Core Insights - The financial struggles of Generation X are attributed to rising costs of housing and college tuition, which have outpaced purchasing power gains, despite a 63% increase in purchasing power since 1973 [2][6]. Group 1: Financial Challenges - Housing costs have increased by approximately 1,045% since 1973, with Gen Xers facing the highest average monthly mortgage payment of $2,313 [6]. - College tuition has risen significantly, with public college tuition increasing by 177% and private college tuition by 158% since the 1970s, creating financial strain for parents [7]. - Gen Xers are also burdened with student loans, holding the highest average balance of $44,240 among all age groups [8]. Group 2: Retirement Concerns - Only 43% of Gen Xers feel confident about reaching their retirement goals, the lowest among all generations [5]. - Concerns about the future viability of Social Security are prevalent, with projections indicating that the trust fund reserves may become insolvent by 2035, potentially reducing benefits to 83% of the expected amount [2]. Group 3: Caregiving Responsibilities - Many Gen Xers are financially supporting both their children and aging parents, with 22% providing financial assistance to at least one parent or parent-in-law [9]. - Over half (58%) of those supporting aging parents have incurred debt as a result of these responsibilities [10]. Group 4: Financial Strategies - To alleviate financial pressures, Gen Xers are encouraged to seek additional income sources, such as side gigs or passive income opportunities [11][12]. - Financial experts recommend prioritizing the payment of high-interest debt and establishing an emergency fund to manage unexpected costs [13]. - Maximizing contributions to employer-sponsored retirement accounts and considering catch-up contributions for those aged 50+ can enhance retirement savings [14][15].