Like most generations, Gen X grew up hearing a lot of advice that made total sense at the time. But a lot of these ideas were based on routines that don’t really fit with today’s world anymore, whether it’s because of changes in the job market or other fields. Yes, some of those ideas still exist. But the world they were built for isn’t the world most Americans see right now.
A Steady Job for Life Is the Safest Path
Gen X came of age during a time when you could still find many people who’d stayed at the same workplace for a decade or two. Some of them stayed there even longer. The majority of companies were known for having big teams in-house, and many offices encouraged the idea that sticking around would help you move up your career ladder more easily.
However, the modern job market has moved away from such an arrangement almost entirely. Corporate restructuring has massively increased. Nowadays, long stretches with one employer aren’t as common because you’re not as likely to see the same promotions that you once could. There’s also the fact that automation and outsourcing have changed day-to-day work.
The idea of picking a single company and staying there doesn’t fit with how most American companies operate now. You’re better off looking around.
Retirement Happens at 65 With a Company Pension
That’s not all for work. Gen X grew up seeing their family members retire with guaranteed pensions, and it became money that came in every month without them needing to manage investments. Pensions from the private sector were completely normal. In fact, they were so normal that many people just assumed that’s what adulthood would look like later on.
But things changed over the years. 401(k)-style accounts replaced pension accounts, and they put more responsibility on workers themselves. The popularity of defined-benefit pensions also fell across private companies, meaning that only a fraction of Americans have the same kind of retirement setup that Gen X grew up expecting.
The majority of Americans rely on individual savings and employer contributions for the future. They’re also counting on Social Security to support them, rather than fixed monthly pension payments.
Marriage Is the Default, and It’s for Life
Most Gen Xers grew up thinking that marriage most certainly wasn’t a choice. It was the automatic next step in adulthood. Yes, the number of couples living together without getting married was slowly increasing, but it was hardly seen as a positive moral choice. That is, until American families began moving towards a different pattern.
Divorce was no longer unusual, and younger adults became far more comfortable building long-term relationships without having to sign paperwork. Living with a partner before marriage was a normal route for many Americans. It’s now far more common than it was when Gen X was growing up.
Buying a Home Early Is the Main Way to Build Wealth
Any Gen Xers who wanted to build their wealth could rely on buying a home to do so. It made sense for them during the ‘80s and ‘90s. Prices were lower relative to income, and lenders were accessible in a way that doesn’t really exist nowadays. However, homeownership patterns have changed quite a bit since then.
Many younger adults simply can’t afford to buy a home anymore. The price-to-income gap has widened far enough that saving for a down payment is much too difficult for the majority of households. It’s no longer realistic to think that you can just save hard and eventually get there. It’s a shame, really.
One Paycheck Can Cover a Family
Lower housing costs also meant that it was easier for families to survive on a single paycheck. Rent and mortgage fees were far cheaper, while everyday expenses were nowhere near as pricey as they once were. Just one parent needed to work full-time, and the other person could run everything themself at home. But not anymore.
The huge increase in housing prices, along with childcare costs, means that a single paycheck isn’t enough for most families. Two incomes are the standard for many households raising kids. Sure, one-income homes do still exist. Yet they’re far less common, and they usually rely on a person having higher-than-average earnings or help from outside the household.
Privacy is Automatic
There were very few traces of most communication when Gen X was growing up. They could call someone, maybe write a note, and that was almost guaranteed to be the end of the story. The idea that dozens of accounts could store every click or location ping? It was something from a sci-fi movie.
Sadly, so many basic tasks leave a record today without anyone trying. Our phones track our every movement, and social media platforms track a huge amount of our personal data. Privacy as just a concept doesn’t really exist anymore. Even when you’re not posting yourself, you might be tagged in someone else’s photo or be in the background of a video. You have no autonomy over your presence online.
16 Things Most Men Should Give Up After Age 50
Of course, that doesn’t mean you should pretend to be 25. You just have to know when to ditch stuff that doesn’t work anymore. Here are 16 things all men should give up once they turn 50.
16 Things Most Men Should Give Up After Age 50