Generation Xers are in Financial Trouble

Millenials have a reputation for being bad with finances and buying way too much avocado toast, but it’s Gen Xers who need to save more. They have higher levels of debt and much lower amounts of money in their retirement accounts. Many Gen Xers aren’t savers, which is a problem. In fact, only 16% of Gen X indicated that they included “financial planning” in their New Year’s goals.

Generation X is spending a lot of money on non-essentials according to a recent report from Bankrate.com. Their average expenditures for restaurant food, lottery tickets, and prepared beverages is $3,473 annually. Millennials spend less on the same things, with their annual expenditures being $2,758. Median retirement savings account levels among members of the Generation X group are just $35,000. That’s equal to what much-younger millennials have saved so far.

This group is also more likely to not be able to meet their financial obligations in a timely manner. With the highest debt levels of any age group in the United States, fewer than one in three Gen Xers say they’ll be able to reach their financial goals. 36% of baby boomers say they have their long-term financial goals handled and 45% of millennials say they won’t have a problem reaching their financial milestones.

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5 years ago