Gen X – a financial conundrum
Posted On September 30, 2014
For years we’ve been talking about how Gen X is going to be the first generation that is not expected to be better off that its parents. Sometimes Gen X is given a slightly better chance and that dubious honor is bestowed on the Millennials. Either way, the trickle down economics don’t seem to be happening past the Boomers. Which is why the latest research from the Pew Charitable Trust I so intriguing.
As reported in The Washington Post, a new study shows that Gen X is actually making more (adjusted to 2011 dollars) than Boomers did at the same age, yet they have significantly less wealth. The main reason? Today’s 34- to 49-year olds carry six times more debt than Boomers did at the same age.
It’s a fairly depressing statistic, but could also be seen as an opportunity for those in the financial planning business. Clearly, Gen X need some help. And while they may be hesitant to ask for it, they are also hitting the later half of their earning years and no longer have seemingly infinite time ahead to get things right. Come at Xers with a fair, honest plan and you might just discover that deep down they are hungry for some guidance.