Gen X Anxious and Fearful for Financial Future

first_img  Print This Post The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Subscribe About Author: Staff Writer FICO conducted an online survey of about 1,000 US consumers over the age of 17 in February and March 2017. Data was weighted by age and region to reflect U.S. Census data. Home / Daily Dose / Gen X Anxious and Fearful for Financial Future Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Tagged with: FICO Financial Future Generation X Millennials Related Articles Previous: Detroit Tops Single-Family Investments List Next: GSEs: Where Should the Money Go? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Gen X Anxious and Fearful for Financial Future The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago FICO Financial Future Generation X Millennials 2017-06-06 Staff Writer Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago June 6, 2017 1,709 Views Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Headlines, Market Studies, News Over a third of consumers aged 28-52, known as Generation X, have a bleak outlook for their financial future. Gen X-ers were hit hard between 2007-2010, losing nearly half of their wealth and leaving them with crippling debt.FICO’s latest consumer trend research has uncovered that 38 percent of Gen X-ers believe that we are headed for another financial crisis in the next 10 years, an outlook higher by 5 percent than that of other generations. This is coupled with 41 percent of Gen X-ers also feeling the need to save more for the future. “Generation X are clearly concerned about what the future might hold,” said Tim Van Tassel, vice president of FICO’s credit lifecycle business line. “The survey confirms genuine anxiety about debt and saving levels in the aftermath of the 2008 recession. The ‘sandwich generation’ is often financially overwhelmed by the competing obligations of having to care for both kids and aging parents. This obstacle to saving means they have a real concern about a potential retirement income shortfall.”In a stark contrast to 45 percent of older millenials, only 32 percent of Generation X reported feeling confident they would reach long-term financial goals. Gen X fared especially poorly after taking on debt to purchase real estate just before the market plummeted in 2007. “For this reason, many are paying down their mortgages to reduce payments and guard against possible foreclosure in a downturn,” said Van Tassel. The survey also revealed that 32 percent of Gen-Xers carry an ongoing balance on their credit card with only 18 percent expressing interest in getting assistance to help manage debt. Generation X has the highest dissatisfaction rate for their primary bank at 12 percent, citing negative experiences and fees as top factors. “There appears to be growing apathy around debt, with numerous people in the survey mentioning a drop in real income levels along with high credit card debt as the drivers of this resignation,” Van Tassel added. “It’s important that lenders look at how they engage Generation X across the credit lifecycle. For financial institutions, the task is to try and banish apathy.”Van Tassel explains that in order to reach this market, the approach will have to change. “Simple customer engagement strategies focused on cross-selling additional products aren’t going to be effective with these consumers. They want intelligent, personalized recommendations that will help them meaningfully improve their financial security.” Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Motorists advised to slow down as overnight rain leaves dangerous driving conditions

first_img Twitter Google+ WhatsApp Facebook Lárionad Acmhainní Nádúrtha CTR to take part in new research project RELATED ARTICLESMORE FROM AUTHOR Gardai investigate deaths of two horses on the N56 Gardai investigate Castlefinn burglary Motorists advised to slow down as overnight rain leaves dangerous driving conditions Twitter Google+ Facebookcenter_img Pinterest Previous articleJohn Gallagher sent to prison for harassing sisterNext articleLetterkenny protesters ask Deputy Joe McHugh to sign Fine Gael ‘resignation letter’ News Highland News Pinterest Motorists are advised to take extreme care on the roads across the northwest this morning following heavy rain and flooding overnight.Met Eireann has a National Weather Warning in place – further heavy showers are expected throughout the day but will ease off this evening.It comes as Gardaí launch National Slowdown Day in an effort to reduce the number of road crashes this bank holiday weekend.Extra checkpoints will be in place from 7 o’clock this morning.Chief Superintendent Michael O’Sullivan, from the Garda National Traffic Bureau, has this message for motorists By News Highland – October 25, 2013 Donegal retains 14 Blue Flags, Lisfannon is not restored Andrew McGinley says his children are getting him through life WhatsApp LUH still not ready to restore IT systems last_img read more