A news release from the American Institute of Certified Public Accountants (AICPA) said the survey found that half the Gen-Xers surveyed (55%) indicated they will rely on savings and investments to carry them through their golden years.
Sixty- five percent are not counting on Social Security to be a retirement option, and slightly more (68%) don’t see pensions as a safety net, either.
“The message is getting through to Generation X consumers about taking control of their own financial futures,” said Carl George, chair of the AICPA’s National CPA Financial Literacy Commission and CEO of Clifton Gunderson LLP, in the news release. “As a result, they intend to draw on personal savings and investments for retirement, unlike many of their baby boomer elders.”
Harris Interactive surveyed 1,000 US adults during March 2006. Of them, 377 represent Generation X. Generation X defines more than 29 million adults born between 1964 and 1980.