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

Gen X is often overlooked.FG Trade/getty Images

Gen X may best be known as America's "middle child" or the "forgotten generation."
In the mid-life stage, they earn more money but also have more debt than other generation.
They're also dealing with stress as they juggle working with caregiving.

If you haven't heard much about Gen X, it's because they're known as "the forgotten generation."

Born between 1965 and 1980, Gen X has fallen to the wayside of the media darlings they're bookended by - millennials and baby boomers. But Gen Xers are part of a resilient generation that's expected to outnumber boomers in 2028.

They came of age as "latchkey kids" and, as adults, experienced three recessions and a technological transformation from the dot-com boom to social media. Now turning ages 41 to 56 this year, America's "middle child" is in the middle of it all - mid-age and mid-career, juggling jobs with taking care of both children and aging parents.

This life stage means that Gen X is in their prime working and earning years, with the typical Gen X-led household earning more than any other generation. But it also means a lot of stress. It's a prime time for buying big ticket items, like cars and houses, and with larger than average households, Gen X spends the most on consumer goods. It's left them juggling more debt than other generations and unprepared for retirement.

Because of how they grew up and their mid-life commitments, most Xers feel confident in their ability to withstand crises and in their desire for a stable life.

Here's what life looks like for the typical Xer.

Sandwiched between millennials and boomers, Gen Xers are America's forgotten generation. Although smaller, they're just as significant.

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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.

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The typical Xer was hit hardest during the Great Recession wealthwise, but has also recovered the best.

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In the COVID recession, the typical Xer is struggling. Many lost at least some income during the pandemic.

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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.

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And they have a net worth of $168,600.

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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.

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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.

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It's no wonder, then, that the typical Xer is generally pretty stressed about their finances, particularly when it comes to credit card debt.

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Financial stress may also stem from the fact that the typical Xer is a caregiver to either their children, their parents, or both.

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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.

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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.

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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.

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Meet the typical Gen Xer, America's 'forgotten middle child' who earns more than everyone else but has the most debt at $136,000

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.