PHILADELPHIA (10/3/14)--Generation X is bookended by the larger populations of baby boomers and millennials. As such, it faces an environment that challenges its economic mobility, according to a recent study from The Pew Charitable Trusts.
Born between 1965 and 1980, Gen Xers now should be well established in their education, career and home lives. However, they were hit hard by the Great Recession, losing nearly half of their wealth between 2007 and 2010, a larger decline than experienced by any other generation.
Pew compared income, wealth and debt status between Gen Xers and their parents, finding that the younger generation may have a higher income but also have a lower amount of wealth.
"If the members of Generation X are unable to translate their higher incomes into wealth holdings, they will remain more financially fragile than the previous generation, especially as they move toward retirement, and at a disadvantage in terms of their own and their children's mobility prospects," Pew noted.
The report's key findings include: