According to the report, only 38 percent of employers believe that at least 60 percent of their employees are on track for retirement, which BlackRock indicates is a record low.
The survey compiled responses from more than 1,300 employees, 300 retirees, and 459 plan sponsors from April to May. All employees questioned currently participate in their company’s 401(k) or 403(b) plans, with at least $5,000 in assets in their current accounts.
The sampling was almost equally divided between men and women, with Generation X (ages 45 to 60) making up the largest share at 36 percent. Millennials (ages 29 to 44) represented 32 percent, and both Generation Z (ages 13 to 28) and baby boomers (ages 61 to 79) were at 16 percent. The retirees had been retired for at least 10 years, with 49 percent reporting access to a defined benefit pension plan for income.
“Confidence is climbing—up 23 percent over the last decade—as savers grow surer of their retirement readiness,” the report states. “But when markets shake, so does sentiment.”
According to the survey, younger generations seem to be leading in confidence about retiring, with 76 percent of Generation Z reporting positively about savings at age 25, as opposed to just 50 percent of 25-year-old millennials in 2016. Confidence at age 35 jumped to 70 percent for today’s millennials, as compared with just 43 percent of Generation X in 2016. At age 45, both Generation X and baby boomers scored 45 percent today and in 2016.
While the gender gap still exists, women are gradually catching up to men in retirement confidence, with 73 percent reporting that they’re comfortable with their savings, compared with 84 percent for men.
However, when it comes to employers and plan providers, there seems to be an acute difference of opinion.
Despite the confidence levels recorded, the survey found that employees are now requesting more help with retirement planning from their employers. More than 78 percent now want to be auto-enrolled in a savings plan, a jump from 65 percent in 2019. The report also showed that 72 percent want their savings rate to auto-increase annually, compared with just 57 percent in 2019.
“Fear of outliving savings has surged, and savers are craving certainty,” the report states. “Retirees confirm that guaranteed lifetime income can boost confidence.”
Some 66 percent of savers admit to worrying that they’ll run out of money in retirement. However, one in five say they plan to live off interest and dividends alone while they preserve their savings balance, even if it means cutting back.
Of those who have already retired, only 27 percent are certain that they’ll have enough money to last through their lives.
“Retirees reveal they’re lacking security—and that’s affecting some of their golden year goals,” the report states.
Currently, 18 percent say they struggle with paying debt from credit cards or other loans, while 26 percent say they have insufficient funds for an annual vacation.
In addition, emergency funds are decreasing slightly from last year, as 76 percent of all respondents indicated that they had a fund, compared with 81 percent in 2024. The median balance of those funds also shrank from $25,000 in 2024 to $20,000 in 2025.
The input from plan sponsors contends that pushing back a retirement date or adding additional savings plans could help bridge the gap between the real numbers needed for retirement and what the consumer may have available. More than 86 percent of those also agreed that an actively managed target date could generate greater returns for participants.
Planners also recommend that younger earners start as early as possible with employer-based savings plans.
