Generation X is ‘stretched beyond their financial limits’ and struggling to save for retirement

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One in four Canadian GenXers have saved nothing for retirement, a survey found.Illustration by Chloe Cushman/National Post files

Given that more than one in four millennials still live with their parents or spouse’s parents, it shouldn’t come as a great shock to learn that almost half haven’t saved a penny for retirement.

But members of Generation X (aged 37 to 52) are also struggling to save for retirement and the tighter timeline is causing them stress, according to Franklin Templeton Investments Canada’s 2018 Retirement Income Strategies and Expectations (RISE) survey released Thursday.

As a result, more than half of Gen Xers across North America are resigned to retiring later than they would want (56 per cent in Canada, 59 per cent in the U.S.).

The fifth annual online survey included Canadians and Americans across four generations, but “this year we felt in particular that Gen X and the stress of preparing for retirement was the predominant thing coming out of the research,” said Matthew Williams, a Franklin Templeton senior vice-president.

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