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Lessons Learned: A Survey of American Gen Xers
The generation that grew up with latchkeys, watched music videos, and has had access to 401(k)s throughout their career has a message for younger Americans: Do not make the same mistakes we did.
In the next few years, Generation X, born between 1965 and 1980, will become the oldest cohort of workers in the U.S. labor force, with the oldest Gen Xers approaching retirement. While smaller than the baby boom and millennial age groups, Generation X Americans have had a significant impact on society, culture and the economy, while facing some major challenges during their working lives, such as the Great Recession and the rise of the digital age.
Gen Xers have navigated numerous financial peaks and valleys, learning many valuable lessons along the way. Many of these Americans in their 40s, 50s and early 60s had set personal goals years ago, and for many, the success in achieving those goals has been a mixed bag. With age and experience comes wisdom, and many Gen Xers can confidently say that they have financial regrets due to misconceptions they had about finances in their youth. Now, Gen Xers can share their lessons with younger generations to set them up for success.
The most significant takeaway from Generation X Americans is that it is never too early to start planning for retirement. As they quickly approach retirement, Gen Xers may consider how they could have been better prepared had they started earlier.
The survey examined the types of financial misconceptions Americans face when they are younger, the impact of early adulthood financial decisions and lessons learned to benefit future generations.
