Gen X Is Stuck in the Middle and Financially Squeezed. How One Financial Adviser Is Helping.

Gen X families, including affluent ones, face a hornet’s nest of financial challenges, from helping out their adult children to providing care for ageing parents to managing careers in a perilous job market.

Zach Mangels, a senior vice president at Wealthspire Advisors in San Rafael, Calif., estimates a quarter of his clients are in the Gen X demographic.

“Mortgage rates are higher, carrying costs are higher, educational costs are higher, groceries are higher, eldercare is higher—all of that stuff eats into cash flow. And even people with higher incomes are feeling that,” says Mangels, 40.

Barron’s Advisor spoke with Mangels about the financial challenges facing his Gen X clients, people between the ages of 46 and 61.

Mangels touched on how he creates short-term plans for clients concerned about career setbacks, why he recommends boundaries for Gen X parents who want to financially support adult kids, and how he guides clients with ageing parents.

How has financial planning for Gen X clients changed?

Typically, when you create a financial plan, you’re looking at long-range goals.

But now I look at more immediate needs because of the pressures Gen X families are dealing with.

For example, I see more clients whose children are coming back home after graduating from college, needing financial support for a much longer period of time than previous generations expected to receive.

How should help for adult children be structured?

If they need to support their child, I want to understand the nature of what the support will look like.

I have a client whose kids just graduated and whose majors don’t lend themselves to a high income right now.

They knew their kids would be coming back home after graduation and we talked about what the nature of their help would look like.

First we looked at their financial plan to see what kind of support they could provide and we defined the maximum amount.

Then we designed the support in a way that would be planned, explicit, and with purposeful boundaries.

That’s very important for the younger generation. Parents need to know how to help their kids without them becoming dependent.

The children need to have agency and to know they don’t have access to an unlimited piggy bank.

What was the plan?

The clients had a conversation with their kids about what to expect.

The kids could live rent-free for three years, with a small stipend, an amount that didn’t disincentivise them from looking for a job.

In this environment, entry-level jobs are increasingly hard to come by, but any job that moves you closer to a career you want is worth looking at. In this case, their daughter got a job as an assistant to a personal shopper, which was related to the direction she wanted to follow.

Do you help the parents practice what to say?

I didn’t provide a ton of details to the parents with what exactly to say. But I coached them on the basics—having a clear, purposeful, intentional conversation and getting buy-in from their kids.

How do you advise clients with ageing parents?

The cost of long-term care for seniors has increased dramatically.

One of the conversations I have with my clients is how they perceive their parents’ financial circumstances and to what degree they might have to provide a layer of financial support. My dad was in memory care for a few years and we paid maybe 15 grand a month.

My clients’ parents are usually relatively stable financially. But the most important issue is the use of the family residence to help provide support. A lot of people in California who have owned homes a long time have a lot of equity in those homes. That’s the ultimate backstop, the last line of defence.

What about the job market?

Gen X is also dealing with career and income volatility. We’ve seen all the headlines about tech layoffs and the rise of AI. A lot of my clients work in the tech industry.

The conversations I have more frequently focus on clients’ concerns about their ability to continue earning at the same level.

We look at diversifying their equity component more quickly, getting it out of company stock, especially for those in tech.

For example, some clients at Amazon have restricted stock units they can sell periodically. But now they’re selling those (Amazon) stocks and then deploying the [cash into other equities] more slowly.

We’re hearing about how quickly AI is going to change things. For people in software on the front lines, they’re pretty anxious about it.

Can you provide an example?

One client who works at Google told me he expected a lot of change with AI as the disruptive force.

A few companies will benefit, he feels. A lot won’t. So he’s actively selling his company shares.

Historically we would reinvest the proceeds as they’ve come in. But now he wants to slow that down. Hold cash a little bit longer and slowly deploy it.

His perception is that change is coming quickly. He doesn’t know what that will look like but it probably won’t be good.

