Generation Xers with caring responsibilities are "considerably disadvantaged" when it comes to pension saving, according to research from the International Longevity Centre (ILC), with more than half (56 per cent) worried about their lifestyle in retirement.

The research, supported by Phoenix Group, also found that over 67 per cent would like to save more money but struggle to do so, with 24 per cent attributing this to insecure earnings and fluctuating outgoings, whilst 56 per cent simply cannot afford to save more.

Furthermore, of those who cannot afford to save more, 25 per cent stated that this was due to their care responsibilities limiting their ability to work, while 7 per cent were paying to support an unwell friend or relative, which affects their ability to save.

Nearly a third (32 per cent) of Gen X carers also stated that they are too overwhelmed and distracted by other priorities to think about their retirement plans, with this figure increasing to 41 per cent for those who have multiple caring opportunities, such as for both children and an adult.

See full article here: Gen X carers 'considerably disadvantaged' in retirement planning - Pensions Age Magazine