Meet the typical Gen Xer, America's 'forgotten middle child' who earns more than everyone else but has the most debt at $136,000
Hillary HoffowerAug 19, 2021, 00:03 IST
Sandwiched between millennials and boomers, Gen Xers are America's forgotten generation. Although smaller, they're just as significant.
Their life experiences, which include beginning careers during the dot-com boom and living through three recessions, have made the typical Xer risk averse and cynical.
The typical Xer was hit hardest during the Great Recession wealthwise, but has also recovered the best.
In the COVID recession, the typical Xer is struggling. Many lost at least some income during the pandemic.
But the typical Gen X household earns more than any other generational household does - $106,173. That's because they're in their prime working and earning years.
And they have a net worth of $168,600.
This all means they have money to spend, and they do. The typical Xer drops an above-average amount of money in consumer categories, which reflects their large household size.
It partly explains why Gen X has more debt than any other generation, which sits at an average of $136,869.
It's no wonder, then, that the typical Xer is generally pretty stressed about their finances, particularly when it comes to credit card debt.
Financial stress may also stem from the fact that the typical Xer is a caregiver to either their children, their parents, or both.
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.
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.