According to the newly-released data from Fidelity Investments, Generation X is intensifying its efforts to accumulate funds for retirement. The financial services company reported on Thursday in its third-quarter retirement analysis that Gen Xers contributing to individual retirement accounts (IRAs) saw a remarkable 35% increase in their total contributions compared to the same period in 2023. Gen X is defined as those born between 1965 and 1980.

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Compared to a year ago, a significant 23% more Gen Xers also made deposits into their IRA accounts during the third quarter, as per Fidelity. The financial services company emphasized in a press release that Gen X achieved "impressive gains across all retirement accounts" including IRAs, 401(k)s, and 403(b)s. When looking at Gen Xers who have been consistently saving in 401(k) plans over the past 15 years, there was a 6% quarter-over-quarter increase in their average account balance, reaching $586,100.Roger Stiles, President of Fidelity Wealth, stated in a statement, "We are delighted to witness Gen-X retirement savers continuously making solid progress with their retirement savings. As the oldest members of this generation are approaching retirement in the next five to ten years, this is the ideal time to focus on building a nest egg that can ensure a more comfortable retirement."This comes at a time when Fidelity found that overall savings for retirement are experiencing another quarter of growth due to sustained high contribution levels and positive market conditions. The analysis encompassed over 49 million retirement accounts. The financial services company also noted that two types of retirement plans - 401(k)s and 403(b)s - achieved their "highest average on record" for balances in the third quarter.For 401(k) accounts, the average balance was $132,300 in the third quarter, showing a 4% quarter-over-quarter increase and a 23% year-over-year increase. Similar increases were observed in 403(b) plans, with an average balance of $119,300. Meanwhile, the average balance for IRAs in the quarter was $129,200.Fidelity's retirement analysis reported that the total average savings rate in the third quarter remained steady at 14.1%, just slightly below the 15% recommended by the company. The President of Workplace Investing at Fidelity Investments emphasized in a statement, "Consistent retirement contributions during different market cycles are crucial. However, in the long run, maintaining this commitment will help set Americans on a path to financial well-being and security."Earlier this year, Northwestern Mutual stated that Americans believe they need $1.46 million to retire comfortably. A separate Bankrate survey published in late September found that about 57% of working Americans feel they are behind in saving for retirement, while 15% believe they are either "significantly" or "slightly ahead." Another 22% considered themselves "on track."