Gen X women: Eat the elephant ... one bite at a time

When it comes to money, Gen X women are struggling.

According to our recent survey, many Gen X women:

• Aren’t prepared to cover their future financial needs
• Are worried that they won’t have enough for retirement
• Don’t have as much saved as younger women

One of the reasons that Gen X women – born between 1965 and 1980 – are struggling is that many are now part of the “sandwich generation.” They are facing multiple pressures: raising children or helping their adult children pay for college; helping an aging parent (or parents); paying their own debts – all while worrying about saving for their own retirement in the midst of skyrocketing inflation.

Others may just be late to the game. When they were younger, retirement seemed so far away. But for some, it’s just a handful of years away.

On the flip side, younger women (born after 1981) are highly confident they will be able to retire when they’re ready and were more likely to invest money they saved during the pandemic than older women. Many (43%) consider themselves wealthy.

The difference here, I believe, is that knowledge is power. Younger women have had access to educational content their whole lives: websites, podcasts, videos, seminars. Older women – Gen X and boomer women – did not grow up with that. If we wanted to learn more about balancing a budget or investing for retirement, we had to ask a friend or family member or seek out the information in a book or a class. Information now is available to everyone, and it’s very anonymous. You don’t have to admit to anyone you don’t understand something or that something confuses you. It’s easy now to educate yourself, and many younger women are discovering that managing their finances is empowering.

The good news is, it’s not too late for Gen X women. My first tip would be to take charge of your finances: listen to money podcasts, attend a seminar to help with budgeting, saving and managing your debts. Anything and everything that will help you become confident and excited about managing your money.

Second, even if you haven’t invested as much as you’d like (or as much as you think you’ll need) for retirement, there’s still time to start investing (or to invest more). If you work for a company that offers a retirement plan, contribute enough to get the maximum match. Even if you can’t save a lot of money, a little is better than nothing. Eat the elephant one bite at a time!?

And lastly, don’t be afraid to find a financial advisor who can help you with setting goals and investing. You can also research a digital option (app or website) that can help if you’d rather go it on your own.?