The differences between Generation X and Generation Y in one chart.
GENERATION X Finances · Generation X is the population group born between 1965 & 1979. Because...
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Generation X is the population group born between 1965 & 1979. Because this generation falls between two large and diverse cohorts, the Baby Boomers & Millennials, Gen X is considered the sandwich generation. Through a series of infographics, AARP Research will present several key Gen X metrics. THE MEDIAN INCOME OF GEN X IS $ 70,501 Whites AA/B H/L Asian 100K – 80K – 60K – 40K – 20K – 0 – • Average debt of $111K • In the past year, more than 60% did not save money for the future • 59% feel their financial situation is in fair/poor shape • 80% are not very confident they're preparing well for retirement of Gen Xers feel overwhelmed by financial burdens 56 % DEBT DEBT DEBT When it comes to retirement, 35% are confident they’ll have enough money to live the life they want Few are very confident they’ll have enough money to cover basic expenses (27%) or medical expenses (17%) in retirement Few Gen Xers are confident Medicare (34%) and Social Security (24%) will be available to them like it is to current retirees today Financial services used by Gen X vary , but most have checking & savings accounts Beyond that, they’re using: 67% have contributed money to an organization in past year $ $ Home Mortgage Online Banking 401K Plans IRA General Market 37% AA/B: 22% H/L: 24% Asian: 47% General Market 41% AA/B: 31% H/L: 26% Asian: 50% General Market 27% AA/B: 18% H/L: 15% Asian: 34% General Market 19% AA/B: 12% H/L: 8% Asian: 27% 37 % 12 % 13 % 12 % Religious Social issue/ welfare Health/ medical Military/ veterans $ GENERATION X Finances 1 2 2 2 4 5 5 Source: Bureau of Labor Statistics, Current Population Survey, 2013; Employee Benefit Research Institute, 2014 Retirement Confidence Survey; GfK Roper Reports® Spring Core Study, 2014; Experian; Pew Research Center, August 2014 Political Survey; Scarborough USA+ 2014 Release 2 Contact: Colette Thayer, AARP Research ([email protected]), AARP Policy, Research, and International Affairs. September 2015 1 2 3 4 5 6 6 6 6 3 Note: AA/B = African American/Black H/L = Hispanic/Latino https://doi.org/10.26419/res.00116.002
Transcript of GENERATION X Finances · Generation X is the population group born between 1965 & 1979. Because...
Generation X is the population group born between 1965 & 1979. Because this generation falls between two large and diverse cohorts, the Baby Boomers & Millennials, Gen X is considered the sandwich generation. Through a series of infographics, AARP Research will present several key Gen X metrics.
THE MEDIAN INCOME OF GEN X IS
$70,501
Whites AA/B H/L Asian
100K –
80K –
60K –
40K –
20K –
0 –
• Average debt of $111K
• In the past year, more than60% did not save money forthe future
• 59% feel their financialsituation is in fair/poor shape
• 80% are not very confidentthey're preparing well forretirement
of Gen Xers feel overwhelmed by financial burdens56%
DEBTDEBTDEBT
When it comes to retirement, 35% are confident they’ll have enough money to live the life they wantFew are very confident they’ll have enough money to cover basic expenses (27%) or medical expenses (17%) in retirement
Few Gen Xers are confident Medicare (34%) and Social Security (24%) will be available to them like it is to
current retirees
today
Financial services used by Gen X vary, but most have checking & savings accountsBeyond that, they’re using:
67% have contributed money to an organization in past year
$ $
Home Mortgage Online Banking 401K Plans IRA
General Market 37%AA/B: 22%H/L: 24%
Asian: 47%
General Market 41%AA/B: 31%H/L: 26%
Asian: 50%
General Market 27%AA/B: 18%H/L: 15%
Asian: 34%
General Market 19%AA/B: 12%
H/L: 8%Asian: 27%
37%
12% 13% 12%
Religious
Social issue/welfare
Health/medical
Military/veterans
$
GENERATION X
Finances
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Source: Bureau of Labor Statistics, Current Population Survey, 2013; Employee Benefit Research Institute, 2014 Retirement Confidence Survey; GfK Roper Reports® Spring Core Study, 2014; Experian; Pew Research Center, August 2014 Political Survey; Scarborough USA+ 2014 Release 2 Contact: Colette Thayer, AARP Research ([email protected]), AARP Policy, Research, and International Affairs. September 2015
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Note: AA/B = African American/Black H/L = Hispanic/Latinohttps://doi.org/10.26419/res.00116.002
