Published: 18 October 2024
If you’re aged between 44 and 59, then along with David Beckham, Kate Winslet and Noel and Liam Gallagher, you’re part of what’s known as Generation X (Gen X).
Coming after the post-war Baby Boomers and before the turn-of-the century Millennials, Gen X is often seen as the forgotten generation.
But now we’re shining a light on Gen X’s importance to society as well as its views on the future.
Facts about Gen X
- Almost two thirds (61%) of UK Cabinet members belong to Gen X*
- 80% of the top UK companies have a Gen X CEO^
- There are 14 million Gen Xers in the UK, born between 1965 and 1980^^
Gen X’s attitudes on key issues revealed
We carried out research** into Gen Xers’ attitudes towards their relationships, careers, individual identity, health and finances. We also asked trend foresight consultancy The Future Laboratory to assess how things could change by 2030.
The research shows Gen Xers are setting new trends in their personal lives, and look set to redefine how we approach and think about older age.
So here are five characteristics you could expect to see from Gen Xers in the coming years…
1. They value deeper connections and relationships
For Gen X the 2030s will be marked by the creation of new relationships and deeper connections. While Gen X is focused on finding new forms of connection and relationships for themselves, they also unite communities by helping others to feel a sense of belonging.
With the focus on extending the prime of their lives, Gen X will be balancing shorter term spending on new passions and relationships with longer-term investments alongside pension planning.
An increasing number of the cohort are becoming first-time home buyers. Given the challenges of the housing market, this means Gen X is diverging from previous generations by committing to working and being part of their community into later life.
2. They’re family shapeshifters
In the face of significant economic pressure and social change, Gen Xers are rewriting what family means for the 2030s and beyond.
The age of the nuclear family with 2.4 children is over. More fluid family structures are emerging that are inter-generational, multi-family and that elevate other relationships and more distant relatives to the level of immediate family.
However, because Gen X may be caring for both older and younger relatives, their finances will be stretched in 2030 as they balance the immediate financial needs of their family unit with longer term legacy planning.
3. They’re career comebackers
In the face of a global talent shortage and with an aging UK workforce, Gen X will reaffirm the value of their skills and experience – adding more purpose to their roles and rising above workplace ageism in the process.
Gen X will use this new position of power to reshape working life in their 50s and 60s, balancing flexible working with some of the lifestyle benefits of traditional retirement and knitting together different generations within workforces.
An important driver for extending their career is financial. With a big portion of the generation believing they’ll never be able to retire, Gen X will redesign working post-50s in a way that allows them to balance their long-and short-term financial and lifestyle needs.
4. They’re at the heart of their communities
Gen X is approaching their 50s and 60s with a transformed mindset and attitude to previous generations.
Gen X refuses to shrink into the background. Instead, they confidently continue to exert their influence on the communities they live in, becoming cultural ambassadors and stewards for younger generations. Their sense of belonging is rooted in a place, a home or a community.
From a financial perspective, this mindset creates a tension between the need to create long-term stability and the desire to spend on living life to the full in the shorter term.
5. They’re living longer, healthier lives
Gen X has the advantage of being the first generation to approach its 50s and 60s focused on living longer, healthier lives.
Health has always been important for Gen X, and they are regarded as the first generation of self-directed health consumers, who feel entitled to take control of their own healthcare decisions.
The generation’s short- and long-term financial decisions will be heavily influenced by their commitment to health. They will continue to blaze a trail for progressive changes, such as the prioritisation of mental health.
*Leeds Building Society analysis of members of HM Government Cabinet listed at https://members.parliament.uk/government/cabinet as of October 2024
**Research was conducted by Censuswide between 25th and 27th September 2024 among a sample of 2,003 UK respondents aged 44-75.
^ Leeds Building Society analysis of the UK’s 25 largest FTSE listed companies by market capitalisation as at October 10th 2024.
^^ Population of the United Kingdom from 1990 to 2022, by generation www.statista.com/statistics/528577/uk-population-by-generation/
