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What’s… Gen X… Got to Do With It?
Recent memes circulating throughout social platforms cast Gen X as a laid back and go-with-the-flow group who navigate times of disruption with steady attitudes and grit. Gen X’s response to the surge of generational memes and nostalgic social content with hashtags like #ProofGenXExists? “Whatever.” It’s partially this attitude, and the fact that Gen X is the smallest generation behind Boomers, Millennials and Gen Z, that has caused them to be overlooked or portrayed as the forgotten generation. Despite what we see in pop culture, the financial industry should take a close look at Gen Xers as they are at a pivotal point in their financial lives.
Here Comes The… Retirement
According to our Logica® Future of Money Study, Gen Xers tend to be conservative with their money, with the majority preferring to save rather than spend. They also prioritize financial stability and security, with retirement being a top financial goal. This makes sense for a generation who’s age range is 43-58 years old. When it comes to investing for retirement and other purposes, Gen Xers tend to prefer low-risk investments such as mutual funds and bonds. They are most likely to seek advice from a financial advisor or professional regarding saving to meet their goals.
What I Like About… Tech
Despite being raised primarily in a non-digital age, Gen Xers are becoming increasingly tech-savvy and are using digital and mobile channels for their financial and banking needs. Our study shows they also use digital means, like PayPal, for payments solutions. Financial institutions should be offering personalized and convenient digital experiences for Gen X customers to ensure attraction, retention and relevance.
Just Can’t Get Enough… of Gen X
Gen X, despite being sandwiched between two much larger generations of Millennials and Boomers, is not a generation to be ignored any longer. This generation represents a significant portion of the banking and investment market, as they are currently in the thick of many financial crossroads like caring for aging parents, paying for kids’ college and navigating current inflation and price increases. And as Gen X approaches retirement it will be important to deeply understand where they’ve been, what they are doing now and where they are going.