The average amount owed by people in that cohort is $7,004, according to a new report from New York Life. That compares with $6,785 for baby boomers, $5,928 for millennials and $2,876 for Gen Zers.
“I think Gen Xers can be especially squeezed by credit card debt because they’re living expensive years right now,” said Ted Rossman, senior industry analyst for CreditCards.com. Research from CreditCards.com also shows more members of Gen X (77%) have any type of personal debt compared with other age groups.
“They might be sandwiched between caring for elderly parents and raising their own kids – maybe even putting them through college,” Rossman said.
The New York Life study, based on a survey conducted in December among 4,410 U.S. adults, defines baby boomers as people ages 59 to 77; Gen Xers, ages 43 to 58; millennials, ages 27 to 42; and Gen Z as age 11 to 26.