New Metlife Mature Market Institute Study Reveals the
Characteristics of the Latest “Middle Age” Group in the U.S.
They may have been known as the MTV Generation or sometimes “the
slackers,” when they first started entering the workforce more than 25
years ago, but members of Generation X (Gen X, those born between 1965
and 1976) are now as affluent, stable and saddled with responsibility as
their parents were at the same age.
A new study from the MetLife Mature Market Institute, The
MetLife Study of Generation X: The MTV Generation Moves into Mid-Life,
reports that 70% of Gen Xers live with a spouse or partner. They have an
average of 2.5 children and 82% own their own homes, though 17% of those
report that the value of those homes is less than the debt attached to
them. Forty-three percent have remained in the same type of career
throughout their working years and just more than 40% have been with the
same employer for 10 years or more. 75% are working full or part-time.
Most are part of a dual-earner household.
Now approaching or in middle age, Gen Xers are part of the sandwich
generation because many are caring for both their children and their
parents. 10% are grandparents. The economy has not been too tough on the
group, now aged 36 to 47. Just 19% earn less than $35,000 per year and
fully 29% earn more than $100,000. They are arguably better educated
than any generation before them–43% graduated from college. Only 50% say
they are behind on their retirement savings; they have relatively high
ownership rates of 401K plans (66%).
“The Gen Xers have suffered from the ‘Marcia, Marcia, Marcia’ syndrome
since they’ve been compared with The Brady Bunch daughter, Jan, the
frequently unnoticed middle child,” said Sandra Timmermann, Ed.D.,
director of the MetLife Mature Market Institute. “Because they followed
the Baby Boomers, it took a while for them to make their mark. That was
also due to the fact that they’re small in number – just 50 million
compared to 77 million boomers – and entered the workforce later than
their predecessors.”
The moniker Generation X originated in the 1991 novel, Generation
X: Tales for an Accelerated Culture by Douglas Coupland (St.
Martin’s Press). At the time, the group was perceived as unfocused
20-somethings, lacking drive and taking an extraordinarily long time to
grow up. They were the first to be associated with the term, “emerging
adulthood” because they were thought to have put off being fully
self-sufficient until their late 20s.
The GenXers grew up in the 1980’s and 90’s listening to Pearl Jam,
Smashing Pumpkins and Nirvana. They spent their childhood and
adolescence watching MTV and The Cosby Show and, identified with
the characters in the movies, The Breakfast Club and Ferris
Bueller’s Day Off. Fully 46% were latch-key children whose parents
both went to work.
Other aspects of Generation X revealed in the study include the
following:
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The majority (63%) of Gen Xers still have both parents living and
almost two in 10 regularly provide care for their aging parent(s).
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Almost six in 10 Gen Xers report they include exercise in their daily
routines.
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Approximately 20% have never been married.
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70% of Gen Xers are not confident that Social Security will be there
to provide benefits when they retire.
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Most would like to retire at age 62, but believe working until at
least age 67 is inevitable.
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Many Gen Xers identify as Baby Boomers.
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Two in ten Gen Xers have been married more than once.
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On average, Gen Xers own about four financial products, with those in
higher income brackets much more likely to own more products.
Methodology
The nationally representative survey for The
MetLife Study of Generation X: The MTV Generation Moves into Mid-Life
was conducted by GfK Custom Research North America on behalf of the
MetLife Mature Market Institute between November 29, 2012 and December
19, 2012. A total of 1,000 interviews were completed by phone —
respondents were all born between the years of 1965 and 1976. Data were
weighted by demographics to reflect the total Gen X population.
The MetLife Mature Market Institute®
Now in its 16th year, the MetLife Mature Market Institute is
Metropolitan Life Insurance Company's (MetLife) center of expertise in
aging, longevity and the generations and is a recognized thought leader
by business, the media, opinion leaders and the public. The Institute's
groundbreaking research, insights, strategic partnerships and consumer
education expand the knowledge and choices for those in, approaching or
working with the mature market.
The Institute supports MetLife's long-standing commitment to identifying
emerging issues and innovative solutions for the challenges of life.
MetLife, Inc. is a leading global provider of insurance, annuities and
employee benefit programs, serving 90 million customers. Through its
subsidiaries and affiliates, MetLife holds leading market positions in
the United States, Japan, Latin America, Asia, Europe and the Middle
East. For more information, please visit: www.MatureMarketInstitute.com.
