A new survey from the Transamerica Center for Retirement Studies about Generation X called “Generation X workers: Retirement reality bites unless answers are implemented” reveals a lot about this often forgotten generation.
Gen Xers are usually defined as those born between 1965 and 1978. The survey describes them as the “401(k) generation” because they “entered the workforce coincident with the introduction of 401(k) plans and the decline of defined benefit plans.”
The study found that most Gen Xers are still recovering from the Great Recession that lasted from 2007 to 2009, with 74 percent of workers saying that they were negatively affected by it. While 12 percent were laid off, 25 percent had their work hours or salary reduced. “Even higher percentages say their home valued declined (35 percent) or values of investments declined (37 percent),” according to the findings.
While some of Gen Xers will start turning 50 next year, the study found that only one in four, or 24 percent, say that saving for retirement is their greatest financial priority right now.