GenXers: A+ for parenting, D- for managing their finances

In early August I posted an item about the differences in the way Generation Xers and Boomers bring up their children (Gen Y can think themselves lucky having Gen X rather than Boomer parents).

An article, using the same research, in Fortune, contrasts Xers attitude to children plus detailing the state of the finances. Not happy reading.

A few abbreviated quotes.

Gen Xers are struggling with debt. The problem isn't just student loans they are still paying off but because of the increase in property prices their housing debt is 62% higher than it was for boomers at the same age.

Overall, according to the U.S. General Accounting Office, Gen Xers' total debt levels are a staggering 78% higher than was the case for boomers at comparable ages.

Gen Xers are almost twice as likely to have a negative net worth as were their baby-boom counterparts.

Gen Xers also "have less confidence in secure employment prospects and feel less certain about their financial futures.

Gen Xers are relatively frugal – not surprisingly!!

Next time you are writing a marketing plan, and deciding on target audiences, remember the image of these poverty stricken Xers; trying to make ends meet and dreaming of what it must have been like to have been like their wealthy parents. Dick Stroud: www.20plus30.com