'This generation has a good 10 to 15 years left, and employers have to be flexible,' says EVP at GreenShield
As employers double down on attracting Millennials and Gen Z talent, some benefits experts are raising the alarm that Gen X - the so-called “forgotten generation” - may be sliding through the cracks, notably around retirement planning.
This significant generation has accumulated considerable wealth and plays a major role in driving consumer spending. Although Millennials are frequently viewed as the primary beneficiaries of the Great Wealth Transfer, Gen X is still expected to receive a substantial $1.4 trillion share. Yet, according to several industry leaders, they also face retirement challenges.
“I don't know if Gen X has been forgotten, but more so not really known what to do with,” said JP Girard, executive vice president and head of health insurance at GreenShield. A Gen Xer himself, he described the cohort as adaptable and loyal, yet under-supported in key areas like health benefits, chronic disease management, and perhaps most critically, retirement readiness.
“We’ve played a pivotal role in transformation, leading teams, mentoring our younger colleagues but I think where potentially they get overlooked is kind of workforce planning,” he added, noting that Gen X faces an open-ended retirement landscape, often without defined pension plans or clear timelines.
He also underscored that many Gen Xers are stretched thin, often having to care for aging parents, raising children, and navigating global economic instability. That strain is pushing some to seek more flexible work, or even entrepreneurship, as they chase purpose and manage burnout.
“Employers have a great opportunity to retain this talent,” he said, stressing that while a flexible, balanced benefits offering is part of the equation, loyalty also runs deep in this cohort, but only if they feel supported.
“This generation has a good 10 to 15 years left, and employers have to be flexible,” said Girard.
Meanwhile, Brian Will, assistant vice-president of group retirement & savings sales at Co-operators, sees clear shortcomings in how many employers approach Gen X within retirement and benefits planning. While this generation often holds substantial assets and long service histories, employers frequently fail to account for their wide-ranging needs.
Will highlighted that Gen X spans a broad spectrum. Some are nearing retirement, while others may still have a decade or more to go. Yet, most retirement programs don’t reflect that diversity. He pointed to the lack of flexibility as a central issue, especially when it comes to plan types and contribution options that could better serve individuals at different financial stages.
“It's about creating that personalized, curtailed experience and having a solution that isn't a cookie-cutter approach, that's very bespoke, almost to the individual level,” he said.
Another problem is comprehension as many Gen X workers look at their retirement balances but don’t grasp what those figures mean for their future, added Will.
“People often don't understand what that means for them in retirement and having access to planning resources,” he said. “Through the [benefits] program, we can help people understand what's needed to help them transition, both financially and emotionally to the next phase of their life, and giving that coupling with the flexibility of perhaps part time work or a phased retirement will allow employers to keep these folks longer and engage with them for a longer period of time, to extend that knowledge transfer period. Because we are seeing a real gap in knowledge transfer as some of these key roles retire with lots of experience and lots of knowledge.”
The situation is also notably compounded by a misconception that Gen Xers are financially set. Paula Allen, global leader and vice-president of research and insights at TELUS Health, challenged that idea.
“We don't really see a lot of focus on that generation. You're tending to look at a group that's assumed to be financially stable and that's not always the case,” she said. “Half of those in an organization with no emergency savings are 40 and over.”
Girard also doesn’t disagree.
“Unless you are savvy, unless you work in the industry, you might just not realize what happens when you retire,” he said, pointing out that employers are generally good at onboarding and offboarding when it comes to retirement, but they’re failing the crucial in-between years.
“I think there's opportunity there. Organizations aren’t saying, ‘We’ve got 20 people between 45 and 52. How are we helping them prepare for retirement?’”
Sylvia Tran believes if employers want Gen X to stick around, a whole total compensation package with autonomy and flexibility involved should be offered, while acknowledging how Gen Xers are being squeezed from both ends.
“They’re caught with the responsibility of caring for children… and then aging parents as well. I do think they face ageism as well as adapting to technology, which is changing rapidly,” said Tran, assistant vice-president of group benefits sales at Co-operators.
That generational strain, she added, makes them particularly vulnerable to burnout and more likely to consider entrepreneurship or early exits from the traditional workforce.
One solution, according to Allen, starts with financial planning and financial literacy.
“Budgeting consultation, emergency savings programs, understanding taxes… we often assume they’ve become financially literate, and both are not necessarily true,” she said, emphasizing targeted education and personalized financial planning as critical.
“We found over and over again in the TELUS Mental Health Index that the absence of emergency savings was one of the strongest predictors of mental well-being.”
Meanwhile, Will underscored the need for a reset in retirement expectation, noting that offering phased retirement options can mitigate this.
“We’re seeing a lot of data that suggests if that was offered, people would stay around a lot longer,” he said. “They’d be willing to take on a different role, even if they were accommodated with fewer hours.”
Girard also makes the same assumption.
“It would be too bad if an organization lost somebody with 20, 30 years’ experience because they didn’t feel supported,” he said. “That would be a miss for organizations.”
Still, Will believes Gen X absolutely can achieve a successful retirement but only if expectations are realistic and the right support is in place
“It's not all doom and gloom,” he said. “There are a lot of people who are fortunate to work for employers who have partnered with them to help them save for retirement. Those that are accessing professional advice have a far higher likelihood of having a successful retirement.”
