In recent months this blog has focused on the plight of the millennials and how they must help themselves. Much of the best advice on self-help applies to the Baby Boomers as well.
But perhaps it is time to spare a thought for the generation who are too old to be millennials and too young to be baby boomers. I’m referring to those born between 1965 and 1982. This group is often called “Generation X” or “Gen X” for short.
Typically, Gen X live way beyond their means, without any serious thought about risk management and old age. Many have large mortgages and huge credit card balances. They spend little quality time with their families, preferring texts or instant messages. The more fortunate hope to inherit from their parents and clear their debts.
Gen X and their children (Gen Y/millennials) are trapped by peer-pressure. Consumer marketing targets the weakest and relies upon peer pressure to promote their products.
Gen X live high risk lives but typically do not understand first principles of risk management. Many in Gen X are heading for a fall, when their careers come crashing-down, realizing suddenly that they are too old. Without regular income, with high debts, limited savings and retirement funding, Gen X, post-crisis, are suddenly alone, frightened and very lonely.
Any thoughts on risk management for Gen X?