Who’s worried about retirement? Young people

The pandemic has created concerns about retirement security among millennials and Gen Xers.

Millennials and Generation X are more worried about retirement than baby boomers and the Silent Generation, a study by the National Institute on Retirement Security has found.

In the wake of the Covid-19 pandemic, 64% of millennials and 54% of Generation X are concerned about their retirement security, versus 42% of baby boomers and just 25% of the Silent Generation.

“Generation X and Millennials are the first two generations that largely will enter retirement without a pension, so it’s not surprising that their anxiety is higher,” Dan Doonan, executive director of the Washington-based organization whose members include financial services firms, employee benefit plans, trade associations, and other retirement service providers, said in a statement.

The research found strong support for pensions and Social Security, with the highest support for expanding Social Security among millennials, at 61%. Similarly, pensions were viewed favorably by all generations, with millennials expressing the highest favorability, at 81%.

The report is based on a survey of 1,203 people 25 and older conducted by Greenwald Research in December.