GenXers Financially Focused

August 12, 2002 ( - GenXers may have been portrayed as financial neer-do-wells, with better things to do than worry about careers or saving, but a new survey paints a different picture.

The survey, by the MainStay division of New York Life Investment Management LLC (NYLIM), found that Americans born between 1961 and 1981 are generally astute about money and able to handle the challenges of the current struggling economy.

For one thing, GenXers are savers, according to the report.  In fact, more than two-thirds (69%) say they expect to retire with more assets than their parents.  And a comparable 70% have savings outside their retirement fund.

If out of work GenXers told pollsters they should be able to make it for nearly a year. Most say their money situation is very or somewhat secure.

Other survey results include:

  • most of their money comes from working not from stock options or inheritance
  • the average annual household income of the survey respondents was $109,700
  • some 22% of the GenXers surveyed described their investment style as conservative, up from 11% in 2001
  • 38% of the respondents said that market volatility over the past year has caused them to change the allocation of their assets.

The MainStay GenX survey, completed in May 2002, polled 530 consumers ages 23 to 35 on their investment attitudes, behaviors, objectives and priorities.