15 Signs You’re Doing Better Financially Than the Average Gen Xer

Many Gen Xers are currently in the last years of parenting growing teens or supporting their young adult children in college. They may also be in caregiving roles to their parents, stretching their resources of time, money, and energy quite thin.

If you’re a Gen Xer and feeling the pressure of planning for retirement and taking care of your loved ones, you may be doing better than you realize. 

Here are a few statistics to serve as barometers of how you’re doing compared to other Gen Xers.

While Gen X makes the most money of any generation, they also spend the most. The average Gen X household spends $75,087 per year. 

Hats off to you if you can keep your budget lower than this threshold. Keep looking for more ways to pay off debt and save for the future.

Your net worth comprises everything you own (house, car, savings, cash, etc.) minus everything you owe (student loans, medical debts, mortgage and credit card balances, etc.). 

If yours exceeds the median Gen Xer’s net worth of $91,300 to $168,600, you’re doing better than most.

Gen Xers currently have the highest income of any generational bracket. This is understandable as many Gen X households have two working adults and children who have grown up and left the home (or are close to it).

If you’re making the most of your peak working years and your household is earning more than $113,455 annually, you’re ahead of the financial game.

According to data from Experian, the median credit score for former “latchkey kids” is 706, which is good but not fabulous. If you can raise your credit score above that level, you’re doing better than most.

Unfortunately, physical health has been declining among Gen Xers and millennials. Problems such as chronic inflammation and increased metabolic syndrome plague these generations, along with mental health issues such as depression and anxiety. 

Physical health is difficult to put a price on, but it’s a type of wealth worth building as much as you’re able to.

Despite having minimal retirement savings, only 14% of Gen Xers have a defined benefits plan or pension. If you’re one of the lucky ones who can depend on income from a pension, you’ll be ahead of most other Gen Xers in your golden years.

Given some of the above statistics, it’s understandable that 44% of Gen Xers surveyed do not feel confident about retirement. If your net worth is looking good and your future is moving in a positive financial direction, you’re ahead of most Gen Xers.

In 2022, the average credit card balance for a Gen Xer was $8,134 — up 15% from 2021. Sadly, Gen X has more credit card debt than every other generation. 

Some experts speculate that this comes from increased expenses from supporting children, caring for aging parents, and inflationary pressures.

Even though Gen Xers paid cheaper tuition than millennials, they carry the highest average student loan balance at $44,290 per borrower. Sadly, 38% of Gen Xers surveyed said student loans were inhibiting their retirement savings.

For most people, home equity represents a large portion (if not THE largest portion) of their net worth. Gen Xers have an average of $144,000 of equity in their homes. If your equity is greater than this, congratulations!

Most Gen Xers do not have the recommended three to six months’ worth of emergency savings; 35% have some savings but not enough to cover three months, and 22% have no emergency fund at all. 

If you can handle living on your emergency fund for three months or more, you’re doing better than most Gen Xers — and most Americans, for that matter.

A whopping 60% of Gen Xers say their finances adversely impact their mental health. This is more than any other generational group. 

Caught between supporting late teen and young adult children and helping aging parents, this “sandwich generation” has a lot of stressors — financial and otherwise.

Gen X was more educated than previous generations; 18% of men and 20% of women had college degrees by age 33. While 65% of late Gen Xers had to borrow money to go to college, the statistics show that the investment resulted in more income.

Only 59% of Gen Xers donate to charity. This is behind the Silent Generation (88%), baby boomers (72%), and even millennials (60%). 

While the statistics may paint Gen X as less generous, they may hide the fact that many Gen Xers are still raising their children or supporting them in young adulthood, along with caregiving for their aging parents.

As a generation, Gen X is woefully behind in retirement savings. The average Gen Xer has only $40,000 in private retirement savings. 

Check up on your retirement readiness and see if your IRA is fuller than your peers', as this represents a lot of ground to cover before you retire.

While these facts and statistics are interesting and useful as guidelines, it’s important to remember that these are only averages and not reflective of your needs and financial situation. 

While you may have $100,000 in savings, you'll fall short of what you need to get ahead financially if you plan to travel more or care for your parents during retirement. 

Pay more attention to your progress than comparisons to others. Having more than other Gen Xers won’t help you achieve your financial goals.