Why Gen X Faces Financial Frustration Today

Gen X, aged 44-59, is facing significant financial challenges despite having the highest income among generations. A Philadelphia Fed survey reveals that many are struggling with high debt, cutting back on discretionary and essential spending, and taking on additional work to cope with the cost of living. Unlike millennials who have benefited from recent wealth booms, or baby boomers with pensions, Gen X is caught in a 'sandwich' phase, supporting both children and elderly parents, which exacerbates their financial strain.