Allianz Life Study Finds Confidence in Market Investing Drops Sharply
Generation X is increasingly uneasy about inflation and market volatility as retirement nears, according to the 2025 Q3 Quarterly Market Perceptions Study released by Allianz Life Insurance Company of North America.
Only 19% of Gen X respondents said it is a good time to invest in the market. That figure dropped from 30% last quarter and is the lowest among all generations. By comparison, 39% of Gen Z, 36% of millennials, and 29% of boomers said now is a good time to invest. Across all Americans, 30% said the same.
The study also found that Gen X (54%) and millennials (54%) are more likely than Gen Z (47%) or boomers (48%) to worry another market crash is looming.
“As Gen X approaches retirement, it is time for them to get serious about what they would like their life to look like after leaving the workforce and how they can achieve it,” said Kelly LaVigne, VP of consumer insights, Allianz Life. “With Gen X worried about the market, it could hinder their ability to secure their ideal retirement. What’s key is that in that fragile decade it’s more important to help mitigate against the risk of loss than to have the potential to realize large gains. Risk management strategies like annuities can help by adding a level of protection into an overall portfolio.”
Inflation Seen as the Greatest Threat
For Gen X, who are primarily in their late 40s and 50s, the run-up to retirement is a critical period when savings typically accelerate. Yet ongoing inflation is squeezing their ability to set aside money and fueling anxiety about future costs.
The study reports:
- 81% of Gen X worry they may not be able to afford their desired retirement lifestyle because of the rising cost of living.
- By comparison, 75% of Gen Z, 77% of millennials, and 63% of boomers expressed the same concern.
- Across all Americans, 74% said inflation may prevent them from affording their preferred retirement.
Gen Xers were also more likely to worry that tariffs will or have already raised their cost of living. 81% of Gen X respondents cited this concern, compared with 74% of Gen Z, 73% of millennials, and 74% of boomers.
Adding to the pressure, 70% of Gen X respondents said inflation has limited their ability to contribute to savings.
Call for Strategic Planning
LaVigne emphasized that now is the time for Gen X to establish a clear, long-term retirement plan.
“Now is the time for Gen X to really put pen to paper and create a long-term financial strategy for retirement,” LaVigne said. “A financial professional can help develop a strategy that can address concerns about risks like inflation and limited savings. By outlining where you are going in your financial journey, this can help boost your confidence in your ability to get there.”
Study Methodology
The findings are based on the Allianz Life 2025 Q3 Quarterly Market Perceptions Study, conducted in August 2025. The study surveyed a nationally representative sample of 1,005 respondents age 18 and older through an online questionnaire.
