While no generation of American workers is immune from financial stress, Gen X* workers are feeling particularly stressed about their financial future. This much seems clear from the results of the 2024 Financial Wellness in the Workplace Report, conducted by PNC Organizational Financial Wellness.

The purpose of the study was to understand how financial responsibilities are impacting both American workers and employers, and what employers can do to improve their workers’ financial wellness, with an eye to the different sentiments and challenges of a multigenerational workforce.

Here are five findings from the survey that shed light on some of the most pressing financial concerns of Gen X workers:

  1. Seven in 10 U.S. workers surveyed said they stress about personal finances. While Gen Z is the most stressed, at 76%, Gen X is not far behind, with 72% of workers saying they feel very or somewhat stressed. Among all surveyed workers, 68% said the stress impacts their mental health, and 51% said it impacts their physical health.
  2. When asked how they feel financially compared to how they felt last year, 35% of Gen X workers said they feel better, ranking ahead of their Gen Z and Millennial counterparts. 
  3. Saving for retirement ranked highest among top financial goals for Gen X workers, with 70% ranking it as a higher priority than building an emergency fund, improving their credit rating, paying off credit card debt, purchasing a car, or saving for vacation. Among all surveyed workers, retirement plans topped the list of most used and desired benefits at 80%, followed by health insurance at 78%, and retirement matching at 71%.
  4. Debt was a concern for all participants, particularly credit card debt. Among Gen X participants, 58% indicated credit card debt is an issue, as compared with 45% of the Boomer generation, 46% of Gen Z, and 54% of Millennials. Gen X was also the least likely generation to have no debt, at only 11%.
  5. Gen X workers surveyed were the least likely generation to have worked with a financial planner, at only 26%. As for rationale, 53% of Gen X workers said they didn’t have enough money to use one, and 50% said it costs too much. But according to PNC Asset Management Group Chief Investment Officer Amanda Agati, this reasoning may be rooted in misconceptions, as the benefits of working with a financial planner can far outweigh perceived downsides.

“Investing can be intimidating. There’s a lot of jargon and a lot of noise, with investors having wide open access to public markets, as well as a 24/7 news cycle that can make it difficult to understand what financial events are truly impactful on an individual level. But knowledge is power,” Agati said. “Financial professionals bring a wealth of experience with them, by virtue of having worked with a wide range of clients. They can help cut through the noise and craft a plan that is personalized to meet specific goals.”

She added that cost may not be as much of a factor as many people may think. “There is a cost to working with a professional, but it can vary widely depending on who you are working with, the types of investments and strategies employed, and how a plan is structured. Options can range from a passive, low-cost portfolio, to one that is highly active with more embedded expenses, or something in the middle. It’s important to understand the wide array of tools at your disposal and create a solution that fits your objectives.”

Webinar Replay: The Evolving Needs of the Multigenerational American Workforce

In the 2024 Financial Wellness in the Workplace: The Evolving Needs of the Multigenerational American Workforce webinar, PNC panelists offered in-depth discussion of survey results. A replay is available here.

Survey Methodology

The Financial Wellness in the Workplace Study 2024 was conducted in early 2024 and surveyed two different populations: U.S. employers and U.S. workers. The research was conducted in two phases. The qualitative phase included in-depth interviews, separately, with employers and workers in January 2024. The quantitative phase included separate online surveys with employers and workers between February and March 2024. The Employer Survey was conducted online with a national sample of 505 U.S. employers with 100+ workers and annual revenues of $5 million or more. The sampling error is +/- 4.4% at the 90% confidence level. The Workers Survey was conducted online with a national sample of 1,006 U.S. workers ages 21–69 who work full time at companies with 100+ workers. The sampling error is +/- 3.0% at the 90% confidence level. The study was conducted by Willow Research, a custom market research firm and certified woman-owned business.

Ready to Help

Through PNC Organizational Financial Wellness, employers can offer meaningful options that help attract, retain, and motivate talent, including bank-at-work programs, health savings accounts, student debt assistance, online financial education, retirement plan services, earned wage access, and personalized guidance for employees with complex banking needs. Learn more here.

*Gen X workers are defined as being born between 1965 and 1980.