Wake up, Gen X

Apparently, Gen X is cursed. According to an essay in The Economist this week, Gen X-ers are not only at that age when life seems most difficult, but our generational cohort has been thwarted by other challenges.

A recent international poll by Ipsos found that 31% of Gen Xers say they are “not very happy” or “not happy at all”, the most of any generation. This is consistent with the U-bend theory of life, which suggests that well-being is highest for people in their 20s, bottoming out in midlife, and then rising again into old age. This is true for many reasons, not the least of which seem to be related to the degree to which our responsibilities for others seem to peak. We are likely still supporting our children into their young adulthood, while our worries for — as well as our obligations to — our parents may be increasing as well — not to mention our concerns about preparing for our own financial futures.

Other forces unique to our generation may also have contributed to this malaise. While we tend to think of the economic underperformance of Millennials, it may be surprising to learn that many of these trends actually began with, or are more pronounced among, Gen X. During those productive years in our 30s and 40s, when our incomes should have been rising the fastest and we should have been building wealth in the stock market, US markets were flat or down, following the dot-com bubble. And the Financial Crisis of 2007–2009 suppressed income growth as well.

Even the big decline in homeownership, a rallying cry of Millennials, actually hit Gen X first. For Boomers, home ownership rates hit 60% by their early 30s. But for Gen Xers, home ownership rates began to stall around that age and didn’t pass 60% until 40. Rates for Millennials have been similar, not worse.

And as we approach what should be our peak earning years, our rise up the corporate ladder has been slowed by Boomers clinging to their jobs: the average retirement age has risen nearly five years in a generation, while the target retirement age has increased six years to 66. At the same time, 80% of employees between the ages of 40 and 65 report experiencing or seeing ageism at work.

Much has been made of Trump’s gains with young men and non-whites, but his strength among my own Gen X peers was remarkable. Harris won voters under 30 and voters in their 30s and tied Trump with voters over 65. Trump carried 40-somethings 50% to 48%, but he utterly trounced Harris with voters aged 50–64, winning by a decisive 13-point margin, 56% to 43%.

Using Google searches as a proxy for interest, The Economist suggests that the world is less than half as interested in Gen X as it is in Millennials, Gen-Zers, or Baby Boomers. There are fewer podcasts and fewer books about Gen X. We’re known as latch-key kids who raised ourselves. Our parents were part of the Me Generation. I guess the forgotten generation finally wanted to have their voices heard.

As much as I have always identified with the independence, self-reliance, pragmatism, and resourcefulness of Gen X, I’ve also felt alienated from a broad swath of my generation, but never more than when I read these results from the last election.