Credit Card Debt, Retirement, Healthcare Top Concerns... - Other News

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Credit Card Debt, Retirement, Healthcare Top Concerns of Generation X

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Credit Card Debt, Retirement, Healthcare Top Concerns of Generation X

Caught between aging parents who need an increasing level of care and children who count on them for everything from day-to-day needs to college tuition, Generation X is known as the “sandwich generation.” A new study backs up the notion that people in their 30s, 40s and 50s have the hardest time financially out of any age group.

The Pricewaterhouse Coopers (PwC) Employee Financial Wellness Survey finds that when it comes to retirement, healthcare costs, credit card debt and cash flow, Generation X worries most about being able to pay the bills. The survey asked members of three demographics about their top financial concerns and found that in every area, Generation X reported the biggest money stress.

Millennials, currently in their 20s, reported a lower level of financial worry than Gen Xers in every area surveyed, as did Baby Boomers—those post-World War II babies who are now ages 53 to 70.

Credit cards and cash flow big concerns

Without looking down the road to retirement, people are having trouble in the here and now, with things like carrying balances on credit cards and inability to pay monthly bills weighing heavy on folks’ minds.

Forty-nine percent of overall respondents said they don’t have enough savings for an emergency situation, and 22% overall said they worry about paying their bills each month. Among Generation X, 49% said it was difficult to pay the monthly bills. Only 31% of Baby Boomers and 30% of Millennials said they had trouble meeting monthly expenses.

Asked if they carry credit card balances from month to month on a consistent basis, 58% of Generation Xers said they do. That’s significantly more than the 42% of Baby Boomers and 37% of Millennials who carry balances on a regular basis. Even paying the minimum payments on their credit cards was tougher for Generation X. Forty-four percent said they struggle to make the minimum payment, while a 23% of Baby Boomers and the same percentage of Millennials had trouble making their minimums.

Retirement worries

When it comes to retirement, running out of money is the biggest concern for all age groups, closely followed by affording healthcare. Other concerns were ability to maintain their standard of living, meeting monthly expenses, and not knowing how to spend free time. When asked to choose their two top concerns from a list, the breakdown looked like this:

  • Running out of money
  • Cost of healthcare
  • Maintaining standard of living
  • Health issues
  • Meeting monthly expenses
  • Finding ways to spend free time
  • Not leaving assets after death
  • Education expenses for children
  • Managing investments

More than 36% of Gen Xers think they will have to dip into retirement funds before they actually retire, and 30% say they have already done so.The PwC Employee Financial Wellness Survey tracked the views of more than 1,600 adults who work full-time.

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