Understanding the dilemma between generations
Generation Xers have become gravely sandwiched between providing financial support for their elderly Baby Boomer (Boomers) parents and their adult children who aren’t fully independent yet.
With limited retirement income options for Boomers to bridge the savings gap once they retire, more often times than not they have to lean on their children – Generation X (Gen X) for financial support.
Gen X is helping Boomers meet that need, but now their hopes of saving for retirement is pushed further away.
In a recent survey commissioned by CUNA Mutual Group, respondents revealed:
- Nearly 2/3 of middle class Gen Xers don’t have enough savings to cover more than 90 days of bills in case of an emergency.
- About 1/3 say they have no savings at all to dip into.
By understanding the dilemma between the generations, credit unions have a unique opportunity to help solve for Gen Xers’ challenges today, for a better tomorrow. Read CUNA Mutual Group’s Spring Report here.