EVANSTON, Ill. — Members of Generation X — those born between 1965 and 1980 — are more concerned about aging than their baby boomer counterparts, particularly about finances, memory problems, and social isolation. Boomers, on the other hand, are more worried about losing independence.
That’s according to a research study by Mather Institute, the research arm of Evanston-based owner-operator Mather. The institute recently released the first findings from its five-year study titled The Gen Xperience: A 5-Year Journey into the Lives of Generation X. The study surveyed 2,504 members of the generation and 2,515 baby boomers to compare and contrast the two age groups.
“It’s critical for businesses to understand Generation X because not only are they employees and customers, they also have influence and responsibility for aging parents and school-age children,” says Mary Leary, CEO and president of Mather. “By 2028, Gen X is predicted to outnumber boomers.”
The study shows that the highest priorities in life for both generations are family, career, health and wellness. But 81 percent of Gen Xers are stressed about finances at least sometimes. While more than half of Gen Xers are financially prepared to support their children’s financial needs over the next five years, only one-third are financially prepared to support their parent’s needs while they get closer to retirement age themselves.
To view the full report, click here.