Only 32% of consumers aged 38-52, known as Generation X, are confident they will reach their long-term financial goalsand are concerned about debt and saving, with 41% feeling the need to save more for the future, while 26% said they were concerned about the amount of debt they have.
FICO’s own analysis of the FICO Score for Generation X shows quite a few are determined to improve their financial standing. Over the last year, as the US economy has continued to improve, 29% of Gen Xers have increased their FICO Score by 20 points or more. This is almost 10% more than the total population.
Generation X were the least confident of reaching long-term financial goals (32%); this was a stark contrast to older Millennials (45%), younger Millennials (46%) or even Boomers (36%), who were more hopeful.
However, against this reality, there has been a shift in attitudes from a year ago for Gen X. Only 18% say they are interested in getting assistance to help manage debt, down from 24% in the last survey. Plus, there has been a significant drop in those concerned about the amount of debt they have. Only 26% are concerned today, compared to 36% in last year’s survey.
The survey also showed that Gen X had the highest dissatisfaction rates for their primary bank at 12%. Negative customer experiences (67%) and fees (72%) are the top factors that will see a Gen X consumer switch banks.
FICO notes for financial institutions, the task is to try to banish apathy. Present them with financial products and solutions that build trust and help them navigate issues like debt before a competitor does. FICO is seeing the industry’s innovators using analytics to create appealing offerings that are tailored to the customer, allowing them to build repeat business and reduce churn.