Gen X earns more than ever so why do they feel broke?

Earning more than ever but still feeling broke? Gen X is being squeezed by kids, ageing parents and impending retirement, and something has to give. Here are three ways they can regain financial control.

Does any of this sound familiar? You're earning more than ever yet still wonder where the money goes.

For many Gen X Australians, their 40s and 50s are expensive years.

There may be a mortgage, children at school or university, adult kids hoping for help with a home deposit and ageing parents who need support. You may also be at the busiest point of your career.

Retirement suddenly feels much closer, but you still want time and money to enjoy life now.

Our 2026 Value of an Adviser research found Gen X was the least confident generation about achieving their long-term financial goals.

Only 15% said they were extremely confident, compared with 24% of Baby Boomers, 28% of Millennials and 43% of Gen Z.

Similarly, among Gen X Australians with a financial adviser, feeling less overwhelmed when planning for the future was the least strongly endorsed emotional benefit of advice, with 16% strongly agreeing, compared with 31% of advised Australians overall. Many are doing well on paper.

Almost 40% of Gen X respondents earn more than $200,000 a year, but the data shows us that a good income can still feel stretched when several generations are drawing on it at once.

As one adviser told us: "A lot of our clients are in that sandwich generation. They're trying to get themselves to retirement, helping kids into property and at the same time dealing with ageing parents. The conversation becomes: 'How do we look after everyone?'"

There may be no perfect answer, but there are ways to make the decisions easier.

1. Decide what matters most

For many Gen X households, peak earning years are also peak spending years. That makes prioritising essential.

Write down the big things competing for your money: mortgage, retirement, children, parents, savings and the things you want to enjoy yourself. Then put them in order.

This will help ensure you are covering your essential spending.

You may want to help your children and parents, but you also need to protect your own future.

Decide what you definitely want to fund, where you have flexibility and what could wait. Mapping out these priorities will outline your capacity to help both sides of the "sandwich" and what that looks like in tangible terms.

2. Sort out the family money conversations early

A lot of family financial stress comes from things nobody has quite talked about and the problems those unspoken assumptions can create within your family.

Parents may assume their children will help. Adult children may assume Mum and Dad will contribute to a home deposit. Siblings may assume someone else will step in.

Those assumptions can quickly become financial commitments that you have not budgeted for.

Ask your parents whether their wills and powers of attorney are up to date, where they keep important financial information and what they would want if they needed more care.

You should also talk to siblings about who could help with what and what role you can play.

Do the same with your children. If you plan to contribute to university costs, a wedding or a home deposit, decide what you can realistically afford and when. It is always better to be upfront than wait for a difficult conversation to arise.

These conversations are much harder in emotional times when illness, a care decision or a property deadline forces everyone to act quickly, so it helps to be prepared.

3. Get help joining the dots

Helping a child with a deposit may be affordable. So might cutting back work to help a parent.

The problem comes when several reasonable decisions land on the same financial plan in quick succession.

A financial adviser can model different scenarios and show how one choice affects the rest of your finances before you commit.

This modelling is one of the key ways an adviser can support your financial journey.

As one adviser put it: "Most of our clients are paying for peace of mind and clarity."

Good advice should help you understand the choices and trade-offs, so you can make decisions with your eyes open.

You may still be the person everyone turns to, but knowing what you can afford to give, what you need to protect and where your limits are can make that role easier to carry.

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