www.foxbusiness.com Open in urlscan Pro
2600:1408:5400:49e::198c  Public Scan

URL: https://www.foxbusiness.com/personal-finance/gen-x-advised-stop-spending-largest-wealth-gap-any-generation.amp
Submission Tags: student debt education election new york progressive democrat jamie damon nyc ny times trump Search All
Submission: On February 12 via manual from US — Scanned from US

Form analysis 1 forms found in the DOM

/

<form action="/" target="_top" class="menu-layer primary i-amphtml-form" novalidate=""><button id="menu-button" type="reset" on="tap:sidebar.toggle" class="close-button"></button>
  <div class="menu-items"><span><label class="menu-item item-layer-1 has-sub-level"><input type="checkbox">Personal Finance <div class="submenu menu-layer secondary">
          <div class="return-button"><span>Back</span></div>
          <div class="menu-items">
            <a href="/category/mortgage" class="menu-item item-layer-2">Mortgages</a><a href="/category/student-loans" class="menu-item item-layer-2">Student Loans</a><a href="/category/credit-cards" class="menu-item item-layer-2">Credit Cards</a><a href="/category/personal-loans" class="menu-item item-layer-2">Personal Loans</a><a href="/category/savings" class="menu-item item-layer-2">Savings</a><a href="/category/insurance" class="menu-item item-layer-2">Insurance</a><a href="/category/401k" class="menu-item item-layer-2">401k</a><a href="/category/modern-retirement" class="menu-item item-layer-2">Modern Retirement</a><a href="/category/tax-planning" class="menu-item item-layer-2">Tax Planning</a>
          </div>
        </div></label></span><span><label class="menu-item item-layer-1 has-sub-level"><input type="checkbox">Economy <div class="submenu menu-layer secondary">
          <div class="return-button"><span>Back</span></div>
          <div class="menu-items">
            <a href="/category/government-spending" class="menu-item item-layer-2">Government Spending</a><a href="/category/money-and-policy" class="menu-item item-layer-2">Money &amp; Policy</a><a href="/category/small-business" class="menu-item item-layer-2">Small Business</a>
          </div>
        </div></label></span><span><label class="menu-item item-layer-1 has-sub-level"><input type="checkbox">Markets <div class="submenu menu-layer secondary">
          <div class="return-button"><span>Back</span></div>
          <div class="menu-items">
            <a href="/category/stocks" class="menu-item item-layer-2">Stocks</a><a href="/category/us-markets" class="menu-item item-layer-2">US Markets</a><a href="/category/cryptocurrency" class="menu-item item-layer-2">Cryptocurrency</a><a href="/category/futures-commodities" class="menu-item item-layer-2">Futures &amp; Commodities</a><a href="/category/bonds" class="menu-item item-layer-2">Bonds</a><a href="/category/etfs" class="menu-item item-layer-2">ETFs</a><a href="/category/business-leaders" class="menu-item item-layer-2">Business Leaders</a><a href="/category/industries" class="menu-item item-layer-2">Industries</a><a href="/category/retail" class="menu-item item-layer-2">Retail</a><a href="/category/pre-markets" class="menu-item item-layer-2">Pre Markets</a><a href="/category/mutual-funds" class="menu-item item-layer-2">Mutual Funds</a>
          </div>
        </div></label></span><span><label class="menu-item"><a href="/watchlist" class="item-layer-1">
            Watchlist
          </a></label></span><span><label class="menu-item item-layer-1 has-sub-level"><input type="checkbox">Lifestyle <div class="submenu menu-layer secondary">
          <div class="return-button"><span>Back</span></div>
          <div class="menu-items">
            <a href="/category/entertainment" class="menu-item item-layer-2">Entertainment</a><a href="/category/rich-famous" class="menu-item item-layer-2">Rich &amp; Famous</a><a href="/category/travel" class="menu-item item-layer-2">Travel</a><a href="/category/cars" class="menu-item item-layer-2">Cars</a><a href="/category/airplanes" class="menu-item item-layer-2">Airplanes</a><a href="/category/food-drinks" class="menu-item item-layer-2">Food &amp; Drinks</a><a href="/category/arts" class="menu-item item-layer-2">Arts</a>
          </div>
        </div></label></span><span><label class="menu-item item-layer-1 has-sub-level"><input type="checkbox">Real Estate <div class="submenu menu-layer secondary">
          <div class="return-button"><span>Back</span></div>
          <div class="menu-items">
            <a href="/category/personal-real-estate" class="menu-item item-layer-2">Personal Real Estate</a><a href="/category/commercial-real-estate" class="menu-item item-layer-2">Commercial Real Estate</a><a href="/category/luxury-properties" class="menu-item item-layer-2">Luxury Properties</a>
          </div>
        </div></label></span><span><label class="menu-item item-layer-1 has-sub-level"><input type="checkbox">Tech <div class="submenu menu-layer secondary">
          <div class="return-button"><span>Back</span></div>
          <div class="menu-items">
            <a href="/category/digital" class="menu-item item-layer-2">Digital</a><a href="/category/social-media" class="menu-item item-layer-2">Social Media</a><a href="/category/gadgets" class="menu-item item-layer-2">Gadgets</a><a href="/category/business-tech" class="menu-item item-layer-2">Business Tech</a><a href="/category/health-care-tech" class="menu-item item-layer-2">Healthcare Tech</a><a href="/category/future-tech" class="menu-item item-layer-2">Future Tech</a><a href="/category/artificial-intelligence" class="menu-item item-layer-2">AI</a><a href="/category/space" class="menu-item item-layer-2">Space</a>
          </div>
        </div></label></span><span><label class="menu-item"><a href="/video" class="item-layer-1">
            Video
          </a></label></span><span><label class="menu-item"><a href="//radio.foxnews.com/podcast" class="item-layer-1">
            Podcasts
          </a></label></span></div>
</form>

