All generations have their blessings and their burdens – but it seems this group in particular feel they’re mainly reaping the latter.
Millennials constantly hear about how they’re the spoiled ones, how they don’t understand what hard work is and expect everything to fall effortlessly into their lap. Baby Boomers are the ones who had a rough time in the eighties but then got to enjoy the good times throughout the noughties, and Generation X, it seems, are known as the ones who are currently very much in code red.
Less than one in four say the economy recovering has helped them and one in ten predict they will carry substantial debt into retirement with three quarters admitting they are trying to manage other debt along with that of their mortgage.
Compared to the Baby Boomers and Millennials, the 35–54 year olds aren’t faring well. Forty-four percent of Baby Boomers are living comfortably with 21 percent struggling while 26 percent of Millennials are struggling with another 26 percent living comfortably. This begs the question – could this latter 26 percent be feeling snug because they’re still living at home?
Also, in typical Millennial fashion, they’re better at looking on the bright side and maintaining a positive outlook for their future as 44 percent expect their income and employment possibilities to advance compared to that of Generation X, where two out of three do not expect improvements at all.
With trying to afford a home (the cost of which continues to rise), paying for childcare (if you don’t have children and have a gawk at these figures you might just stick with the dog) and having been hit hard by the recession (pay cuts as well as job losses), Generation X certainly haven’t had an easy ride.
According to the Irish Times, head of individual pensions and investments with Aviva, Ann O’Keefe said,
“This key group is experiencing a financial ‘mid-life crisis’ as they juggle their responsibilities and liabilities to keep their heads above water.”
“…Many of them will have to find a way of funding their retirement. Their plight deserves the attention of those working on future pension policy.”
