Generation X may have a nebulous name, but female Gen Xers are clear when it comes to their finances. They want to save, according to a survey by Allstate Financial.
Women of the Baby Boom, who range in age from 38 to 57, have saved on average $451,000. Women of Generation X, who range in age from 24 to 37, have saved on average $410,000. Savings include pensions and other company-sponsored plans.
"These numbers tell us Generation X women are thinking about retirement at an early age and hopefully are willing to take the necessary steps, like meeting with a financial specialist, to prepare themselves," said Casey Sylla, president.
Generation X women even beat out their male peers, who average only $248,000 in savings. In general, they feel financially independent from men, even if they choose to marry, and feel equally competent to make financial decision.
Three-quarters of Generation X women feel they are confident they know how much money they will need in retirement, although 86% said they would like to be more educated about options for retirement.
Even though Baby Boomers are facing retirement more imminently, only 46% of Boomer women feared outliving their retirement savings, whereas 57% of Gen X women said the same.