A lack of real initiatives aimed at Gen X has prompted a financial firm to take aim at the government over its recent superannuation regulations.

KDM Financial and Estate Planning has termed the recent changes as a slap in the face for Xers, a generation sandwiched between their aging parents and their own children.

The firm’s senior partner Luke Marshall argued that both the First Home Super Saver Scheme (FHSSS) and downsizer contributions would disadvantage Gen Xers.

“The downsizer contribution and work test that has allowed Baby Boomers to invest into their superannuation accounts reducing tax revenue and, with some good planning, increasing older Australian’s access to the Age Pension.

“This is great news for Baby Boomers, but someone has to pick up the bill and inevitably we are finding it ends up being their children, the Gen Xers,” Mr Marshall said.

The FHSSS, he argued, while a “great opportunity” for younger Australians, will result in less tax revenue for the government, which therefore needs to be drawn from other areas of the budget.

“We are concerned it will be areas that benefit Gen X,” he said.

Another recent initiative is the Opt-in Insurance for members under the age of 25, which also requires super funds to cancel any current default insurance policies for members in that category.

“Again, this is a great move for younger members who need help building up their low balances. However, this will likely result in increased premiums for everyone else,” Mr Marshall opined.

As such, he suggested Gen X monitor their superannuation fees and shop around.

“It’s important to know what you’re paying and compare your fund with the rest of the market.”