They fit into that middle age bracket that people often forget about. So what's the deal with Generation X? Brittney Deguara reports.
ANALYSIS: In today's society, we've created a sort of inter-generational rivalry. Baby boomers are blamed for all of the issues we face today, millennials complain about those problems, and Generation Z are too busy making videos on TikTok that nobody over the age of 20 really understands.
But what about Generation X? They fit in between the boomers and the millennials but they're often forgotten about, drowned out by their predecessor's rants directed towards their successors.
"They're kind of like a second rate filling of a sandwich, they're in between," according to economist Shamubeel Eaqub, who was part of Generation X.
"I think we are the lost generation, I don't think there's much that can be done for us, it's too late."
So what do they have going for them?
MONEY, MONEY, MONEY
Unfortunately, it's not wealth. That luxury was with their parents, the baby boomers.
Boomers were 147 per cent wealthier than their children, according to Statistics New Zealand data. Those aged 55 to 74 had a total personal net worth of $744 billion, while the generation below only had $300.5b. But before you shed a tear for them, think about the up and coming millennials whose net worth was only calculated to be $197b.
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This lower net worth was despite the generation having higher weekly incomes, on average.
Statistics New Zealand data showed Kiwis aged between 40 and 54 earned, on average, $1228 a week before tax. Those within the millennial age bracket aged 25 to 39 earned $1003 a week, Gen Zers earned $402 before tax, and boomers aged 55 and above made $781.
Incomes for Generation X were set to increase, as they were poised to take over industries.
According to the Global Leadership Forecast 2018, research conducted by EY, Developmental Dimensions International and The Conference Board, this group of workers were primed to take on the majority of leadership roles around the world.
"They already hold 51 per cent of leadership roles globally and will continue to grow into more senior positions," the report read.
However, they were slower than Boomers and Millennials when it came to advancing their careers. Gen Xers received 1.2 promotions on average in the last five years, while millennials received 1.6 and boomers 1.4.
WHERE THEIR POLITICAL LOYALTIES LIE
It appears to be relatively easy to see where millennials and boomers sit on the political spectrum (broadly speaking, of course) - just look at the debate surrounding cannabis legalisation. But once again, the middle generation was forgotten.
They weren't as easy to place as boomers, who were notoriously known for their conservative beliefs, but as they aged there was a possibility they would inch closer to those views and become more selfish and protective of their assets, according to Eaqub.
"I can't see a period in the next 20 years where the gap between the different generations is going to be big enough that we're gonna see a big shift in the political consensus, more likely we're gonna get a stale mate."
However, at the moment, they're in the perfect position to enact change as they made up the majority of MPs in Parliament. The only issue was that they wouldn't see the benefit of any changes made.
"There is not enough time to fix things for them, they can only do it for the millennials and future generations."
Younger generations were already taking matters into their own hands, with 12 per cent of MPs fitting into that age bracket.
Three different generations butting heads in Parliament could result in a stale mate, Eaqub believed, as older Kiwis would likely stand on one side of the political spectrum and younger voters on the other. Gen Xers would be the deciding vote.
Take Brexit in the UK for example - 60 per cent of voters in favour of leaving the EU were aged 65 and over, while 73 per cent in favour of staying were in the 18 to 24 age bracket, according to Statista.
Eaqub thought older Kiwis were eager to maintain the status quo, rather than shake the boat.
WHAT WILL THEY LEAVE BEHIND?
Unfortunately, not much.
The housing market wasn't as kind to them as it was their parents - Eaqub previously explained a surge of inflation in the 60s and 70s resulted in boomers easing into the market - so it's unlikely most will have properties to pass on to their children or grandchildren.
"The ownership of assets is concentrated among older people [boomers] and it's getting harder and harder for younger people to get in."
Data from the 2018 census showed only 64.5 per cent of Kiwis were home owners.
One of Gen X's biggest legacies could be changing the economy and society for the better, Eaqub believed. But they weren't a big enough demographic to enact change on their own - they only made up 20 per cent of the population in 2018 - help was needed.
"They're never a big enough group to actually ... hold the political purses captive.
"There is no ... large majority generation coming through that can create a big legacy, we have to work a lot more collaboratively."
