Gen X is the most indebted generation in America. Their employers can fix that
Generation X is the most indebted generation in America, burdened by student loans, parenting, and elder care expenses, which impacts their retirement savings and overall financial well-being. Employers can help by offering programs that match student loan payments with 401(k) contributions, improving employee productivity and loyalty. Abbott's Freedom 2 Save program and the SECURE 2.0 Act are examples of initiatives enabling employers to support employees' financial health.
- ▪Gen Xers have the highest student loan balances, averaging over $38,000 in 2025, more than Millennials and Gen Z borrowers.
- ▪Only 16% of Gen Xers feel they have enough saved for retirement, and 40% have nothing saved at all, according to a 2023 study.
- ▪Abbott's Freedom 2 Save program has contributed over $10 million to employees’ 401(k)s while they paid off $16 million in student loans.
- ▪The SECURE 2.0 Act, effective in 2024, allows employers to match student loan payments with 401(k) contributions, encouraging more companies to adopt similar programs.
- ▪Nearly two-thirds of employers now offer or plan to offer some form of student loan assistance to improve financial wellness and employee retention.
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Generation X is quietly drowning in debt.Recommended Video Often called the “sandwich generation,” these 40- and 50-somethings are financially squeezed by the burden of caring for their aging Baby Boomer and Silent Generation parents and simultaneously covering their Gen Z children’s college tuition, all while still paying off their own mortgages, credit cards, and particularly student loans. Gen Xers are by far the most indebted group of Americans, in large part because they have some of the highest student loan balances.
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