Generation X, often referred to as the sandwich generation, faces the daunting task of balancing financial responsibilities for both their adult children and aging parents while also striving to secure their own future retirement. This cohort is known for being resilient, having grown up as latchkey kids in households where both parents worked. Despite experiencing peak incomes, Gen Xers still struggle with financial confidence, student loan debt, and overall retirement prospects.
A 2023 Schroders report revealed that 61% of Gen Xers lack confidence in achieving their dream retirement goals, with 45% admitting to not having a retirement plan at all. Additionally, Gen X is more likely to report experiencing financial trauma compared to other adult generations. These financial challenges can shape their relationship with money and impact their overall financial well-being.
In order to overcome these hurdles, Gen Xers must empower themselves by aligning their life and money with purpose. By giving their money assignments they connect with and owning their preferences for current and future lifestyles, they can build confidence in planning their finances. Seeking guidance from financial professionals can also provide the necessary support and expertise to navigate complex financial decisions.
Empowering Generation X to overcome financial struggles involves taking proactive steps to secure their financial future. By prioritizing self-care and aligning financial decisions with their values, Gen Xers can strike a balance between supporting their loved ones and ensuring their own financial well-being. Having open and honest conversations with family members about financial responsibilities can also help alleviate some of the burdens faced by this generation.
While Gen Xers may be skeptical of financial advisors, establishing trust through proven expertise and track record can lead to more successful financial planning outcomes. By seeking referrals from trusted sources and conducting thorough research on potential advisors, Gen Xers can find professionals who understand their unique financial needs and provide sound advice.
Generation X faces unique financial challenges stemming from their position as the sandwich generation. By taking steps to prioritize their financial well-being, engage in meaningful financial conversations with family members, and seek guidance from trusted financial professionals, Gen Xers can overcome financial hurdles and achieve greater financial security. Through empowerment and proactive financial planning, Gen X can navigate the complexities of their financial responsibilities and secure a more stable future.