Generation X, ranging from their late 30s to late 40s, were initially characterised as the “slacker” and “grunge” generation. The ‘Gen Xers’ are known for their focus of family, striving for work-life balance, even leading some to postpone career goals for stay-at-home, sustainable lifestyles.
Is Gen X overlooked when it comes to Financial Security?
Generation X, is commonly underserved by the Financial Services industry. The long term potential of the millennials, and the retirement planning needs of the baby boomers has left Gen X overshadowed. Although smaller in size than other generations and often referred to as the ‘middle child,’ Gen X are heading towards the middle years of their lives, they are confronting the reality of the responsibility and risk of funding retirement is squarely on their shoulders.
As the first wave of this group begins to turn 50 next year, the time is right for Financial Service firms to speak to them on Gen X terms. It is apparent that this age group is engaged, mindful and often worried about their financial security, particularly in the wake of the financial crisis. Financial advisers who take the time to answer those questions keeping Gen X’s up at night, will discover a market that is keen on improving their portfolios and open to products tailored to their needs. By expanding their reach amongst this forgotten generation, advisers can make them feel more comfortable about the idea of investment and educate them on products that make it easier for them to balance their priorities.
Like the boomers before them, Gen X are at a busy stage of their life with family responsibilities and their careers, challenging them with both time and financial constraints. They have incurred many financial struggles within their lifetime, having to respond to economic downturns and the effects of the last recession. Many are in a positon they did not envision for themselves, but with Gen Xers soon to be in striking distance of retirement, it is time to acknowledge their unique situation, tailor products and communications for them, and spur them to action.