Text Content

Personal Finance
Back
MortgagesStudent LoansCredit CardsPersonal LoansSavingsInsurance401kModern
RetirementTax Planning
Economy
Back
Government SpendingMoney & PolicySmall Business
Markets
Back
StocksUS MarketsCryptocurrencyFutures & CommoditiesBondsETFsBusiness
LeadersIndustriesRetailPre MarketsMutual Funds
Watchlist Lifestyle
Back
EntertainmentRich & FamousTravelCarsAirplanesFood & DrinksArts
Real Estate
Back
Personal Real EstateCommercial Real EstateLuxury Properties
Tech
Back
DigitalSocial MediaGadgetsBusiness TechHealthcare TechFuture TechAISpace
Video Podcasts
Close the sidebar Close the sidebar
Fox Business
☰
Personal Finance
Published December 20, 2023 10:44am EST


GEN X ADVISED TO ‘STOP SPENDING’ DUE TO LARGEST WEALTH GAP OF ANY GENERATION


ECONOMIST ARGUES LESS SPENDING EQUALS ‘MILDER’ RECESSION

 * 
 * 
 * Comments
 * 

By Kristen Altus FOXBusiness
Fed rate cuts unlikely to prevent an economic downturn: John Lonski

Thru the Cycle President John Lonski discusses whether the market is showing
signs of a big crash on 'Varney & Co.'

Numbers don’t lie – and according to a recently released report, Gen X has the
largest retirement savings wealth gap when compared to any other generation.

"Cut back on spending and increase savings. That's all they could possibly do,"
Thru the Cycle President John Lonski said on "Varney & Co." Tuesday. "When are
they going to go ahead and make that type of move? It's beyond me. But it might
well be that this consumer spending spree that's been around 2022 to 2023 may
disappear in 2024."

Schroders’ 2023 U.S. Retirement Survey found that people between the ages of 43
and 58 say they need $1,112,183 for a comfortable retirement, but only expect to
have $661,013. That gap of $451,170 exceeds the estimated savings shortfall
facing millennials and baby boomers.



"As the first generation to head into retirement largely without the safety net
of a defined benefit pension plan, the stakes are higher for Generation X and
the margin for error is lower," Schroders Head of U.S. Defined Contribution Deb
Boyden was quoted in the study.

