Gen X's Finance

ARTICLES | Mar 20, 2022
Gen X's Finance

As part of the “Sandwich Generation”, 42% of Gen X are prudent financial planners. They have to consider their families and plan their financial future too. With education costs and retirement savings to cover, Gen X often fell into debt in the COVID-19 outbreak, sometimes sparking mental health problems.

Saving for yourself and your family

- The nickname of “Sandwich Generation” comes from having to carry the burden of your entire family, both parents and children. A New York Life survey found that 34% of Gen X are caring for Baby Boomer parents, 35% for their children, and 14% still have to fund their college studies. Not much is left for retirement. By 2035 more than 46% will likely continue to work for a long time.

- 42% of Gen X people spend on products for older adults in their household, reflecting their family burden.

Double trouble after COVID-19

- The COVID-19 crisis forced Gen X to reorganize their already stretched finances. Over 32% of Gen X in the United States had a pay cut or were laid off. During the pandemic, 26% of Gen X were unsure if their retirement would go as planned, having to borrow or to cancel plans.

- When things don't go to plan, Gen X get nervous and stressed. A 2020 study by the University of British Columbia found that 53% of Gen X feel threatened by the COVID-19 pandemic, more than in other generations.

Rising debt

- During the outbreak, Gen X had to use their retirement savings and borrow for emergencies, facing mortgages, education costs, and credit card payments. A Bank of America survey found that only 35% of Gen X have good control over their debt.

Retirement finance

- A Bank of America BAC survey found 23% of Gen X feel they're making progress in saving for retirement and only 22% for meeting unexpected payments. Only 14% felt progress in paying for current and future medical expenses. After COVID-19, more than 81% of Gen X are worried about their future finances, including not being a burden on their children.

- 42% of Gen X are looking for a financial plan that helps them improve their financial skills to increase their savings for emergencies and retirement and reduce their debt burden too.

Further global conflict could increase costs and inflation and trigger serious crisis for Gen X.

What do you think? How has COVID-19 affected your finances? Please share your opinions here.

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