How Much Does the Average Gen Xer Have in Savings?

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Generation X spans Americans ages 44 to 59 in 2024, so while some members of this generation are now starting to enjoy their peak earning years, others are looking ahead to a not-so-distant retirement. In addition to being in a wide range of life phases, this generation also ranges widely in its financial standing. A recent report found that Gen X has the largest wealth gap of any generation.

This gap is reflected in this generation’s savings account balances — members of Gen X are just as likely to have between $101 and $500 in their savings accounts as they are to have over $10,000, a recent GOBankingRates survey found.

Here’s a closer look at how much Gen X has in their savings accounts.

Generation X’s Savings Account Balances

The largest proportion of Gen X has less than $100 in their savings accounts, with 36% of Gen X reporting a balance of $100 or less. This is in line with the overall survey results — 36% of all Americans report having $100 or less in savings.

Here’s a closer look at the proportion of Gen X with the following savings account balances:

• $100 or less: 36%
• $101 to $500: 15%
• $501 to $1,000: 9%
• $1,001 to $2,000: 10%
• $2,001 to $5,000: 7%
• $5,001 to $10,000: 7%
• $10,000 or more: 15%

What Gen X Can Do To Build Savings

The majority of Gen X (51%) has $500 or less in their savings accounts. One reason this generation could be struggling financially is that they are often responsible for providing financial support for both children and aging parents. Pam Krueger, founder of Wealthramp, said that now is the time for this generation to start putting their own finances first.

“There’s this big shift in life at this time, because, hopefully, you’re going to be an empty nester, and so your priorities with your money have to shift back to you,” she said. “You’ve got to take care of yourself, because you’ve been taking care of your kids and you may have the strain of having parents needing help, too.”

To be able to prioritize your own savings, you should be willing to have some tough conversations with family members.

“Start talking about money with your family,” Krueger said. “Let’s not make this such a taboo topic. Look at what you’re trying to accomplish together and how you can work together to cut spending.”

You may also want to seek professional guidance.

“You can look with your own eyes, but isn’t it better to get some fresh eyes?,” she said. “[Financial planners] are able to see things that you may not even see, whether it’s taxes, spending or cash flow. That’s going to help you make big decisions.”

Methodology: GOBankingRates surveyed 1,063 Americans ages 18 and older from across the country between Nov. 27 and Nov. 29, 2023, asking 22 different questions: (1) What category best describes your current financial institution?; (2) Have you considered changing banks within the past year?; (3) If you have considered changing banks in the past year, were any of the following factors? (Select all that apply); (4) Which feature, perk or other offering is most important to you when opening an account with a new institution?; (5) Are you currently satisfied with all your banking products and services offered by your bank/credit union?; (6) Would you ever have different types of accounts across multiple banks?; (7) What is your most preferred method of banking?; (8) Which of the following is the biggest factor of you staying with your current bank?; (9) Which of the following bank accounts do you currently use/have open? (Select all that apply); (10) How much is the minimum balance you keep in your checking account?; (11) How much do you currently have in your savings account?; (12) What amount of a sign-up bonus would make you consider switching banks?; (13) Have you considered using any app-only banking platforms (aka neobanks) in the past year?; (14) How important is it to you for your bank to be affiliated with a crypto exchange/platform?; (15) In the past year, how often have you written a physical check?; (16) When was the last time you visited your bank in person?; (17) Why would you choose to visit your bank in person? (Select all that apply); (18) Have you had an overdraft on your checking account in the past year?; (19) How much do you trust your current bank to act in your best interest?; (20) How much do you trust your current bank to protect your private information?; (21) Do you trust regional banks more than national banks?; and (22) How much cash do you keep at home? GOBankingRates used PureSpectrum’s survey platform to conduct the poll.

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