GENERATION X.
Are you in this category? The name has a pretty good ring to it, but what else is there
to know about this group of people.
The mindsets of this group are pretty similar amongst most of them.
These individuals are Action Oriented.
They are results focused.
Some are technologically savvy and some have a bit of a risk taker within them.
Most of them are self reliant.
Although these characteristics of the Generation X individual may seem positive,
there is the other side that hurts most individuals in this generation.
When it comes to financially planning for their future,
they all have differing mindsets.
Here's how:
Generation X - Financial Mindsets
Paycheque to Paycheque Individual
These individuals have a strict budget.
They live their lives paycheque to paycheque, while doing so, they have nothing left over to save.
They have high rates of financially-induced anxiety.
This is caused as a result of thinking about finances daily causing stress.
They have a pessimistic view about their financial future.
In other words, they have a tendency to stress the negative or unfavorable or to take the gloomiest possible view of their financial future.
Spend Now, Pay Later
The individuals Incur significant debt.
Unrealistically optimistic about financial future. This is predominantly men.
They don’t think about it or want to think about it.
These individuals believe it will all just work out.
No money, no worries
This group have low incomes and few credit cards.
They are very Optimistic and
Risk adverse
Cautious Savers
Financially conservative
Plan and live for the future, not for today
Highly educated, financially secure
Taken from the Insight Law Website:
A new study published by the Insured Retirement Institute revealed from surprising, and disturbing, statistics. Over 75 percent of individuals categorized as “Generation X” (i.e. people with birth dates from the early 1960s to the early 1980s) do not consult with financial advisors to help them plan for retirement. Even more shocking is the fact that this is a sharp increase of 63 percent back in 2012.
The study delved into different income levels and found that 65 percent of people in Generation X who make $75,000 or more in income, do not have a financial advisor.
Why do so many decide not to speak with a financial professional? The majority feel their savings level isn’t high enough to actually warrant speaking to an advisor. Other reasons are
Lack of knowledge
Lack of trusted source
Risk adverse attitude
Procrastination when it comes to financial planning
Many haven’t started saving for retirement, feel that they can put it off until tomorrow.
Spending more than they make.
What does all this mean? It clearly illustrates the importance of speaking with a financial professional
Those who do, end up with more money in the bank for retirement and are on a much
stronger footing financially.
Consider speaking to one you can trust today!!
No comments:
Post a Comment