Gen X was supposed to be the economy's safety net—now they're the 'struggling middle child' balancing retirement and paying for adult children
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Gen X, once seen as the economy's dependable consumers, are now struggling to balance retirement savings and supporting adult children; Bank of America Institute research shows Gen X spending is down 2% year-on-year as of August 2024; Joe Wadford, economist, notes Gen X households made up 27% of U.S. households but contributed 33% of consumer spending in 2022; Gen X is investing 40% more than other generations for retirement; Phil LeClare, a 53-year-old PR agency owner, exemplifies this shift in financial priorities, focusing on savings and mindful spending; the trend marks a significant change from their previous spending habits.
#GenX #PersonalFinance #Retirement #ConsumerSpending #BankOfAmerica #Economy #Investing #FinancialPriorities #AdultChildren #Savings
https://fortune.com/2024/10/05/gen-x-struggling-middle-child-parenting-retirement-savings/
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