Gen X needs to get saving

The children of baby-boomers will need to start ploughing cash into savings accounts and supers if they are going to afford themselves a decent retirement, a new study has warned.

Bernie Lewis Wealth Management has warned that many baby-boomers do not plan on leaving an inheritance, meaning that many people of Generation X – those born between 1961 and 1981 – will be on their own financially.

“For baby boomers, it was a natural assumption that they would inherit all or part of their parents’ homes and savings,” explained Bernie Lewis chief Stefan Lipkiewicz, speaking to the Advertiser.

However, he added that many Generation Xers will not be so lucky.

In an effort to insulate themselves from a nasty cashflow crisis in later life, he urged people to pay off their home loans as quickly as possible, in addition to putting cash into savings accounts and other money-makers.

For those who are finding it difficult to do so, insists that Aussies will find it a lot easier to stack up cash if they save for set goals such as retirement, a car or a new home.ADNFCR-1761-ID-18906067-ADNFCR