(Fortune) - Inflation has been wreaking havoc on just about everyone’s budget. But as Gen X inches closer to retirement, they’re “significantly” more concerned about rising prices than millennials or Baby Boomers, a recent survey finds.
Some 88% of Gen Xers reported concern about rising inflation in June 2022, compared to 72% of millennials and 70% of Boomers, according to State Street Global Advisors’s recent Inflation Impact Survey, which asked 243 American adults with investable assets of $250,000 or more how inflation has been influencing their spending, saving, and investing behaviors. Because of the small sample size, only data on those three generations was published.
Inflation has been running hot for the past year. While it showed signs of cooling slightly last month, the Consumer Price Index was still up 8.5% compared to July 2021. The Federal Reserve has instituted multiple rate hikes to try to reign in prices, but they keep climbing, breaking budgets across the country.
By Alicia Adamczyk
August 27, 2022
