New Study Reveals Gen X-ers are Hardest Hit by Great Recession
If asked who was hardest hit in the latest recession, how would you respond? You might say Baby Boomers who have worked hard and lost hard over the last five or so years. You might say college graduates who are increasingly moving back home post-graduation because they are hard pressed to find jobs. A study released by the US Census Bureau revealed Generation X (ages 35-44 years old) lost 59% of median net worth, the highest percentage of loss across all age groups.
When I really thought about the report it made sense to me. Gen X is the age group who own homes that aren’t paid off, cars that aren’t paid off and have kids in school including perhaps college. Our lives are financed and when the housing and stock markets took hits, so did our personal net worth.
“Householders age 35 to 44 had the largest percent decline in median net worth from 2005 to 2010 of any age group: 59 percent.” – US Census Report
Based on my personal experience, that makes a lot of sense! My husband lost 50% of his income. I lost a small business and 70% of my income. Collectively my family lost its dream home and is fighting back hard to get another home to call our own. Some of our friends and neighbors have chosen to remain renters. Makes me wonder if renting a home is the new American dream.
My family, like so many we know and read about in the news, has made changes to survive our personal economic downturn. We’re spending more time together doing low cost activities like walking, playing in the park and family bowling night. Understanding what’s important in life has been a key to our growth as a family. We are grateful.
As you and your family rebuild know there are resources available to you via local, county and national government and non-government entities. Faith based organizations like Career Connectors are helping Americans get back to work.
As we move ahead as a family, community and nation we are seeing light at the end of what was once a dark tunnel. Know you are not alone and there are people ready to help you.
Jessica Pierce is Founder and President of Accelerated Team Dynamics, LLC (ATD) a company dedicated to getting employees placed in the right positions in the marketplace by coaching companies as well as candidates. She is also Executive Director of Career Connectors, a community outreach program dedicated to connecting Real People to Real Careers. She is a known speaker, trainer and career transition expert.
- Gen X may have taken biggest hit in downturn (lifeinc.today.msnbc.msn.com)
- Home rentals – the new American Dream? (jessica-pierce.com)