Menu
The latest installment of New York Life’s Wealth Watch survey found that while Americans felt the impacts of economic uncertainty and volatility in 2022, most are optimistic about their finances. However, this optimism dissipates quickly for Gen X, with 60% feeling either “uncertain” or “anxious” about their finances and only 28% feeling “hopeful.”
Anyone born between 1965 to 1980.
“As people are living longer, they’re more likely to become parent-caregivers, handling both parent or guardian duties and unpaid adult caregiving roles,” said Suzanne Schmitt, head of Financial Wellness at New York Life. “Caregiving cuts across all genders, races, and socioeconomic status and it can impact mental, physical, and financial health.”
Gen X represents a segment of the workforce that’s established, and often in their peak earning years prior to retirement.
Many Gen Xers are caught in the middle of financial wellness priorities, juggling household and family obligations and work duties along with long-term financial goals, like retirement. They also may face certain life events such as divorce, rising health care costs, and possible disability. According to the survey:
According to Schmitt, in 2023 this group should focus on tackling debt, building emergency funds, and preparing for retirement. A comprehensive financial wellness strategy should be designed to understand the challenges someone in this segment may face, she says, along with relevant, personalized recommendations to meet an individual’s unique needs.
Most Gen Xers who have a financial strategy (71%) are not planning on making changes to that strategy in 2023, but for those who do intend to make changes, getting help from a trusted professional is among their first steps:
“A well-rounded financial strategy, including professional support, can help address relevant needs and improve financial health goals,” says Schmitt.
This poll was conducted between December 17 and December 20, 2022 among a national sample of 4,410 adults. The interviews were conducted online and the data were weighted to approximate a target sample of adults based on gender, educational attainment, age, race and region. Results from the full survey have a margin of error of plus or minus 2 percentage points.
The original article can be found here.
Partnered with:
Infinite Retirement Solutions (“Infinite”) is an independent provider of financial and insurance products, not affiliated with Medicare, Medicaid, or any other government agency. Information presented here is for general knowledge only and shouldn’t be considered personalized financial or insurance advice. We strongly recommend consulting qualified professionals like financial planners, tax advisors, and legal counsel to determine the suitability of any product or service offered by Infinite. Investments involve inherent risk, including potential loss. Specific product features, limitations, and exclusions may vary. Please refer to the actual policy wording for complete details. Infinite is headquartered in Florida.