Having looked after themselves from an early age, 42%* of Gen X have become family managers and prudent financial planners. They seek, above all, to create a payment plan. Now 42-57 years old, they are preparing to enter an aging society that presents concerns. Financial problems, unemployment, physical and mental health problems, and environmental challenges, as well as the COVID-19 outbreak, can all spark worry.

Gen X and financial meltdown in retirement

- 81%* of Gen X are worried about their financial future, social welfare, support for older adults. They still want to live a normal life and to work, without being a burden on anyone.

- Partly because of the pandemic, 27%* of Gen X will have to borrow or use their retirement savings if COVID-19 persists. How will they make it through?

The COVID downturn is bringing unexpected layoffs for Gen X

- COVID-19’s impact on the economy and tourism means 32%* of Gen X have had a pay cut or lost their job during the pandemic. Sudden unemployment may delay retirement plans. Many have used retirement savings. They are also incurring debt, a heavy burden for Gen X.

- A New York Life poll found 34%* of Gen X care for Baby Boomer parents, while paying off a mortgage, student loan, and credit card debt for the good of their families.

Problems that are hard to control

-Only 47%* of Gen X think their mental health is good or excellent. The rest are stressed about finances because their savings are dwindling. The environment is also deteriorating, with social conflict, pollution, PM2.5 dust, urban waste. As they grow older, there are other challenges that raise risks for their well-being.

Still a vital “support unit” in tough times

- Gen X might no longer drive the economy in the future. But they will be the peak of the "Sandwich Generation", withstanding environmental instability and embracing new technology. They are tougher than anyone thought. Their experience makes them a "support unit" ready to advise the next generation for a truly good society for all.

How do you think Gen X will fare in the next 10-20 years? Share your insights in the comments.

*Credit: https://bit.ly/3r7ov2h

References: https://bit.ly/3tXy5X3, https://bit.ly/3GUadr3, https://bit.ly/3r0h0K4, https://bit.ly/3nXH6eV

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