How Gen X Manages Money: Graphs and Stats

One-third of Gen Xers are worried about how to cover unexpected expenses. In fact, 72% say they have cut items from their budget to save money. 

Financial providers can help ease the stress of managing money with intelligent tools and data-driven, personalized insights that enable Gen Xers to build financial strength and help them reach their goals. Check out this collection of MX’s top statistics, graphs, and trends on how this generation approaches finances. 

In this post, you’ll find stats and graphics related to: 

• Gen X Attitudes on Finances
• Gen X Approach to Money Management
• Gen X-pectations of Financial Providers

Want to learn more about how different generations of consumers approach their finances? Check out our companion blogs on Millennials and Gen Z. 

Gen X Attitudes on Finances

• 22% of Gen Xers say their top financial goal for 2024 is paying off credit card debt. (How to Keep Consumers From Breaking Up with Banks, 2024):

• One-third of Gen X consumers say they are worried about how to cover unexpected expenses while 14% say they don’t always have enough to pay for everyday necessities. (What is Financial Wellness?, 2023) 

• 65% of U.S. consumers have cut items from their budget to save money. This is highest among Gen X at 72%. (What is Financial Wellness?, 2023) 

• Gen X (58%) respondents were more likely to say money is their primary source of stress compared to Baby Boomers (36%) and Gen Z (45%). (Consumer Money Matters, 2022)

• When asked what type of financial products they currently use, 31% of Gen X respondents say they have a cryptocurrency account, compared to 22% of all respondents. (Consumer Research on Digital and Mobile Banking, 2022)

Gen X Approach to Money Management

• 32% of Gen X consumers say they do not have a credit card. This is the generation most likely not to have one. (How to Drive Engagement When Consumers Refuse to Change, 2024)

• 27% of Gen X consumers would add a personal checking account (Pay by Bank) as a payment method for online retailers where they shop frequently, compared to 45% of Gen Z, 41% of Millennials, and 22% of Baby Boomers. (Consumer Money Matters, 2022)

• 50% of Gen Xers said they would never add a personal checking account as an online payment method. (Consumer Money Matters, 2022)

• Only 29% of Gen X set up automatic payments with each provider compared to 42% of Gen Z and 41% of Millennials. (How to Drive Engagement When Consumers Refuse to Change, 2024)

• 41% of consumers are carrying a balance month-to-month on their credit cards. This is highest among Gen Xers (48%).  (What is Financial Wellness?, 2023) 

• Across generations, we asked what statement most closely aligns with their current perspective on applying for loans. The largest portion of Gen X and Baby Boomers align with the statement that loans are necessary for larger purchases such as a home or vehicle.  (What is Financial Wellness?, 2023)

• When asked how they currently track and manage their finances, most consumers (45%) say they only check their finances through their financial accounts. This is even higher among older generations — 56% of Gen X and 48% of Baby Boomers. (What is Financial Wellness?, 2023) 

• 43% of Gen X consumers are performing finance-related tasks using a mobile app at least once a day, with nearly half (49%) that have 3 or more finance-related mobile apps. (What is Financial Wellness?, 2023) 

• Finance apps used most often? For Gen X and Baby Boomers, banking apps are the most used. (What is Financial Wellness?, 2023)

• 77% of U.S. consumers believe an individual can have more than one primary financial relationship — and more than 80% of Gen X and Baby Boomers believe it. (How to Keep Consumers From Breaking Up with Banks, 2024) 

Gen X-pectations of Financial Providers

• 47% of Gen X respondents believe financial providers have a responsibility to teach them to be financially strong. (A Time for Trust)

• 72% of all respondents prefer to manage all their finances online or through a mobile app. Among Gen X, this is only slightly lower at 71%. Percentage of consumers who view of manage financial accounts via mobile app (Consumer Research on Digital and Mobile Banking, 2022): 

• When asked what they would do if their preferred bank or credit union did not support connecting to their favorite fintech apps, 75% of Gen X respondents said they would seek out a different bank or credit union that could connect. (Consumer Research on Digital and Mobile Banking, 2022)

• When it comes to what consumers most want to help them manage financial accounts online or through a mobile app, here are the features that rose to the Top 3 most often for Gen X (What Consumers Really Want from their Financial Providers, 2022): 
• 41% order a personalized card
• 29% open new accounts online
• 29% instantly issued virtual cards
• 25% integration with digital wallets like Apple Pay or Google Pay
• 25% connect outside financial accounts so they can see all financial data in one place

• The top features Gen X want most when it comes to the security and control of their financial accounts are (What Consumers Really Want from their Financial Providers, 2022): 
• 40% biometric login options
• 36% ability to download your financial data
• 31% required multi-factor authentication
• 29% ability to restrict transactions above a certain amount
• 28% ability to restrict transactions at specific vendors or locations

• Here are the features Gen X respondents most want for financial wellness (What Consumers Really Want from their Financial Providers, 2022):
• 36% educational programs to teach you how to become financially stronger
• 31% automated insights created based on financial data
• 29% debt repayment tools like calculators to estimate how much time it will take to save money / pay off debt
• 25% personalized recommendations on where you can make changes to improve finances
• 23% automatic savings options, such as rounding up to the nearest dollar on purchases and depositing in savings

• Importance of digital or mobile banking capabilities by generation (What Consumers Really Want from their Financial Providers, 2022):