There’s a stark generational divide in people’s financial resilience and outlook, according to a new study.
Research from Wealth at Work shows that some younger people feel particularly uncertain about their financial future compared to older workers.
While only a fifth of respondents (20%) said they feel on track to meet their financial goals, Millennials born between 1981 and 1996 were the most pessimistic, with less than a fifth (17%) saying they are on track.
Baby Boomers born between 1946 and 1964 showed the highest levels of confidence, with more than a third (35%) on track.
Gen Xers born between 1965 and 1980 also expressed concerns, with only one in five (20%) feeling on track, suggesting an unease among this generation as they approach retirement.
Meanwhile, Gen Zers born between 1997 and 2012 fared slightly better, with just over a fifth (22%) saying they feel on track to meet their financial goals.
Almost one in three respondents (31%) said they were making progress but could do with more support. More than a third of both Millennials (35%) and Gen Z (34%) said that is how they feel about their financial future, compared to less than a fifth of Baby Boomers (18%) and more than a quarter of Gen X (29%).
Concerningly, more than one in five respondents (21%) said they are not sure where they stand when it comes to their financial future. That was a consistent feeling held by more than a fifth of Gen X (22%), Gen Z (22%) and Millennials (21%).
Baby Boomers felt more confident with around one in ten (14%) feeling this way about their financial future.
Jonathan Watts‑Lay, director, Wealth at Work, said: “While our research found that there are people of all ages who are concerned about their financial future, younger generations are particularly pessimistic. That reflects the challenges that many younger people face in an uncertain economic climate that is squeezing disposable incomes, as household budgets and living costs continue to rise.
“It creates long-term risks of inadequate saving pots, low pension contributions and higher financial anxiety.”
He said older generations, and Baby Boomers in particular, feel more positive about their financial future, probably because they have accumulated sufficient financial assets. Many have also benefited from lower housing costs and more generous company pension schemes over the course of their working lives.
Mr Watts‑Lay added: “Over successive generations the burden of risk and responsibility has shifted to individual workers. That is why financial education is key to helping people improve their financial future, through tailored guidance and support.”
• Research for Wealth at Work was carried out by Opinion Matters from 25/02/26 to 04/03/26 among a panel of 2,000 UK workers, aged 16+.