Gen X Not The Slackers Expected, They’re Burdened Like Their Parents
April 26, 2013 by UPI - United Press International, Inc.
NEW YORK (UPI) — The MTV Generation, often derided as “slackers,” are affluent, stable and saddled with jobs, mortgages and families as their parents, a U.S. survey found.
A study from the MetLife Mature Market Institute reported 70 percent of Gen Xers — born between 1965 and 1976 — live with a spouse or partner. They have an average of 2.5 children and 82 percent own their own homes, although 17 percent said the value of their homes was less than the debt attached to them.
The Gen Xers grew up in the 1980s and 1990s listening to Pearl Jam, Smashing Pumpkins and Nirvana, and watching “MTV” and “The Cosby Show” on TV. They identify with the characters in the movies, “The Breakfast Club” and “Ferris Bueller’s Day Off.” Forty-six percent were latch-key children whose parents both worked outside the home.
Forty-three percent said they remained in the same type of career throughout their working years and about 40 percent were with the same employer for 10 years or more, while 75 percent said they were working full or part-time. Most were part of a dual-earner household.
Now ages 36-47, Gen Xers are part of the so-called sandwich generation. Many care for both their children and their parents, and 10 percent are grandparents.
Just 19 percent earn less than $35,000 per year and 29 percent earn more than $100,000. Forty-three percent graduated from college and 50 percent said they were behind on their retirement savings.
The survey of 1,000 Gen Xers was conducted by GfK Custom Research North America on behalf of the MetLife Mature Market Institute from Nov. 29-Dec, 19, 2012. No margin of error was provided.