Gen X Stresses About Credit Card Debt and Retirement Savings More Than Other Generations

Worries About Finances Keep Sleep Away

A recent study by the American Psychological Association found that Gen Xers are more stressed about credit card debt and retirement savings than other generations. The study, which surveyed over 3,000 adults, found that Gen Xers are more likely to report feeling anxious or depressed about their finances than Baby Boomers or Millennials. For example, 39% of Gen X say they're losing sleep over thinking about repaying their credit card debt, whereas the rate for Millennials is 27%.

Keep Saving!

Gen Xers are also more likely to say that they are not saving enough for retirement. 41% of Gen Xers say they are not saving enough for retirement, compared to 29% of Baby Boomers and 32% of Millennials.

The study also found that financial stress is having a negative impact on the mental health of Gen Xers. 38% of Gen Xers say that financial stress is making it difficult to sleep, compared to 29% of Baby Boomers and 31% of Millennials. So what can Gen Xers do to reduce their financial stress? Here are a few tips:

1. Create a budget and stick to it.
2. Make a plan to pay off your debt.
3. Start saving for retirement as early as possible
4. Talk to a financial advisor