Nearly Half of Middle-Class Americans Lack Confidence They Will Have Enough Retirement Savings, Gen X and Millennials are the Least Confident, ACLI Finds

WASHINGTON - The American Council of Life Insurers (ACLI) today released the latest Financial Resilience Index and accompanying survey, which measures middle-class households' ability to manage financial challenges and plan for a stable future.

The survey, conducted by YouGov, shows that middle-class retirement preparedness may be at a crossroads, especially among Americans nearing retirement age. Gen X Americans, now aged 45-60, are particularly anxious about retirement, with nearly six in ten (59%) reporting they are "not very" or "not at all" confident about their retirement savings. Millennials are close behind, with 51% expressing similar concerns. Overall, 46% of Americans lack confidence in their retirement savings.

The April Financial Resilience Index, which looks at data from the fourth quarter of 2025, found that middle-class financial resilience improved compared to the third quarter of 2025 and was above historical norms. However, as economic pressures persisted, financial resilience in Q4 2025 was still below that of Q4 2024.

"While the lack of retirement confidence among middle class Americans is concerning, the fact that Americans approaching their retirement years are the least confident paints an even more sobering picture," said ACLI President & CEO David Chavern. "Even as economic conditions improved late last year, families are struggling to bridge the gap between where they are and where they need to be for a secure retirement. "

Survey Findings: The Retirement Confidence Gap

The survey also found that:

• 41% of middle-class households haven't looked for information or guidance about planning for retirement in the past year. Of those who haven't looked, 56% lack confidence that they will have enough savings to live comfortably throughout retirement.
• Middle-class households with life insurance are significantly more likely to feel confident about retirement (56%) compared to those without (44%). This demonstrates the protective role comprehensive financial planning plays in retirement readiness.
• When seeking retirement guidance, middle-class households are turning primarily to digital sources rather than professional advice. 30% used online research, while only 20% consulted a financial advisor or insurance agent.

Financial Resilience Improves in Q4 2025

Elevated inflation for household and recreation expenses continues to pose an affordability challenge for the middle class. However, the Q4 2025 Headline Index improved by 7.5 points from the previous quarter, driven by above-average resource gains and moderating cost pressures. Wage growth has slowed since peaking in early 2023, but it held steady in 2025 and is still better than average, helping middle-class households manage affordability challenges.

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About the Financial Resilience Index

ACLI's Financial Resilience Index, which is released quarterly, measures the ability of the middle-class to manage life's challenges and plan for a stable future. The index tracks 26 different variables that represent typical cost pressures for middle-class households (like housing, gas and childcare) and the financial resources that are available to meet them (like income, access to credit and retirement assets). By tracking the direction and magnitude of cost pressures and resources, the index reflects how middle-class financial resilience changes over time, and what is driving improvement or decline.

About the Financial Resilience Survey

ACLI's Financial Resilience Survey is a nationally representative survey conducted by YouGov on behalf of ACLI, as a complement to the Financial Resilience Index. The survey explores how middle-class respondents understand their own financial resilience by asking questions about economic mobility, financial stressors, financial stability, and safety nets. The quarterly survey consists of two questions about financial resilience, one recurring question that will be asked at the same time each year and one that will vary within the larger theme of middle-class financial health, stress, and resilience. Respondents of all household income levels respond to the survey, with reporting focused on middle-class respondents - those earning $50,000-$150,000 in annual household income.

ACLI's latest Financial Resilience Survey was conducted online within the United States by YouGov on behalf of ACLI from March 11 - 16, 2026 among 3,707 adults ages 18 and older. The survey sample includes 1,476 respondents from middle-class households as well as 1,459 respondents from lower-income households and 329 respondents from upper-income households. The report and related materials only highlight comparisons between subgroups that are statistically significant. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact ACLI.

For more information about both the index and the survey please visit: Financial Resilience Index.

About ACLI

The American Council of Life Insurers (ACLI) is the leading trade association driving public policy and advocacy on behalf of the life insurance industry. 90 million American families rely on the life insurance industry for financial protection and retirement security. ACLI's member companies are dedicated to protecting consumers' financial wellbeing through life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, and dental, vision and other supplemental benefits. ACLI's 275 member companies represent 94 percent of industry assets in the United States.