FIDELITY REVEALS HOW MUCH MONEY YOU NEED TO RETIRE FOR THE LIFESTYLE ‘YOU’RE
HOPING FOR'

Additionally, 45% of Gen X respondents say they have not done any retirement
planning compared to 43% of millennials and 30% of boomers. 



What's more, two-thirds worry they won’t grow their workplace retirement plan as
high as they hoped.

Gen X Americans have a reported retirement savings wealth gap of $451,170,
according to Schroders. (iStock)

"The sooner consumers pull back on spending, the milder the next recession will
be. It seems the longer they hold off on cutting back on spending, interest
rates stay higher for longer. And when that downturn comes, it's going to hurt,"
Lonski reacted.

"A year ago, I looked at something like restaurant sales. They were up by nearly
10% from a year ago, [in the] final quarter of 2022," he continued. "So I said
to myself: Well, my goodness, by the final quarter of this year, restaurant
sales will be lucky to grow by 5%. Guess what? They're still growing by nearly
10%. So there was perhaps more excess cash out there lingering around because of
the massive stimulus."


Fidelity retirement savings guidelines ‘transcend’ traditional dollar amounts:
Michael Shamrell

Michael Shamrell, vice president of Fidelity's workplace investing thought
leadership, shares how to best save for retirement based on your age and salary.

The report also spotlights how Gen X’s attempt to close the wealth gap "won’t be
easy," as 32% of survey takers have all their assets in cash and, separately,
only 11% will wait until age 70 to receive maximum Social Security benefits.

Fear is the alleged primary reason for these trends, as Gen X worries they’ll
lose all their cash or Social Security will soon become insolvent.

GET FOX BUSINESS ON THE GO BY CLICKING HERE


Charles Payne: This is what you need for retirement

FOX Business host Charles Payne reacts to the disparity in what Americans save
versus what they need on 'Making Money.'

In March, the Social Security and Medicare Trustees report found Social
Security’s retirement fund could run out of money as soon as 2033, a year
earlier than previously projected.

However, there’s still some glimmer of hope, according to Schroders’ Boyden:
"Fortunately, even the oldest Gen Xers have some time before reaching their full
retirement age. Using this time to develop a retirement plan, increase their
savings rate and invest more appropriately is crucial to improving their
retirement readiness before it’s too late."

READ MORE FROM FOX BUSINESS



FOX Business’ Megan Henney contributed to this report.



Load more..

Personal Finance
 * Mortgages
 * Student Loans
 * Credit Cards
 * Personal Loans
 * Savings
 * Insurance
 * 401k
 * Retirement
 * Tax Planning
 * FOX Money

Economy
 * Government Spending
 * Money & Policy
 * Small Business
 * Inflation

Markets
 * Stocks
 * US Markets
 * Cryptocurrency
 * Futures & Commodities
 * Bonds
 * ETFs
 * Business Leaders
 * Industries
 * Retail
 * Pre-Markets
 * Mutual Funds

Watchlist
Lifestyle
 * Entertainment
 * Rich & Famous
 * Travel
 * Cars
 * Airplanes
 * Food & Drinks
 * Arts

Real Estate
 * Personal
 * Commercial
 * Luxury Properties

Tech
 * Digital
 * Social Media
 * Gadgets
 * Business Tech
 * Healthcare Tech
 * Future Tech
 * AI
 * Space

Sports
 * NFL
 * NBA
 * MLB
 * NASCAR
 * Boxing
 * Soccer
 * Golf
 * Tennis

Opinion
Video
About
 * Channel Finder
 * Jobs
 * Terms of Use
 * Updated Privacy Policy
 * FAQ
 * Media Relations
 * Corporate Information
 * Closed Captioning Policy
 * Accessibility Statement
 * Fox News
 * Fox Nation
 * Fox Business Go
 * Apps & Products

 * Facebook
 * Twitter
 * RSS

Fox Business
 * New Terms of Use
 * New Privacy Policy
 * Your Privacy Choices
 * Help
 * Closed Captioning Policy

This material may not be published, broadcast, rewritten, or redistributed.
©2024 FOX News Network, LLC. All rights reserved. All market data delayed 20
minutes.