Sign-up for our newsletter and join us on our mission to save as much money as possible!
Millennials get a terribly bad rap for their handling of money. And while it’s largely deserved (most don’t even have the savings to cover a $1,000 money emergency) they are actually not the worst when it comes to money. The award for the generation that is carrying the most debt actually goes to — wait for it — Gen-X’ers.
Experian recently did a review of American debt, and found that Gen-X is fairing particularly badly when it comes to both their debt load and their credit scores. For instance, they are carrying the most debt in ever single category except for personal loans — that includes credit cards, student loans, and auto loans.
The average FICO score of Generation X is also lower than the national average by 14 points — sitting at a not so pretty 687. That’s a whopping 45 points lower than the average baby boomer’s score.
And how much more debt is Gen X carrying, you ask? At age 44, the average American has a total average debt balance of $138,916 – about 50% more than the national average of $93,446.
All of which leads us to say: Gen X, get it together.
OK, we don’t actually mean to be that harsh, there are some very real reasons for this among them that Gen X suffered the most from the 2008 recession, that their age puts them right smack dab in the middle of raising a family (not easy on a person’s wallet), and they are largely considered to be the first generation dealing with the rising costs of education in a very real way.
So, consider this a cautionary tale millennials and save as much as you can.
Feature Image: Adam Katz Sinding/Le 21ème
We aren’t done helping you make and save money! Swipe for lot’s of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you.
Sign-up for our Newsletter and get The Money Manual’s proven money making and saving tips and tricks directly in your inbox.
Like us on Facebook so you never miss a single hack for making and saving money ever again.
In need of some daily motivation to get your finances on track (who isn’t)?
Follow us on Instagram.Follow on Instagram
Join our community “Let’s Talk About Debt” for support and expert help around all things debt.
Subscribe to our YouTube channel for money saving app reviews brought to you by our editors.