So according the Fiscal Times, Generation X has felt the brunt of the net-worth decimation that’s been a fixture of the Great Recession:
Fiscal Times: Gen X Disproportionally Affected by Recession
Yup, the chart in that page is pretty nasty. On a percentage basis, it tells us, Gen Xers’ median net worth declined by over 58 percent. That was the largest percent decline of any age group. The topic interests me because, hey, I just happen to be in that particular age cohort.
From the article:
Gen X, a generation that’s relatively small at 46 million and known for their political apathy and trends like grunge in their heyday, has largely stayed out of the headlines; but they’re also a generation that has tried to do everything right financially. Most worked at a stable job for years, built a comfortable savings, and likely just bought their first home at the market’s peak. Then when everything came crashing down, they were stuck with an underwater mortgage, young kids in the house, possibly a job loss, and unlike boomers, they never had a chance to diversify their portfolios, potentially losing a lot of what they had in stocks.
That’s an interesting take on it. I don’t know how on-target it is, though — particularly the part about Xers being a generation “that has tried to do everything right financially.” When over thirty percent of an age group reports having no personal savings, well, to me, that’s an indicator that they’re doing it wrong.
