Gen X can't retire on time as inflation outpaces wages, survey finds
Fox Business • • business
Key Points:
- Nearly 50% of Gen X employees are delaying retirement due to stagnant wages, rising costs, and lack of liquid savings, with only 38% confident in retiring as planned, according to PwC's Employee Financial Wellness Survey.
- More than half of Gen Xers expect to withdraw retirement funds early to cover short-term expenses, driven primarily by inflation eroding monthly budgets and 25% of workers lacking any financial buffer.
- Financial anxiety among Gen X employees is impacting workplace focus and engagement, while delayed retirements stall corporate advancement and increase costs related to workforce planning and healthcare.
- Forty-one percent of workers feel unequipped to manage financial crises, highlighting the need for improved financial education and support from employers to reduce stress and build confidence.
- PwC urges employers to foster trust through human coaching, reduce stigma around financial education, and prioritize day-to-day financial skills to enhance overall employee financial wellness.
