Stressed and Strained: Four Generations Strive for Retirement Security
Stressed and Strained: Four Generations Strive for Retirement Security examines the multigenerational workforce and how workers are preparing for retirement amid the pressures of inflation, competing priorities, uncertainty about the future, and the evolving retirement landscape.
This report examines the life priorities, health and well-being, personal finances, employment, caregiving experiences, and retirement preparations of U.S. workers aged 18 and older who are employed by for-profit companies.
It provides detailed comparisons of survey findings by Generation Z, Millennials, Generation X, and Baby Boomers, and provides recommendations for workers, employers, and policymakers.
Download the full report Stressed and Strained: Four Generations Strive for Retirement Security and read the press release Inflation, Competing Priorities, and Uncertainty Erode Retirement Security.
Download the full report Stressed and Strained: Four Generations Strive for Retirement Security and read the press release Inflation, Competing Priorities, and Uncertainty Erode Retirement Security.
Generation Z
Generation Z (born 1997 to 2012) is the youngest generation in the workforce. They are navigating a volatile employment market amid workforce transformation. They are spread thin, and they are being called upon to serve as caregivers.
Among Generation Z workers who are aged 18 and older, key survey findings include:
- Almost half (49%) are worried that AI and robotics will make their job skills no longer needed.
- Current financial priorities include paying off debt (56%), building emergency savings (47%), saving for a major purchase or life event (47%), saving for retirement (40%), and just getting by to cover basic living expenses (40%). Twenty-five percent cite supporting their parents as a priority.
- Generation Z workers have saved $37,000 in total household retirement accounts (estimated median).
Millennials
Millennials (born 1981 to 1996) are now in their sandwich years of juggling careers, raising children, and caring for aging parents. Most are saving for retirement, but many are at risk of falling behind amid financial pressures and competing priorities.
Among Millennial workers, key survey findings include:
- Current financial priorities include paying off debt (61%), saving for retirement (54%), building emergency savings (47%), supporting children (45%), and saving for a major purchase or life event (40%). Sixteen percent cite supporting parents as a financial priority.
- Almost six in 10 (58%) indicate debt is interfering with their ability to save for retirement, and 44% indicate they would prefer not to think about or concern themselves with retirement investing until they get closer to their retirement date.
- Millennial workers have saved $73,000 in total household retirement accounts (estimated median).
Generation X
Generation X (born 1965 to 1980) has been at the forefront of experiencing the evolving retirement landscape in which workers have become expected to fund a greater portion of their retirement. Now, the oldest are in their early 60s, and the youngest are in their mid-40s.
Among Generation X workers, key survey findings include:
- Fewer than one in five Generation X workers (18%) are “very confident” they will be able to fully retire with a comfortable lifestyle, and 25% strongly agree they are building a large enough retirement nest egg.
- More than one in three (36%) expect to retire at age 70 or older or do not plan to retire, and 53% plan to continue working in retirement.
- Generation X workers have saved $113,000 in total household retirement accounts (estimated median).
Baby Boomers
Baby Boomers (born 1946 to 1964) are now in their early 60s, and the oldest turn 80 this year. Among those still in the workforce, Baby Boomers are stretching the boundaries of working later in life. However, they are vulnerable to health and employment issues.
Among Baby Boomer workers, key survey findings include:
- Many Baby Boomer workers (55%) expect to retire at age 70 or older or do not plan to retire. Three in 10 (31%) consider themselves to be semi-retired.
- Less than three in 10 (28%) have a written financial strategy for retirement, while 15% frequently discuss saving, investing, and planning for retirement with family and close friends.
- Baby Boomer workers have saved $263,000 in total household retirement accounts (estimated median).
Key Findings and Common Themes Across Generations
While each generation has unique circumstances influencing their retirement preparations, the survey identifies common themes across today’s multigenerational workforce.
Key survey findings include:
- Three in four workers (75%) have taken one or more actions due to financial strain from inflation in recent years. Younger generations are more likely to have done so than Baby Boomers.
- More than one in three workers (36%) are currently serving and/or have served as a caregiver for a relative or friend during their career (excluding parenting responsibilities).
- More than seven in 10 workers (73%) agree with the statement, “I am concerned that when I am ready to retire, Social Security will not be there for me,” including 34% who “strongly agree” and 39% who “somewhat agree.”
For additional findings and recommendations, download the full report and read the press release.
Methodology
The analysis contained in Stressed and Strained: Four Generations Strive for Retirement Security was prepared internally by the research team at Transamerica Institute and TCRS. The research was conducted online in the U.S. by The Harris Poll on behalf of Transamerica Institute and TCRS among 6,153 workers in a for-profit company employing one or more employees. The survey was conducted September 16-October 17, 2025.
Data are weighted where necessary by age by gender, race/ethnicity, region, education, marital status, household size, household income, and smoking status to bring them in line with their actual proportions in the population. Respondents for this survey were selected from among those who have agreed to participate in our surveys.
The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within ±1.8 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest.
All sample surveys and polls, whether or not they use probability sampling, are subject to other multiple sources of error which are most often not possible to quantify or estimate, including, but not limited to coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments.