Gen Xers have long had the reputation of being lazy, misguided slackers.
When it comes to saving for retirement, however, studies show that this may be an undeserved distinction.
"In comparison to previous generations, (generation X) is doing well. They are focused on the need to save for retirement at an early age," said Paul Yakoboski, senior research fellow at the Employee Benefit Research Institute (EBRI).
"In comparison to previous generations, (generation X) is doing well. They are focused on the need to save for retirement at an early age."
Generation X are folks born between 1965 and 1976, one of the "most fiscally responsible and sophisticated (generations) in memory."
Retirement on Their Shoulders
Many gen Xers realize they're responsible for their own retirement.
A Survey by Scudder Kemper found that 71% of gen Xers regularly save some of their income. Surprisingly, that's on par with folks in older generations who presumably have higher incomes. About 76% of baby boomers (folks born between 1946 and 1964) and 72% of the World War II generation (folks born before 1933) save some of their income.
The leading reason gen Xers save is that few expect the volatile Social Security system to provide adequate retirement income. At the same time, about 16% of older baby boomers, those born between 1946 and 1953, expect Social Security to be the most important source of retirement income.
Children See, Children Learn
Another major factor behind gen Xers' outlook is their parents' experience.

Steve Hess, 36, and his wife Lisa, 32, save diligently. "My parents have money pressures. I don't want that," Hess, a firefighter, said.
Using Technology to Boost Returns
Many gen X savers are using technology to build decent nest eggs.
Continue reading "Gen Xs Savings for Retirement on Target" »
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