accent graphic
accent graphic
Back to Blog

How Gen X Manages Money: Graphs and Stats

June 21, 2024|0 min read
linkedin iconfacebook iconx iconlink icon



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: 

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

6a0ded97 Fb78 4324 8dcc 218f5123fe60

  • 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
  • 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)

Gen X Approach to Money Management

  • 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)

B9d1fb52 D721 49f8 951c 47a7575f85d9

C23c17a0 D52a 40d9 92fa 60c7ad2ec9fa

  • 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)

F796deec Df6c 4c74 A840 3ca55b9f9714

  • 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

Fee5413c Dc1b 47f3 9d3e C78e1d2556d4

Bd72734e 7aff 407f B394 B5ba3867b4ba

560277c8 8029 4658 B78b Db995970b6bc

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): 

Customer Percentage

  • 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

8131d610 47d0 4d5b A9d9 E476d7d46426

  • 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

Da602d9f 406f 4372 B82f 1ec11c3bee96

  • 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

Dd0d1eba F10e 4c31 B1a2 E10218f3b4c6

3d566ea3 B7b5 443a B306 9efdfecb9c63

B68bc0e0 2a0a 4b82 93b8 Ced28342b042

D8b5b530 Ca6f 46a6 Ac46 8d1a5ab0b9d2

Related Blog Posts
accent graphic