11 Things Gen X Parents Wish Their Adult Children Knew About Money That They Learned Too Late
Inside Creative House / Shutterstock I’ve always wondered why we didn’t learn more about finances in school. It’s something we are often thrown into the world without knowing too much about.
As an adult child of Gen X parents, I felt unsure how to balance my finances when I moved out, and I realized that my parents didn’t seem to have much knowledge until later in life as well. Growing up, we never talked about finances. Now, I see that it may be because my parents were figuring it out as they went. I’ve noticed that they are doing better now and are starting to give me advice. Gen Xers grew up in a difficult economy. They’ve been through highs and major lows. From recessions to market crashes, it may have taken a while for them to find their footing with money. Now, they’re wishing their children would understand these important lessons they learned too late.
11 things Gen X parents wish their adult children knew about money that they learned too late
1. Investing is important
iJeab via Canva
Investing hasn’t come easily for Gen X. They came of age during a difficult economy, and while things improved, they quickly crashed. The market crash and recession from 2007 to 2009 made it difficult for them to invest. For many, they lost everything during this time. Surviving was the most important thing, not turning an income from investments. However, they want their children to learn from what happened to them.
Investing young can be important, and parents who struggled to do so themselves may encourage their adult children to do so. Their impact may be working. A survey found that younger generations, like Gen Z and millennials, are more interested in investing than Gen X. While they may be investing now, they likely wish they had started earlier, but were met with bad luck.
2. Expenses add up over time
This may sound like common sense, but Gen X has a unique experience with how quickly expenses add up. They’ve been through many economic changes. While things may have been more affordable when they were growing up, things have only gotten more expensive over the years. They’ve endured inflation, tariffs, and other societal factors that have driven up the cost of living. A recent survey found that they are still feeling the impacts harder than any other generation. They are spending less as prices rise, while other generations are far behind.
Gen X knows it’s important to remind their children that the cost of living is high and only getting higher. They have seen the economy change quickly and drastically, and wish their children could learn this lesson sooner than they did.
3. Debt can feel overwhelming
I’ll be vulnerable here. I racked up debt as soon as I opened a credit card. When I was younger, the money charged to a credit card felt fake. Yes, I know that sounds ridiculous now, but at the moment, I was just happy to pull it out and spend money. Growing up, I heard my parents talk about debt. I thought it was part of life, and didn’t really limit my spending. Do I wish I did now? Oh, absolutely.
Gen Xers may have been forced to take out loans or excessive credit lines to stay afloat during difficult times. They have the most debt of any generation. After years of being caught up in debt, they may wish they had never opened up these credit cards. Whether they filed for bankruptcy or worked hard to pay it off, they don’t want to see their adult children follow in their footsteps.
4. Interest is no joke
Along with their high debt likely came a whole lot of interest. Interest is what makes paying off debt nearly impossible. If you have student loans, you know this is especially true. Gen Xers who went into debt and felt the effects of high interest rates likely wanted their adult children to avoid these loans. However, for many of us, it wasn’t an option. Now, they’re watching their adult children struggle to pay off interest the same way they did, but at a higher level.
Student loans can feel suffocating. It’s taking a toll on the mental health of borrowers. Likely, Gen Xers wished they could have taught their children to avoid these high interest rates, something they learned too late.
5. A paycheck doesn't ensure financial security
AndreyPopov from Getty Images via Canva
It’s horrible, but for most people, their paycheck doesn’t grant them financial security. The cost of living is so high, and wages are staying stagnant. We either know or are someone who works multiple jobs to keep their head above water. While they are earning money, it’s not always enough to ensure financial security. Gen Xers learned this lesson over time and wished their children had a clear idea of how difficult this can be.
The job market is constantly changing, and the cost of living can feel unbearable at times. Gen Xers know that you need to be mindful of spending and keep your affairs in order to ensure financial security. Relying on a paycheck isn’t enough.
6. Housing isn’t guaranteed
It’s tragic to see how housing has become unattainable for many people. Gen Xers are no strangers to this. When the recession hit, they may have lost their homes. Foreclosures were common, and many people lost everything they had. Now that I’m an adult, I realize how difficult it is to find a place to live.
Gen Xers may have learned this lesson too late, but they’re trying to get their adult children to understand. Sadly, millennials and Gen Z are not buying homes. The first-time home buyer rate is at a historic low, leaving these generations stuck in a cycle of renting or living with their parents.
7. Spending should be intentional
I’ll be the first to say that shopping is fun. Sometimes, my spending can get a bit out of hand. If anyone can understand that, it’s my Gen X mom. She figured it out that spending should be intentional and probably wishes I’d come to terms with that, too. Gen X may have used their lines of credit to shop until they dropped when they were younger, but now understand the importance of intentional spending.
Gen Xers are likely watching their adult children chase trends and spending money doing so. They may know how this feels, which is why they wish they could convince them to spend money on what they need more than on what they want.
8. Your time is valuable
How often have you heard the phrase ‘Time is money.’ If anyone knows the truth behind that statement, it’s Gen X. They’ve spent countless hours working, often for lower wages than they should be receiving. Likely, they grew up doing unpaid labor. Whether it was taking care of their younger siblings after school while their parents were at work, or taking unpaid internships to get their foot in the door, they’ve paid their dues. However, their dues haven’t always been paid back. Now, they want their kids to know that time is money, and it’s expensive.
Their adult children are likely in the same situation. They are devoting their time and energy to things that aren’t paying off. They’re not seeing financial benefits, and they wish they would.
9. Know where your money is going
Sorapop Udomsri from Sorapop Udomsri via Canva
I do not keep an eye on what’s going on in my bank account. I know, that sounds horrible. As long as I am not in the negative, I’m not going to scroll through each charge. Could I be getting scammed? Am I being overcharged for things? I could be. Gen Xers came of age during the change from mostly cash-based purchases to credit and debt. Now, they’re wishing their adult children would keep an eye on their bank accounts.
They’ve been scammed, overcharged, and underpaid at some point in their lives. They have also done their own mindless spending. They want their adult children to keep tabs on where their money is going, as they may have learned this lesson a bit too late.
10. Prepare for retirement
Gen X is the least prepared generation for retirement. Some economists are calling it a retirement crisis, as they don’t have the savings to stop working. It’s not their fault, however. As the ‘sandwich generation,’ Gen Xers are in a unique spot. They may be caregivers for both their own children and their aging parents. Supporting so many people can keep them from retiring.
Knowing an end may not be in sight for them, Gen Xers likely want their children to focus on saving for retirement at a young age. Often, we’re focused on the present day rather than the future. This is a lesson they may hope to instill in their children to grant them a better financial future.
11. Financial literacy is a necessity
Financial literacy teaches you how to manage your money wisely. From what to invest in to when to save money for the future, this is a skill that goes a long way in life. Gen Xers may not have learned it soon enough. Focused on surviving economic crises, they may not have had time to focus on the ins and outs of smart finances. They want more for their own children.
Financial literacy can allow people to achieve success and stability. Growing up, they may not have experienced this. They want their children to learn this skill before it’s too late.
Haley Van Horn is a freelance writer with a master’s degree in Humanities, living in Los Angeles. Her focus includes entertainment and lifestyle stories.
