These values can be seen in entertainment trends made popular by Gen Xers in the 1990s, like the TV sitcom “Friends” which epitomized young Gen Xers, and the alternative-rock boom led by Nirvana and other Seattle-based bands that glorified skepticism. The Gen X persona is consistently said to value self-sufficiency, resourcefulness, and authenticity. Gen Xers saw their fair share of global upheaval and insecurity growing up and, because of their behavior in response to these events, they were sometimes labeled as cynical and disaffected. Young Gen Xers did not view the world in quite the same way as their predecessors. Thus, despite Gen X’s increase in wealth during the pandemic, financial uncertainties still remain. This was the highest rate among any of the age groups surveyed by the Census. In October 2021, about 8.6 million Gen Xers reported that they found it very difficult to pay bills. Data from the US Consensus Bureau also suggests that Gen Xers have been struggling with lost income throughout the pandemic. For comparison, Gen X only held 3.9% of the nation’s wealth in the first quarter of 2020. Gen Xers hold about six times more debt than their parents did at the same age, and they are still in their prime “debt-acquiring years,” carrying higher average balances than any other generation across all major debt categories except for personal loans. With children and aging parents, Gen Xers also tend to have larger households to support than the 2.5-person US standard, and thus spend the most on consumer goods and services.ĭespite realizing a 50% increase in wealth in the 2nd quarter of 2021, Gen Xers hold about 28.6% of the nation’s wealth, a little more than half of the 51.4% held by Boomers. After paying peak prices and taking on more mortgage debt than previous generations, Gen Xers ultimately lost 45% of their wealth by 2010, and many lost their homes entirely. Triggered by the collapse of the housing market, the recession was deeply traumatic for younger Gen Xers, who accounted for 75% of people who purchased their homes in 2000 or later-otherwise known as the heyday of the real estate bubble. Then came the Great Recession, a period from 2007 to 2009 that saw one of the deepest downturns in the U.S. Gen Xers have lived through pivotal, life-shaping moments, including the stock market crash of 1987, the fall of Communism, the Gulf War, AIDS, the dot com crash of the early 2000s, 9/11, and many others. However, it must be noted that Gen X was the first generation to be financially worse-off than their parents, in terms of retirement, wealth accumulation, cost of living, and upward mobility. The cohort that would come to be known as the MTV Generation grew up amid considerable economic uncertainty. For example, unemployment and inflation-often referred to as stagflation-persisted throughout the 1970s until President Ronald Reagan ushered in a new era of supply-side economics which helped to relieve the Recession of 1980. But, as it turned out, 1980 and beyond would be anything but stable for Gen X. It was stated in our last blog, Millennials on the Move: Generation Y and the Great Resignation, that Millennials are often regarded as the unluckiest generation in history, having entered the workforce in the midst of the Great Recession of 2008. Sometimes referred to as “latchkey kids” after the manner in which children were left to their own devices after school, keys to the front door worn around their necks, Gen Xers grew up to be entirely self-sufficient, resilient, and peer-focused. history,” with parents divorcing at historic rates as both mom and dad worked in pursuit of an American Dream. Gen Xers would come to be known as one of the “least parented, least nurtured generations in U.S. The 15 years that define Generation X include periods of important social and political change that significantly impacted the lives and values of this generation. Let’s review the experiences that shaped this underlooked, influential segment of our workforce and what the future of work looks like for Generation X. While Generation X might not be resigning at the rates of other groups, no generation has been absent throughout the Great Resignation phenomenon. However, as more and more workers from the older Boomer generation retire, Gen Xers are beginning to step into roles left open by their predecessors. Born between 19, Generation X seems to be perennially overlooked in discussions regarding work and their place in society.
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