While Gen Y gets a lot of negative press, the real generation that needs financial planning advice is Gen X. They are in a situation that is more precarious, even if they have a broader range of options. In a way, this makes them the ideal market for a financial planner.
Most of Gen X sits in their peak earning years. For most people, this would be a good thing. The problem for most of their generation is that they have poor financial habits.
Analysis and trends indicate that Gen X is driving itself into greater debt than those who came before them. A majority have failed to save enough for college educations for their children. Many have found that purchasing homes or property are outside their financial reach.
Short-term solutions are possible for mitigating these concerns. However, in the long-term, it puts their retirement and financial independence at risk without a lot of work.
If you are a Gen X member looking for Geraldton financial advisors for help, here are some key areas of concern.
Most of the generation has limited time, and even less of it is dedicated to tracking personal finances. Many no longer bother reading their bills, instead becoming reliant on automated systems to pay them. This deprives them of some crucial information on their financial situation.
Gen X incomes are rising, but also their expenses. As a whole, they spend more than Gen Y or baby boomers. Their vacations are more extravagant, their choices for schooling more expensive. The growths of the incomes, while stable, are not always able to keep up with the increasing costs.
The result is that paying for things now is keeping them from having savings for the future.
Gen Xers usually have fewer savings but are dealing with more debt. A financial planner can mitigate this, with a focus on short-term mitigation and long-term rebuilding and recovery.
Finally, Gen X does not have high trust in financial professionals. Many are sceptical and wary, despite these people being the best at helping them recover from their pitfalls.