X is for the Top Ten Financial Issues Facing Generation X
Personal Finance from A to Z
Eileen St. Pierre, The Everyday Financial Planner
Wild, Crazy and Alive – We’re the Class of ‘85 was our motto for my high school graduating class. I can’t remember if I voted for it – I definitely did not vote to have a smurf as our class mascot. But I was outnumbered and had to settle for a powder blue T-shirt that I remember wearing just once. From my headband down to my legwarmers, I am proud to be a Generation Xer, those of us born between 1966 and 1975.
Here are my top ten financial issues facing Generation X:
10. Many of us are now grandparents, so we need to refrain from giving the grandbabies stuff we never gave our own children.
9. The aches and pains are now becoming an everyday occurrence – we worry about having good health insurance coverage.
8. We are worried about our parents’ health – we want to be there for them when they need us, but we also have to face our own financial reality.
7. As our kids leave the nest, we want them to chart their own course in life. We don’t know how much financial help we are supposed to give them.
6. I need to get my financial house in order. Seriously, I have tons of papers and have no idea what they all mean.
5. Our roof is leaking and the bathroom needs a major overhaul. Will we be able to qualify for a home equity loan? Have we regained enough home equity since the housing market collapse?
4. New technology upgrade at work again – why does it seem that it takes me a lot longer to learn this stuff than others in the office?
3. Time for a career change soon – do I have the guts (and savings) to pull it off? Will I be able to do this when I want to, or will events at my current job force me into doing it?
2. Will Social Security be there for me?
1. I need to save a lot more money for retirement!
Read my column The Retirement Outlook for Generation Xers for more issues facing Generation X.