Gen Xers limit spending due to inflation but saving for retirement.
By The Exchange Team
As Generation X approaches retirement age, inflation appears to be affecting them more than other people.
Gen Xers (ages 42 to 57) are more worried about the economic outlook of Country than millennials and baby boomers.
As per a recent Research, they're also worried about preserving their level of living, retiring on schedule, and affording retirement expenses.
The study analysed survey results from 243 persons with $250,000+ in investable assets. +/-5% error margin.
While inflation appeared to be slowing in July, the Consumer Price Index(CPI) was up 8.5% from last year.
The Federal Reserve has raised key interest rates multiple times this year in a bid to reduce inflation, and another increase is predicted next month.
Higher-than-normal inflation rate has driven Gen Xers(61%) to cut back on expenses like dining out. For millennials, it's 37% and for boomers, 54%.