A recent report was pretty downbeat on financial prospects for Generation X. Here are some Monday morning reasons to be cheerful if you feel like you’re in the squeezed middle.

You’ve got time

Money needs time to grow. The good news is that Generation X-ers have the time to put some money aside and get it to work for them.  For example, starting, or increasing, your pension contribution now will have a substantial impact when compounded and continued over the years to retirement.

The economic outlook is improving…

…and Generation X is in a great position to benefit.

Employment and pay prospects are improving as the labour market tightens. (On current trends Ireland will be back to full employment by 2018). That ought to bring indirect benefits like tax reductions as well.

And as the tax take increases, people see the group aged 35 to 54 needs help more than most.

Low interest rates have upside for Generation X

Mortgages are cheap and staying cheap. And negative equity is slowly easing as house prices climb up and homeowners pay down their loans.

In fact, low interest rates have hit a later generation harder.  That’s because it is more expensive to purchase an annuity to provide an income in retirement.

With a little luck, for Generation X-ers, interest rates may be rising by the time you retire.  You’ll have paid down the mortgage, and be in the market for a decent retirement income.

Financial services are getting better

Slowly but unstoppably, it is getting easier and cheaper to take control of your money. You don’t need to pay over the odds to a handful of Irish-based providers any longer.  Moneycube is leading the charge for investments and pensions, and there are lots of other tech-focused services you can use today. A combination of technology and availability of international services is making things easier.

Squeezed or not, now’s a great time to take control of your money.

 

Get started with Moneycube today.

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