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Business Insider

Aug 21, 2021 • 12 tweets • 7 min read • Read on X

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Gen X may be best known as America's "forgotten middle child," earning more than the rest but also having more debt, with $136,000.

Meet them here. 👇

businessinsider.com/typical-gen-x-…

Born between 1965 and 1980, Gen X has fallen to the wayside of the media darlings they're bookended by — millennials and baby boomers.

But Gen Xers are part of a resilient generation that's expected to outnumber boomers in 2028.

businessinsider.com/typical-gen-x-…

Now turning ages 41 to 56, America's "middle child" is in the middle of it all — mid-age and mid-career, juggling jobs with taking care of both children and aging parents.

businessinsider.com/typical-gen-x-…

Housing is a key way to build wealth, and Gen X homeowners suffered the most in home equity during the Great Recession.

But while the generation was disproportionately impacted, their wealth rebounded more than other generations.

businessinsider.com/typical-gen-x-…

Large numbers of Xers have lost income either partially or entirely during the pandemic.

It explains why many have been struggling to keep up with routine household bills.

businessinsider.com/typical-gen-x-…

This life stage means that Gen X is in their prime working and earning years, with the typical Gen X-led household earning more than any other generation — $106,173.

But it also means a lot of stress.

businessinsider.com/typical-gen-x-…

An Xer household's average annual expenditures totals $76,788, compared to the $63,036 average.

But they're careful spenders — half reported cutting back on discretionary spending during the pandemic, and they're always on the lookout for discounts.

businessinsider.com/typical-gen-x-…

In 2016, an Xer's average debt load was $124,972.

But over the next three years, Gen X increased their average debt burdens by nearly $12,000, equivalent to 10%.

businessinsider.com/typical-gen-x-…

Of the 54.5% of Gen Xers who carry credit card debt, 64.3% are stressed about it.

More than half of Xer respondents said that they were stressed "some" or "a lot" of the time when it comes to any type of debt.

businessinsider.com/typical-gen-x-…

Financial stress may also stem from the fact that the typical Xer is a caregiver to either their children, their parents, or both.

businessinsider.com/typical-gen-x-…

Gen X is so busy trying to do it all that they haven't had much time to prepare for retirement.

The typical Gen X household has about $64,000 saved for it — not nothing, but not enough to generate a lot of income.

businessinsider.com/typical-gen-x-…

Because they're in the middle of all these middle-age commitments, the typical Xer prefers stability and the status quo.

They feel their upbringing has made them able to weather the pandemic better than any other generation.

businessinsider.com/typical-gen-x-…

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