You may have heard a few times about the financial struggles for Gen Z. But what about their parents?
It turns out Gen Xers have their own struggles when it comes to money. While they may not be as widely reported as those of Gen Z or Millennials, Gen X is facing some pretty intense challenges. These issues can impact the present and years down the road.
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Here’s a look at some of those and why their financial struggles are being overlooked.
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A survey of more than 1,000 hourly workers from across the United States by Deputy showed the struggles for different generations.
While Gen Xers have been working their way through careers for some decades, the survey showed they’re having to turn to multiple jobs to make ends meet.
The survey showed 81% of Gen Xers noted their current jobs don’t pay them enough to make them feel financially secure. That’s higher than Gen Zers (75%), millennials (73%) and 71% of baby boomers.
It’s just one of the financial problems impacting this generation.
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So what’s causing the struggles for Gen X? As you might guess, it’s a number of things, including helping their Gen Z children.
“At the same time, they are also shouldering the cost of taking care of their elderly parents, potentially covering a larger price tag as they stare down the barrel of the nation’s shortage of affordable care,” according to Fortune.
“While at their peak earning potential, many found themselves crunched by factors like dual caregiving responsibilities, gray divorces and rising healthcare costs… leaving little left for Gen Xers to focus on themselves.”
The caregiving responsibilities may help at least partly explain why sometimes it seems that Gen X is the forgotten generation, especially when it comes to financial struggles.
They’re busy taking care of kids and their own parents, along with dealing with inflation and rising costs, so they may not be making time to take care of themselves and their financial situations. It also extends beyond money.
“One key struggle of the sandwich generation juggle is permitting yourself to prioritize your self and financial care, while keeping aligned with your value system to care for your loved ones,” CNBC reported.
Retirement may be another major concern for many members of Gen X. The concern may not be unwarranted.
As USA Today noted, Gen X may have struggled more than other generations in recovering from the Great Recession of 2008. There’s also the issue of retirement funding.
Gen X came into the workforce as pensions were going away big time, leaving them to build their own savings with individual retirement options.
For those members of Gen X who are worried about their financial futures, there are steps to take to help. The general advice to spend less and save more definitely applies to this generation.
Further, if there are ways to set aside money for emergency savings and maybe start investing, the retirement picture may become brighter.
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This article originally appeared on GOBankingRates.com: The Forgotten Generation: Why Gen X’s Financial Struggles Are Being Overlooked
