As members of Generation X get closer to retirement, a number of them are feeling anxious about the how much they've saved and are regretting not having done more, according to the 2024 Annual Retirement Study by Allianz Life.

The survey spoke with 1,000 investors and found that 82% of baby boomers and 77% of millennials said that they felt confident they would be able to financially support all the things they want to do in life. In comparison, only 62% of Generation X felt that way.

One reason why Gen Xers are feeling less confident is that they will be retiring soon, according to Kelly LaVigne, vice president of consumer insights at Allianz Life. However, despite the pending retirement and their lack of confidence, he does not believe they are in any worse shape than other generations.

“I don’t think that they’re much more behind than any of the other generations previously,” he said in an interview. “I think that they just are ones that are the most vocal about recognizing it.”

Members of Generation X are taking certain steps to meet their long-term financial goals, the study found. The most popular one is working toward paying off their debts, with 64% saying they are doing that. In addition, 58% said they are building up an emergency fund and 55% said they are trying to improve their credit score with smarter financial choices.

Despite those steps, 55% of Generation X said they are still afraid they have not saved enough for retirement. There are several reasons they have not, with 61% saying it is due to expenses associated with day-to-day necessities, while 40% and 39% blamed credit card and housing debt, respectively.

The good news for Generation X is that there is still time for them to prepare for retirement, according to LaVigne.

“It’s really never too late, but for Generation X it’s exactly the right time,” he said. “If you didn’t start already this is exactly the right time to start bearing down and looking at ways you can save money.”

This generation is in an ideal situation because they are a few years from their full earning potential and in many instances their expenses are starting to even out, LaVigne explained. There are those who have either paid for college or have that money set aside so they can start to focus on themselves.

One thing they can do is to open a 401(k) retirement savings plan at work and contribute enough to achieve the company match.

“Having as much of a company match in a 401(k) is one of the best ways that you’re going to be able to get ahead from a financial standpoint because you’re basically getting free money from your employer,” he said.

He also suggested that financial advisors can be greatly beneficial in helping to put together a retirement plan. In fact, 58% of Generation X said that they do not have a retirement plan and only 35% said that they are currently working with a financial professional. In comparison, 46% of millennials said 54% of boomers said they are working with one.

LaVigne admitted that one of the primary reasons many in Generation X do not seek out a financial advisor is because they fear they do not have enough money. Underlying that perception is the belief that a financial advisor is only for people with money or charges exorbitant fees, he added. 

It is up to the advisor to demonstrate how they can help investors, he said.

“The people who benefit most from having a financial advisor are those who are marginally prepared for retirement or are a little bit behind,” he said. “What financial advisors are best at doing ... is protecting you from hurting yourself.”