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While they don’t seem like an ideal market for financial planning advice, Gen X arguably could use more help.
A vast majority of them are currently in their peak earning years, yet studies show they have some poor financial habits.
Gen X members are predicted to be more likely to have greater debt than previous generations. Most of them have failed to save enough for college educations for their children. Others purchases homes or property that are outside of their financial limits.
In the short-term, they can mitigate these problems. In the long-term, it puts their retirement or prospects of financial independence in serious jeopardy.
Here are some key factors showing than Gen X could benefit from our Perth financial advisors.
Many in the group have limited time and have lost track of their personal finances. A significant number have stopped reading their bills, relying on automated electronic systems to receive and pay them.
Gen X incomes are on the rise, but so have their perceived needs. They spend more than baby boomers, including extravagant vacations and expensive private schooling for their children. The growth of their incomes is unable to keep up with the costs without sacrificing long-term financial freedom.
Statistically, Gen Xers have more debt than savings. Having a financial planner can mitigate the damage a debt does, rebuilding finances in both the short and long term.
However, there is the issue of Gen X traditionally not being interested in help from financial professionals. Most are skeptical of these services, turning a wary eye to the same professionals who are most capable of helping them get back on their feet.