned: “Unless we act now, Gen X could become the first generation to retire worse off than the one before
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GETTYThe firm said housing assets alone won’t sustain living standards in retirement.
Successive financial shocks, from early career recessions and the dot-com crash to the 2008 crisis and the pandemic, have compounded the problem, leaving little time for recovery.
PensionBee described this as a “perfect storm” of instability, with its Retirement Confidence Index ranking Generation X as the least prepared age group.
Maike Currie, VP of personal finance at PensionBee, said: “Generation X has been squeezed from every angle… heading towards retirement with far less financial security than their parents enjoyed.”
She warned: “Unless we act now, Gen X could become the first generation to retire worse off than the one before.
“That should be a wake-up call for policymakers and the industry to provide the tools, support and flexibility this overlooked generation urgently needs.”
More homeowners are relying on property wealth to fund retirement, especially in London.
Annuity Ready found 56% of London homeowners plan to use their homes for later-life income, double the national average.
Britain faces a retirement savings gap, with 15 million people not saving enough for the future.
Those retiring in 2050 are projected to receive £800 less in private pension income than today’s retirees.
Property options like downsizing, equity release and rental income are increasingly used to supplement pensions.
Experts warn younger generations may struggle to rely on property in the same way, urging early financial planning.