Gen X amid the Pandemic: How Their Finances, Shopping Behavior, and Digital Usage Look

Gen Xers’ share of total household wealth is barely half of that held by baby boomers, and impacts brought on by the coronavirus pandemic haven’t helped this financially unstable cohort.
In the Gen X amid the Pandemic Report, Insider Intelligence assesses US Gen Xers’ finances and how they’ve been affected by the pandemic.
Do you work in the Finance industry? Get business insights on the latest tech innovations, market trends, and your competitors with data-driven research.

Many Gen Xers have yet to recover from the Great Recession, and the pandemic didn’t help the unstable financial health of this cohort. Gen Xers have been pushed to adjust their bill payment methods, retirement plans, shopping habits, and work structure amid the digital transformation and financial strain brought on by the coronavirus pandemic. 

The pandemic has negatively impacted the financial standing of Generation X.

Gen X financial health

While the average household income for Generation X reached $106,173 pretax in 2019, their share of total household wealth is barely half of that held by baby boomers. 

One survey by Bankrate showed that as of November 2020, more than half of Xers in the US had lost at least some household income due to the pandemic. US Census Bureau data from December of the same year showed nearly 13 million finding it “very difficult” to pay bills.

In April polling of working US adults, the Transamerica Center for Retirement Studies found 13% of Xers (ages 42 to 55) had suffered pandemic-related layoffs, 18% reported salary cuts, and 29% had seen work hours reduced. 

The financial burden ignited by the pandemic has made it extremely difficult for some Xers to retire, or even consider retiring anytime soon. 

Gen X remote work

With no sign of retirement in sight, Gen X has had to adapt to a completely digital, remote-work atmosphere. Remote work has …read more

Source:: Businessinsider

Leave a Reply

Your email address will not be published.