Gen Xers Want ‘Honest Conversations’ with Parents on Finances
As Gen Xers prepare for retirement, manage day-to-day finances, and bear the weight of caregiving responsibilities, many are feeling burnt out.
A survey of 2,009 U.S. adults between 40 to 60 years old from Finance of America, a modern retirement solutions platform, found that one-third of those in Generation X describe feeling emotionally, physically, and financially strained as they balance competing priorities.
Broken down by gender, men were likelier to feel greater financial pressure while women were inclined to bear the emotional and physical stress from caregiving.
The research notes that while caring for children requires additional time spent compared to parents, the emotional, physical, and financial toll is the same or even greater. Eighty-six percent of survey respondents reported feeling emotionally exhausted while caring for parents, up from 79% in 2022, and 80% are physically exhausted by the impact, an increase from 71% three years ago. Sixty-nine percent are financially exhausted, up from 64% in 2022.
“The emotional and financial strain of caring for parents and children at the same time is real—and growing. Macroeconomic pressures such as inflation have placed increased pressure on sandwich caregivers during their peak earning years,” said Kristen Sieffert, president at Finance of America, in a statement. “But amid that strain, there are steps caregivers can take to alleviate stress and set a path forward.”
This includes having honest conversations with family members about finances, the report states. Only 39% of respondents say they’ve discussed their parents’ current and future financial needs within the past year, likely because 26% of respondents’ parents hadn’t “planned on living this long,” according to the findings.
However, if adult kids were to have these discussions with their parents, 60% say they would feel less overwhelmed, 63% would worry less, and 84% say it would “help their family focus on what matters most.”
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.