Generation Xers may be older and more experienced than the members of Generation Y, but they aren’t as confident about their financial futures.
The Eqeus Galaxy Personal Finance Study found a third of Generation Y sets financial goals, compared to just 15 percent of Generation X. Generation X’s result was also well below the national average of 23 percent. These results are particularly troubling because the pressures of mortgages, university repayments, and children demand Generation X members think more carefully about their finances.
“Gen X has a lot going on, so it is easy to understand why they avoid their finances, however they are the ones who most need to get it sorted,” explained Eqeus’ managing director, John Hollyman.
“They are bogged down with the cost of raising kids and stressing that the mortgage isn’t being paid off as quickly as they hoped. It is vital Gen X focus on getting their finances in order by considering what long term strategies can help, well before they start heading towards retirement.”
The research found that regardless of age, feeling that any money goes directly into bills and living expenses, leaving little for saving and investment, is the main barrier preventing Australians from setting financial goals. That’s why Mr Hollyman says more members of Generation X need to educate themselves about financial matters and discover strategies to maximise the money available to them.
It’s notable that just 28 percent of Generation X has ever seen a financial planner. The advice experienced professionals provide can help this generation set goals, learn how to save money, and take control of their finances before they reach retirement.
If you’re a member of Generation X struggling to set financial goals, Chase Edwards’ money experts would love to help you. Call us on 1300 854 833 to arrange your free, no-obligation financial health check and learn more about our services.