What Dr Alf has identified are the people I used to look for whilst working in the insurance industry in America who had lived long enough to become complacent but not long enough to take steps to protect themselves with Disability Income Plans and effective and efficient means of saving.
Whatever disaster these people might have faced, it was always going to be “the other guy” or by a process of divine intervention they imagined that “something would turn up because it always does”.
Today, one also needs to develop linear income from multiple sources as the old beliefs about corporate life are no longer true.
Companies are loyal to themselves, not to their employees, so people in Generation X need to rethink their positions, learn languages, retrain and develop linear income.
Some of them may have to move States, or even countries, or consider downshifting and self sufficiency.
What they cannot do is kid themselves that the Government or anyone else is going to save their bacon because that task belongs to them.