Is Gen X financially screwed? Fifteen years ago “Gen X” was a media catchphrase. You’ll recall the media painted Gen X as a generally apathetic bunch. And quite a few were prone to wearing grungy clothes ala Kurt Cobain.

Now the media — particularly the financial media — has turned its attention to the waves of Baby Boomers. (So many Boomers. So little time to sell life insurance and adult diapers!) So what’s happened to Gen X, the children of the Baby Boomers? The youngest are just crossing 30 and the oldest are in their mid-forties. What are their financial issues? Here are three specific to Gen X.

1. Relax… Go do it. Just about now Gen X is waking up to the fact that they’ve relaxed and not done it — saving for the future, that is. If you’re a part of Gen X you’re heading into years that are typically the highest wage-earning. Make sure you set up longterm savings now.

Time is still on your side. But you’ll have to save more. You may be forced to rely on higher returns to live your current lifestyle (which could be risky) if you continue to relax and don’t do it… [Frankie Goes Hollywood video for your nostalgic pleasure here].

2. Reality Bites.. You’ve heard it: Social Security is likely to be long gone by the time Gen X would like to collect. So much for paying into it all these years! As with #1, Gen X is on it’s own when it comes to long-term financial security.

What to do? Educate yourself. Use the resources of Geezeo’s the Groups and Goals, and, start reading about financial topics. NOTE: If you’re a woman this is doubly important because you’re likely to outlive your man. Here’s a great resource for women.

3. Papa Don’t Preach. Gen X’s experiences in the workforce are different than those of the Baby Boomer generation. Few members of Gen X can remember an economic slowdown, much less the last time our country had a recession. Many came of age in the “Go-Go ’90s”.

Gen X has a larger debt burden and less job security than previous generations. On the other hand, Gen X has new advantages. Two are greater mobility and and global marketplace to sell goods and services thanks to the internet revolution. Here’s a story on that from the L.A. Times. The logical response on the financial front is to keep skills up to date, maintain solid work relationships, and prepare for the unexpected.

In conclusion, Report Buyer says of Gen X:

55 million GenXers are vigorously taking up the mantle of financial and familial responsibility, yet they continue to question authority, prize individuality, and believe that “nobody will take care of me but me.” Still smarting from the wave of divorce and downsizing that characterized their formative years, GenXers put a high premium on quality of life.

Screwed? Maybe not — if you start making changes to your financial life now.