what is generation x gen x 
generation x sometimes shortened to gen x is the name given to the generation of people born between the mid 1960s and the early 1980s the exact years that comprise gen x vary some researchers demographers william strauss and neil howe for example place the exact birth years from 1961 to 1981 whereas gallup places the birth years between 1965 and 1979 but all agree that gen x follows the baby boomer generation and precedes generation y also known as the millennial generation 12understanding generation xthe name generation x comes from a novel by douglas coupland generation x tales for an accelerated culture published in 1991 though it s more useful for marketing than sociology generational theory the assumption that people born within the same time frame can be considered a group with similar views values tastes and habits and the idea of a generation gap have gained broad acceptance in the u s 34the generations covered in the theory are gen x numbers around 65 million while the baby boomers have around 69 million members and millennials number around 72 million as of the latest data from 2022 gen x is also sometimes referred to as the latchkey generation as they were often left unsupervised at home after school until their parents came home from work 57like the silent generation generation x has been defined as an in between generation the group s earning power and savings were compromised first by the dotcom bust and then by the financial crisis of 2008 and the great recession in terms of social and political power generation x is sandwiched between the baby boomers who came of age during the vietnam and reagan eras and the millennials of the obama era gen x overlaps with another group called the sandwich generation each modern generation has gotten its time in this slot which is used to characterize middle aged individuals who due to longer life spans and having children later in life find themselves supporting both aging parents and growing children simultaneously gen x vs baby boomers and millennialsthe 23rd annual transamerica retirement survey of workers published in 2023 compares gen x baby boomers and millennials 8 among its findings gen x s financial situationover the next two decades there will be a major transfer of wealth collectively around 84 trillion from baby boomers to younger generations including their gen x children and they re going to need it 9gen x accounts for just 25 6 of the nation s wealth while baby boomers hold just over half 51 6 according to the latest data from the federal reserve 10notable members of generation x include jeff bezos tiger woods and the late kurt cobain retirement savingsthirty one percent of gen x members have at least 250 000 in household retirement savings while 26 have between 50 000 and 250 000 by comparison 51 of baby boomers have 250 000 or more saved for retirement nine percent of gen x members have no money saved for retirement at all 8just 17 of gen x workers feel very confident that they will be able to fully retire with a comfortable lifestyle and 80 are concerned social security will not be there for them at retirement age forty percent plan to retire at age 70 or above or do not expect to retire at all 8effects of market timing on gen xon average gen x households began working saving and investing during a period of lower investment returns than the baby boomers many gen x households began building their savings in periods of high market valuations such as the technology bubble and dotcom bubble of the late 1990s and in the run up to the global financial crisis of 2008 the effects of the ensuing bear markets still weigh heavily on their portfolios additionally gen x ers have experienced an especially low interest rate environment which has had an adverse impact on their ability to increase the value of their financial assets meanwhile the early experiences of gen x investors with major market declines seem to have made them more risk averse other challenges faced by gen xgen x ers relatively lower levels of wealth and the rising costs of education healthcare and property will make it difficult for them to maintain their parents consumption patterns and then there s the sandwich syndrome the fact that this generation has reached the age when they are supporting and educating children while also providing care for aging parents gen x ers now have the highest average debt of any generation according to research by experian average total debt reached 157 556 in the third quarter of 2023 mortgage debt heloc loans student loans car loans personal loans and credit card debt all factored into average gen x debt 11reinventing retirement for gen xthe retirement landscape is different for gen x than for their parents once common pension plans in the private sector are rare and have been replaced by defined contribution plans such as a 401 k and gen xers aren t counting on social security to fund their retirement either baby boomers 40 are much more likely to expect social security to be their primary source of retirement income compared with just 25 of gen x according to the transamerica survey in fact 39 of gen x strongly agree that social security might not be around when they retire while 23 of baby boomers feel the same 12financial planning for gen xthe potential for financial duress can be substantial but steps can be taken to reduce stress balance budgets and mitigate the effects of unplanned life events here are some recommendations for gen x to get their financial lives in order and deal with all layers of that generational sandwich children parents and themselves this is vitally important if you have dependent children and do not yet have a will or other necessary documents you do not want the fate of your dependents or your belongings to be decided by a judge in probate court so now is the time to make an appointment with an estate planning attorney to get your will living will medical and durable powers of attorney and perhaps a living trust created to ensure the smooth and quick transference of all of your dependents possessions and responsibilities to your heirs and because estate settlement can be an emotionally delicate process doing this now can allow you and your family to think through how this should be done from a calm logical perspective 