If the boomers thought they had it bad trying to deal with the ever changing climate for pensions, the X Factor generation is in for a rude awakening. This group of people is often criticised as having no interest further than the latest football acquisition or which judge is in and which judge is out on the ever popular reality television show, the X Factor.
In a play on words, a recent article in the Tribune discussed the fact that many X Generation (aptly called X Factor Generation for their loyalty to the show) consumers have no idea that their pensions are running the risk of extinction. Some did admit that they knew they had a battle ahead of them, but many seem to be oblivious to the fact that they may one day need to rely on pensions to make it through day to day life.
As many employers are no longer offering pensions schemes as part of a benefits package, this will leave a good percentage of people in that generation without a pension. Other employers have had to make drastic cuts to pensions they’ve offered in the past to stay afloat in these hard economic times. Employers admit that they have a monumental task before them in educating workers about the importance of having something in place to provide for their retirement years.
The problem stems from the fact that there have been heated debates over the years as to whether or not pension schemes should be mandatory. Even so, the meagre 8 percent that is withheld from weekly wages is not going to be enough to plan comfortably for retirement which means that it is time to start thinking about the future before it gets here. All things considered, you can’t rely on social programmes to tide you through those later years and it’s about time the X Factor Generation factored in a nest egg for the future
