Why Gen Xers are shying away from seeking financial advice

Generation Xers were raised in the shadow of Reaganomics, began their careers in the thick of the 1990s recession and dot-com bubble, and witnessed the near collapse of U.S financial institutions less than a decade later.

No one could ever fault this generation, born between 1965 to 1980, for being reticent to seek financial advice, says Jen Lawrence, a certified divorce financial analyst and managing director of Process Design Consultants Inc. in Toronto.

“While our parents trusted financial institutions for guidance and advice, we witnessed their incompetence and need for bailouts,” adds Ms. Lawrence, a Gen Xer who advises other midlife women on their finances and wealth mindset. “As a result, we’re a fairly cynical bunch and don’t receive financial advice the same way.”

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Article by Barbara Balfour.  Published on October 31, 2022, in the Globe and Mail.