let's ease up on boomers and millennials, Gen X sucks with money too

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What is striking to us is that rather than getting better, it’s gotten worse for Gen Xers,” said Paul Kelash, vice president of consumer insights at Allianz Life.

“When you look at the improving stock market, the stronger economy, low interest rates and the stronger housing market, we would have thought that their financial situation would have been better than what we saw the last time we studied this group in 2014,” he said.

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Total non-mortgage debt — credit card and student loan — has increased 15 percent for Gen X since 2014 from an average $20,000 in 2014 to $23,000 in 2017. And more Gen Xers admit to paying off only a partial amount of their credit card debt each month, up from 46 percent in 2014 to 49 percent in 2017.

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More than four in 10, or 42 percent, also believe that going into debt to handle day-to-day purchases is “just a fact of life.”

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The study showed that the single most indebted birth cohort in the nation at that time were 44-year-olds, who owed on average $142,077 — most of which was mortgage debt. Gen X also is more in debt than previous generations when they were the same age. The average household debt of baby boomers was $88,553, adjusted for inflation, when they would have been age 44.

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