“Sandwiched” between the larger baby boomer and millennial generations, Gen Xers (aged 44-59) face unique financial circumstances – more than half (56%) financially support their parents or children, and 21% of that group has taken on large levels of debt to manage the responsibility, according to new research from the Nationwide Retirement Institute, Nationwide’s 10th annual Advisor Authority study.
The financial responsibility of supporting both parents and children is also taking a toll on Gen Xer’s retirement savings. One in five (20%) report being unable to save for retirement, while 23% have reduced or halted retirement savings due to supporting their children and/or parents. What’s more, 16% have tapped into retirement accounts or investments to manage these financial pressures.
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