The generation known for bringing the world grunge, 'zines and slackers is, apparently, slacking.
Those born between 1966 and 1975, belonging to Generation X (1964 and 1980), lost more than 55 percent of their net worth from 2001 to 2010, according to data released by the Fed and parsed by Philadelphia Inquirer Columnist Maria Panaritis.
While much attention has been paid lately to the problems of recent graduates entering a lousy job market and suffering from elevated unemployment, Panaritis's column gives voice to an oft-forgotten group.
Gen X is sandwiched between the headline-grabbing Boomers (1946 - 1964) and Gen Y (1977 - 1994), a bigger cohort that grabbed the spotlight for being the first generation to truly grow up online and for getting hit with the worst economic downturn since the Great Depression. (There's some dispute over the date ranges of these generations.)
But Gen X has some big economic worries, too. As Gen Yers were struggling to find jobs in the recession, Gen Xers were trying to build families and gain financial security. Many put a larger share of their assets into homes, which drastically fell in value as the housing bubble burst.
The average Gen X family is nearly 70 percent poorer than its counterparts of the same age in 1984, according to a Pew Research Center study from last year. Over time, this gap has widened. The latter now has 47 times more assets than the former, according to Credit.com's analysis of Pew data.
The recession has affected individuals of all ages. Last week, newly released government data showed that Americans lost a record-breaking 38.8 percent of their wealth from 2007-2010.
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