Few generations have been so thoroughly scrutinized and so utterly misunderstood as Generation X. The members of the MTV Generation have been consumers almost since birth, but now they are becoming investors, homeowners, and parents. As they enter the next phase of their lives, Gen Xers, especially thirty-somethings, face significant financial challenges unknown to their parents.
The financial perspective of this age group is the subject of a just-released comprehensive study for which thousands of Gen Xers, ages 25-40, were interviewed. The study, conducted for Charles Schwab, provides new insight into Gen X attitudes and mindsets toward life and money, and how those mindsets guide peoples financial behavior. The following are some highlights:
Nearly half (47%) of Gen Xers are unable to save, and more than a third (35%) say that theyre probably going to be in debt for the rest of their lives.
Gen Xers arent counting on anyone to help them as they get older. Nearly three-quarters (74%) agree that its up to them to make sure they have enough money to retire. Most have completely written off social security and corporate benefit plans.
Although Gen X have been perceived as slackers who reject the traditional working-class lifestyle, more than six in ten (64%) say theyre focused on the American Dream of attaining family, homeownership and financial security.
Most Gen Xers are deeply concerned about their financial futures