Gen X’s Financial Burden

ARTICLES | Apr 12, 2022
Gen X’s Financial Burden

As part of the “Sandwich Generation” in their early 20s, 42% of Gen X are prudent financial planners. Also, no matter what, they must always think of their family. In financial matters too, Gen X have plans for their family’s future. But children's education and retirement savings can barely cope with the COVID-19 outbreak. Gen X are getting deeper into debt and facing mental health problems too.

Saving for yourself and your family

-The nickname of “Sandwich Generation” mainly comes from having to carry the burden of the family, both parents and children. A NewYork Life survey found that 34% of Gen X are caring for Baby Boomer parents, 35% their children, and 14% still have to fund their college studies. There’s not much left for retirement. By 2035 over 46% will continue to work for a long time.

-42% of Gen X must buy products for kids and older adults, showing their family spending.

Post-covid pressure

- The COVID-19 crisis forced Gen X to reorganize their finances because their jobs were affected. In the United States, over 32% have had their pay cut or been laid off. During the pandemic, 26% were unsure of whether their retirement would go as planned. They have borrowed or canceled post-retirement plans.

- Gen X are getting nervous and stressed. A 2020 study by the University of British Columbia found that 53% feel threatened by the COVID-19 pandemic, a bigger proportion than in other generations.

Rising debt

- Gen X have to use retirement savings and borrow debt for emergencies, mortgages, their children’s education, and growing interest on their credit cards. According to a Bank of America survey, only 35% have good control over their debt.

Retirement finance

- A Bank of America “Workplace Benefits Report” found only 23% of Gen X feel they're making progress in saving for retirement, only 22% feel more advanced in increasing their savings to pay for their expenses. Only 14% felt progress in paying for current and future medical expenses. After COVID-19 more than 81% are worried about their future finances, including their welfare so they’re not a burden on their children.

-42% of Gen X are looking for a financial plan to help them improve their financial skills, boost their savings for emergencies and retirement, and reduce their debt burden.

In addition to the basics and retirement planning, war will raise costs and fuel inflation. Gen X face a crisis. What’s your view? Has COVID-19 created a burden for everyone? Please share your insights with us here.

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