Your Generation X Clients

As a CPA, you help clients plan for all stages of their lives. Much has been written about advising Baby Boomers, and even Millennials, but what about Generation X? They’re the ones sandwiched in between. Do you know who your Gen X clients are? Sociologists disagree on a specific date range, but Generation X is generally comprised of those born between 1960 and 1980.

Unlike Baby Boomers, who are heading into retirement, and Millennials, who are still establishing their careers, Gen Xers have different needs. Aged roughly between 35-55, these are your clients with kids in college. If they aren’t at that point yet, they will be soon and they’ll need your help planning for it. Many in this group have high schoolers, which means an onslaught of large expenses: cars, high school tuition for some, college tuition, even weddings down the road.

A recent article in AccoutingWeb discussed the importance of financial planning for Generation Xers. Although parents have begun to prepare for the cost of college, wedding expenses are sometimes not anticipated. Author Bryce Sanders writes, “Unlike college, dedicated accounts with tax benefits to encourage savings don’t exist.” It might seem like an odd topic to bring up with clients, but in your role as financial planner, it’s your job to help them prepare. He suggests easing into the conversation with questions like, “There have been some good articles about what weddings cost today. Have you seen them?” Be prepared with a few sources that illustrate costs and planning options.

For more information, see the full article from AccountingWeb.