Gen X is Stuck in the Middle. Will They Stick with You?

By: Amy Kleppinger, Director of Marketing, Mobiquity

Generation X — defined by Pew Research Center as people born between 1965 and 1980 — got its name because it has always lacked a strong collective identity. But with this cohort hitting peak earning years — and poised to take over everything from corporations to Congress, banks and credit unions need to dive deeper into how to attract, serve and retain Gen X consumers.

It’s safe to say that Gen Xers are stuck in the middle. Demographically, of course, they are younger than Boomers but older than their Millennial and Gen Z counterparts. Like their elders, they’re not opposed to visiting brick-and-mortar banks; like younger consumers, they prize brands and companies that align with their values. And they’re highly attached to their smartphones, spending 21 hours per week on their device vs. 19 hours by Millennials . In fact, Gen Xers are some of the most voracious users of social media (logging seven hours a week) and checkers of email (spending five hours a DAY between work and personal accounts).

This generation is stuck in the middle in another significant way: according to Pew Research Center, 47% of adults in their 40s and 50s have a parent 65 or older while also raising a young child or providing financial support to a grown son or daughter . Being pulled in multiple directions can take a toll. Perhaps that’s why Gen Xers carry a heavy debt load — an average of $36,000 excluding their mortgages — despite being in the prime of their careers.

That isn’t to say they don’t have money to spend, save and invest. Indeed, they have disproportionate spending power, representing just one-quarter of the adult population but with 29 percent of net-worth dollars and 31 percent of total income dollars . A Shullman Pulse study commissioned by American Express found that Gen Xers prioritize saving, including for their children’s college educations. And they’re more likely than other groups to prioritize financial goals like buying a house, starting a business and leaving a legacy to their heirs.

Meet Gen Xers Where They Are

How can banks and credit unions capture the hearts and minds of these stuck-in-the-middle consumers? Meet them where they are — in every sense of the phrase:

Mobiquity can help you navigate the design and delivery of mobile and online self-service — so you can deliver the information and support Gen X consumer needs as they navigate busy lives and competing priorities.

In the next post, we’ll discuss some of the distinctive needs and opportunities of the Millennial generation.

Want to talk to Mobiquity about your digital strategy? to get started.

Originally published at https://www.mobiquity.com.