5 biggest financial mistakes Gen X and Gen Y make

by: Robert Powell

Like anyone, those in Gen X and Gen Y can’t always avoid making mistakes with their money. But there’s plenty they can do to correct mistakes, especially because most of them have enough time — Gen Xers are those born between the ‘60s and the early ‘80s, and Gen Y folks and millennials, born between the early ‘80s and the early 2000s.

So we asked some financial-planning experts what mistakes people in these age groups are making, particularly in regard to their retirement planning, and what they can do about it.

1. They don’t get professional help

Andrew Sivertsen, a certified financial planner with The Planning Center in Moline, Ill., said biggest retirement mistake is not the fault of Gen X and Gen Y, but the fault of the financial planning/investment advice profession. “These demographics are greatly underserved, yet most major financial decisions happen before we’re 40,” he said.

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