Why Gen X isn’t ready to leave the workforce

Despite Gen X’s reputation as ‘slackers’, many are deeply tied to work. This generation, unlike their millennial counterparts who take career breaks when laid off or leave full-time jobs to recharge and rest, is keen to stay in work, bucking this trend.

Experts say there are two main reasons many members of Gen X, roughly defined as people born roughly between 1965 and 1980, aren’t ready to leave the workforce.

For one, they’re saddled with unique financial considerations rendering many largely unable to forego a consistent income. Some people have spent years building their career, and after a series tumultuous events in the economy, they may not wish to stop.

‘Immediate pressures’

In a recent survey, more than 2,000 workers laid off by large technology companies such as Meta and Amazon, including Twitter and Millennials, were asked to report their plans for career breaks. Nearly 9% of Gen Zers, and 4.5% of millennials planned extended breaks, while only 2.6% Gen Xers did.

Michael S North, an assistant professor at New York University’s School of Business, who studies the increasingly multigenerational workforce, says one reason many Gen Xers are reluctant to step away from work is because of financial obligations and their current life stage.

There is considerable research showing that “middle age is a precarious life stage position in general”, says North. “Middle-agers have more immediate pressures, on average, to earn an income, provide insurance for their families and the like. That can be compounded by more routine financial stressors, like building a suitable 401(k) for retirement, and finally paying off a mortgage.” Additionally, some data also shows Gen X carry more debt burdens than other generations, and many of them are also part of the ‘sandwich generation’, with caring obligations for both their children and their parents.