Financial Squeeze on Gen X as Debt Outpaces Savings

Almost half (47%) of Gen X has more credit card debt than emergency savings, while millennials are at 46% and Gen Z is lower at 32%. In contrast, 68% of baby boomers have more savings than debt.

34% of Gen X said they have less emergency savings now compared to a year ago, highlighting the financial strain many face.

Gen X feels financially stuck between debt burdens of younger generations and the stability of baby boomers. They play a critical economic role but have been overlooked.

Many Gen Xers feel pessimistic about their finances and future retirement prospects, with some predicting they'll "die penniless."

Financial advisors can help Gen Xers assess their situation, set goals, and create plans to reduce debt, increase savings, and better prepare for retirement.