Dear Gen X: It’s Not Your Fault You Suck at Saving

by Rich Smith

Much ink has been spilled in recent weeks about the financial plight of “Generation X” — and how the much-in-the-news millennials are eating our lunch, economically speaking.

But I’m here to tell you: Buck up, Generation X. Considering the wringer we’ve been put through these past few decades, we’re actually doing all right.

According to survey data just published on financial website GoBankingRates.com:

• 41 percent of Gen Xers have saved less than $100,000 for retirement.
• 15 percent have begun borrowing from Peter to pay Paul, siphoning funds out of their 401(k) plans ahead of retirement.
• 23 percent have stopped contributing to their retirement accounts altogether.

The bad news didn’t stop there. According to GBR, Gen X has begun eating its young (figuratively speaking), no longer contributing to their kids’ college funds, spending the money instead on such luxuries as milk, mortgages and electricity.

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