NEW YORK—It is not just Millennials who are struggling with credit, as recent studies have revealed, now a new report reveals Generation X may be struggling the most.
The average amount owed by Gen X’ers is $7,004, according to a new report from New York Life.
“That compares with $6,785 for Baby Boomers, $5,928 for Millennials and $2,876 for Gen Zers,” CNBC reported in its analysis.
Added Ted Rossman, senior industry analyst for CreditCards.com, “I think Gen Xers can be especially squeezed by credit card debt because they’re living expensive years right now.”
Research from CreditCards.com also shows more members of Gen X (77%) have any type of personal debt compared with other age groups, CNBC said.
Financial Pressure Sandwich
“They might be sandwiched between caring for elderly parents and raising their own kids – maybe even putting them through college,” Rossman said.
The New York Life study, based on a survey conducted in December among 4,410 U.S. adults, defines Baby Boomers as people ages 59 to 77; Gen Xers, ages 43 to 58; Millennials, ages 27 to 42; and Gen Z as age 11 to 26.
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