3+ reasons Gen X should consider crypto

There are many reasons Gen X should consider crypto investing to help alleviate some of its financial challenges. Often called “The Forgotten Generation,” Gen X (between 41 and 56 years old) faces the challenges of debt, caregiving costs, fears about social security, and work-life balance that affect their mental health. 

So how can crypto investments help these challenges? Let’s find out! 

3+ reasons Gen X should consider crypto

1. High debt

Gen X has the most debt compared to any other generation: an average amount of $37,000, not including mortgages. And as the primary earners in their families, it is up to them to pay off this debt. So what can crypto do to help solve this situation? 

One way is crypto-backed loans, which allow an investor to borrow against their crypto without selling it. Another consideration is that DeFi services make it easier to access important financial services like loans. If someone’s debt has resulted in a bad credit score, a traditional bank might turn them away. However, crypto is open to anyone.

2. Caregiving costs

Many Gen Xers are beginning to worry about elder care for their parents on top of caring for children. Gen X should consider crypto and blockchain technology to help alleviate some of these expenses. 

First, it’s always an option to take out a crypto-backed loan, or participate in crypto staking or lending to make some passive income on your crypto. More indirectly, blockchain technology can be used in healthcare to lower hospital costs. In fact, several crypto healthcare projects are going on right now that aim to make healthcare more affordable.

3. Lack of work-life balance

Despite growing up as “The Forgotten Generation,” Gen X now finds itself as the center of support for both their elderly parents and young adult children. This has resulted in a poor work-life balance. 

Crypto can help with this through crypto lending and staking to generate a passive income. These function somewhat like savings accounts that allow the account holder to earn free crypto. 

Generating a passive income through these methods can help alleviate financial concerns at least a little bit, and create more peace of mind knowing that there is an income stream to fall back on in an emergency.

4. Fear of not having social security when they retire

81% of Gen Xers fear they won’t have social security by the time they retire. While Gen X shouldn’t put all their retirement savings into crypto, adding crypto investments to their portfolio can help them have some form of income if their social security benefits are cut. 

It’s true that crypto is volatile and hasn’t been around as long as traditional stocks. However, the Social Security program is facing its own challenges that could jeopardize the program and affect benefits for future generations. 

What Gen X has to look forward to

It’s not all bad for Gen X. There is still a lot to look forward to! First, despite having the most debt, Gen X also has the highest income. And since they’re still in the prime of their careers, this means they have time to pay down their debts and accrue wealth with the right financial decisions. 

Gen X will also occupy more positions of power across government and businesses, so they will have much more influence in shaping society in the near future. All this shows there is only a bright future ahead– and Gen X should consider crypto to help it stay secure!