Many Generation Xers have relocated numerous times, changed careers, and are still unable to get ahead in the corporate world. Some have not been promoted in years and see this continuing as baby boomers hold tight to their jobs. The 46 million Americans born between 1965 and 1978 are referred to as Generation X and this relatively small group does not have it good.
Generation X is known for its ambition. This makes being saddled with debt and frustrated by baby boomers not retiring on schedule even more frustrating. More than one-third of Gen Xers plan to leave their jobs within three years, according to a survey by the Center for Work-Life Policy. Their plans may change if baby boomers do not leave the workforce soon.
In the survey, 28 percent reported working than ten hours more per week than they did three years ago, on average. An amazing 74 percent said their career choices were dictated by credit card debt. Center co-founder Sylvia Ann Hewlett said this generation is “being leaned on from all sides.” Not seeing opportunities in corporate America is resulting in high flight risk.
Gen Xers are hard workers who prize independence and work hour flexibility, said Ms. Hewlett. This group has been particularly hard-hit by the increasing cost of higher education. Individuals who entered college in 1996 faced average expenses over four times higher than baby boomers. They were not welcomed by the working world, starting careers when companies were reducing health care benefits and pensions.
Cash advances may be short-term solutions to their debt. However, they do not relieve the general effects from the worst economic conditions in 70 years. In general, this generation has had horrible timing. The fact that 47 percent of baby boomers see themselves as mid-career professionals and the 70 million-member Generation Y is coming behind them are not helping things.
