What To Know About Generation X
Most headlines center around Baby Boomers and Millennials, yet individuals who belong to “Generation X” face a unique set of personal, career and economic circumstances that give them significant influence in today’s socio-economic landscape. Here are some key concepts to know about Generation X.
Who Makes Up Gen X?
A 2014 Pew Research study referred Generation X as “America’s neglected ‘middle child'”, sandwiched between the effects left from the Baby Boomer generation, and growing influence of Millennials in the workforce. Generation X (commonly classified as “Gen X’ers”) are individuals born from 1961 to 1981. Many X’ers were Latchkey kids, staying at home while parents were out at a 9 – 5 job, and grew up in a largely hands-off culture with a similar level of freedom that Baby Boomers had growing up.
A Generation of Givers
More than 56 million Americans now live in multigenerational homes, and at the center are Gen X’ers, caring for family members that range from Baby Boomers, Millennials and even Gen Z (born mid-1990s). One financial hurdle most X’ers face is providing for their childrens’ college costs, which 50% of Gen X’ers say is a major financial goal. Having to usually support multiple family members — while dealing with a shifting job market — leaves many members of Generation X to think heavily of their future well being.
Gen X on Retirement
According to Ameriprise’s “Retirement 2.0” study, 42% of X’ers rely on their 401(k) and 29% rely on IRAs as their main sources of income during retirement. In the minds of Gen X’ers, pensions and Social Security have become secondary sources of retirement funding. This is why Gen X is also sometimes referred to as the 401(k) Generation.
Gen X and the Economy
The U.S. Department of Labor tracks generational spending every year. In 2016, their records show that X’ers spends more money per household than any other generation at $66,981. X’ers are shown to carry the most debt, stacking items such as mortgages, credit cards, student loans, and auto loans on their plate. The typical X’er has an average debt of $125,000, according to research from Experian, the credit-reporting agency.
Gen X Entrepreneurs and the Workforce
In the age of of Digital Transformation, X’ers play a critical role in various C-Suite and managerial positions. A Global Leadership Forecast 2018 — published by DDI — analyzed 25,000 leaders spanning 54 countries and 26 major industry sectors, and discovered that Gen X now accounts for 51% of leadership roles globally.
X’ers are among the most highly educated, highly connected generation in the U.S, and tend to be more independent and entrepreneurial. In fact, 41% of Gen X’ers consider themselves entrepreneurs. Gen X has produced some of the best entrepreneurs overall, where 55% of startup founders, such as Elon Musk (SpaceX) and Jack Dorsey (Twitter), have built innovative startups that have fundamentally changed the course of human development.
Generation X is aimed to produce well-established leaders in many organizations, and bring about prominent members of society that value company loyalty, persistence, hard work, and digital adaptation.
