The Ironic Generation and their Midlife Crisis
People who belong to the Ironic Generation - also known as Generation X - were born between 1965 and 1984. As their name suggests, they have long used irony as a way to protect themselves from a mean and all-too-serious world. Nowadays, their ironic and lighthearted attitude is threatened, mainly by the phenomenon commonly referred to as the midlife crisis; the realization that one's body is all too fragile, that one has aging parents who need support and children who can make it on their own, perhaps even a career that has reached a dead end. Life marches on relentlessly, with no respect for the limited time we have left and the fact that many of us would rather be doing something else. What does this mean for the future of Generation X? We revisited our 2017 report to see what is happening to this generation as they approach retirement age.
The Happiness Research’s Famous U-Curve
The U-curve of happiness is a graph showing the relationship between age and life satisfaction. Broadly speaking, it shows that overall life satisfaction follows a U-shaped trend after accounting for background variables such as income and education level. In other words, your life satisfaction declines as you get older, bottoming out at about age 44. After that, life turns around and people become happier as time goes on. It is this bottom that Generation X is coming out of. They are desperately holding on to their youth by going to concerts with their kids and constantly updating their social media status. So what do Swedish Gen Xers think about their current situation?
The Ironic Generation is now between the ages of 40 and 59, with some approaching retirement age. The youngest are at the bottom of the U-curve. This age group considers their own age to be the worst, both in terms of work, leisure and friends. When it comes to their families, however, they have just passed their prime. 61% of Swedish women between the ages of 30 and 39 believe that family is the most important source of happiness, compared to 48% of Swedish men in the same age group. This changes for many of them just a few years later.
The Sudden Emptiness: The Age of Divorce
Older Gen Xers are the most dissatisfied with their relationships - a clear sign of a potential midlife crisis. Only people in their 20s were more dissatisfied than Gen Xers. 17% of men and 13% of women say they are dissatisfied with their current relationship, and more than 20% are dissatisfied with their marriage. In Sweden, an average of 24,000 marriages have ended in divorce each year over the past 15 years, and the risk of divorce is highest during the first 10 years of marriage. The average age of divorce is 42 for women and 45 for men. Gen Xers are just now leaving the high-risk zone of divorce and dealing with its aftermath.
Although the sheer number of weddings has increased over the past decade, Gen Xers are not actually getting married at the same rate as older generations. They are less likely to get married, but more likely to get divorced than other generations at the same age.
The Empty-Nest Syndrome
It's not just your partner who may be leaving you; your children are in the process of moving out as well. This change can bring newfound freedom and a stronger household economy, but it can also lead to a sense of loss and grief called empty-nest syndrome. This syndrome occurs when one's sense of self is so strongly tied to one's role as a parent that the children's departure triggers anxiety. These feelings of emptiness can be exacerbated if they coincide with a separation from a partner. Suddenly, you've gone from living with your family and being in demand all the time to living alone with too much time on your hands.
The Spoiling Generation – Even Towards Their Parents
Perhaps having to shift their focus to their aging parents can be a blessing in disguise. Instead of worrying about their children, Gen Xers are now more concerned about their parents' declining health. The number of hospital beds has halved in 30 years, and home care services across the country are experiencing major problems, putting increased pressure on family members. In 2023, the Swedish Social Insurance Agency paid carer's allowance to more than 16 000 caregivers, for almost 147 000 days of caring for seriously ill relatives.
When Kairos Future investigated the attitudes of future relatives towards the elderly, it became clear that they believe that they will provide their parents with companionship and help with everyday tasks to a greater extent than their parents expect. More than 50% said they will visit their parents at least once a week. It seems that Gen Xers may be able to fill some of the void left by their children's move by helping their parents – but the void left by separations will still be an opportunity for companies to offer innovative products and services.
All these Possibilities
There's a serious clash between Gen Xers' childhood and the modern world. When they were kids, there were only a few TV channels and cell phones were something that was barely mentioned in science fiction books. Today, consumers are inundated with choices and opportunities, and Gen Xers have no idea how to handle it - they want it all. This is probably one reason why many in this generation say they still have plans for the future that have yet to be fulfilled. In fact, there is so much they want to accomplish. Mostly, it is plans for their professional lives that have yet to be fulfilled.
And all these Jobs
Kairos Future asked if there were any life choices that respondents would make differently if given the chance. More than 30% of Gen Xers said they would choose a different education, and more than 20% said they would choose a different career. Seven out of ten 40- to 55-year-olds said they'd change jobs, more than in any previous study. A third wanted to change careers altogether, usually to something more creative and meaningful. Despite so many wanting to change jobs, only 13% were actively looking for new opportunities.
What kept the others from doing the same? The biggest reason people don't look for a new job is that they don't know what they want to do. In other words, these are people between the ages of 40 and 55 who have been working for a long time but still don't know what they want to do when they grow up. They clearly need guidance. Although much of Generation X is now a little older than this demographic, we think it's still fairly representative.
Oh Brother, Keep me Safe from Harm: Growing Security Concerns
What worries Generation X? We can see that their main concerns aren't of a selfish nature, but are more about people they care about or society in general. In general, they tend to prioritize problems of a more collectivist nature, such as climate change. In recent years, however, there has been a shift in preferences, with Gen Xers focusing more on security concerns (i.e., terrorism and crime). They feel more insecure, and we see, for example, increased support for a strong Swedish defense force.
Harder Times Are Coming
In the latest population forecast from Statistics Sweden, they estimate that Sweden's population will grow to 11 million people by 2040. In order to keep the economy in check, more people will need to be included in the work force, and everyone will need to work after the current retirement age. What will happen when Gen Xers finally retire? Well, in recent years, seniors have lost an average of 20,000 kronor due to the new pension system, and researchers believe it will only get worse.
Kairos Future asked Swedes if they think they'll get enough money from the pension system in the future. Gen Xers are undoubtedly the most skeptical about the extent of the security system – more than 70% say they're not sure they'll have enough security in their old age.
More than one in three women are worried about their retirement, compared to one in five men. The main cause of concern is not knowing whether their retirement savings will be enough to cover their expenses. 33% of people aged 40 to 60 were worried or very worried about the size of their retirement fund. If you were born in the 1940s, you have a 30% risk of experiencing financial hardship as you age. The risk is twice as high if you were born in the 1960s and 1970s. Things don't look so good for Gen Xers, whose retirement age is both approaching and receding. A moving target that will be hard for this generation to hit.
Four Needs Society and Companies Should Meet
Looking at all the factors mentioned above, we can identify four different needs that Generation X will have in the near future. These can be summarized as SAFE: security, advice, financial safety and emptiness. Products and services that address these needs and challenges will be more attractive to this generation.