In behavioural finance, we know you feel a loss much more significantly than you feel a gain. And he’s trying to avoid putting money in the market right before there is a big correction.

It sounds stressful.

It’s super stressful. And as we go into 2026, especially in the tech sector and among those with high incomes, I see a lot of anxiety.

I have another client who works in finance, but the nature of his job moves with economic cycles.

He was laid off at the start of Covid and he’s getting nervous again. It’s a “vibecession” that a lot of people are feeling right now.

How do you help someone worried about a job loss?

Over a year ago, we restructured where his investments are held, so that if he gets laid off and ends up spending his emergency fund, the next thing he’ll tap is a more conservative account we created.

It’s not that we took his overall asset allocation and made it more conservative. We just put more investments in this other account. It’s a matter of asset location and it gives him peace of mind knowing he has a fallback he can tap.

That strategy would be helpful for anybody today. The challenge is if you have accounts with a lot of capital gains.

Does multigenerational planning help?

My work with baby boomer clients often involves conversations about supporting their Gen X and older millennial children.

I’ve seen a lot of parents and grandparents of Gen Xers looking for ways to accelerate their generational wealth transfer, trying to provide assistance now when it’s more impactful on their kids’ lives.

For example, a baby boomer client was looking for ways to help her Gen X son, who is married with a child in middle school, but had started accumulating a lot of debt after he was laid off.

We worked together to model the level of support she could provide and how to structure the assistance so it wouldn’t impact her son’s sense of independence.

Ultimately, she decided on a one-time gift that would cover about six months of living expenses. I call this indirect Gen X planning.

Former New Hampshire Gov. Chris Sununu delivered a warning to Treasury Secretary Scott Bessent during a recent visit to Washington: Already-high airfares will surge if the war in Iran doesn’t end soon.

Sununu, a Republican who represents some of the biggest airlines as president of the industry group Airlines for America, has for weeks sounded the alarm to Trump administration officials about the economic fallout from high jet fuel prices. The war, Sununu has argued, must come to a close soon, or things will get worse.

Administration officials have gotten the message.

Privately, President Trump’s advisers are increasingly worried that Republicans will pay a political price for the rising fuel costs, according to people familiar with the matter. Many of those advisers are eager to end the war, hoping prices will begin to moderate before November’s midterm elections.

The fallout from the U.S.-Israeli attack in late February has slowed traffic through the Strait of Hormuz, a vital shipping lane, triggering a sharp increase in oil, gasoline and jet-fuel prices.

That means consumers are grappling with high costs ahead of the summer travel season, as they consider vacation plans.

Sixty-three per cent of Americans said they put a great deal or a good amount of blame on Trump for the increase in gas prices, according to a new poll conducted by NPR, PBS and Marist.

More than 8 in 10 Americans said struggles at the gas pump are putting strain on their finances.

Jet-fuel prices roughly doubled in a matter of weeks after the war began, and they have remained high. Airlines have said that will add billions of dollars of additional expenses this year, squeezing profit margins.

U.S. airlines spent more than $5 billion on fuel in March—up 30% from a year earlier, according to government data.

Carriers have been raising ticket prices, hoping to pass the cost along to consumers, and they are culling flights that will no longer make money at higher price levels.

In March, the price of a U.S. domestic round-trip economy ticket rose 21% from a year earlier to $570, according to Airlines Reporting Corp., which tracks travel-agency sales.

So far, airlines have said the higher fares haven’t deterred bookings and they are hoping to recoup more of the fuel-cost increases as the year goes on.

Earlier this week, Trump said the current price of oil is “a very small price to pay for getting rid of a nuclear weapon from people that are really mentally deranged.”

Secretary of State Marco Rubio told reporters that if Iran got a nuclear weapon, the country would have more leverage to keep the strait closed and “make our gas prices like $9 a gallon or $8 a gallon.”

Trump has taken steps in recent days to bring the war to an end. Late Tuesday, the president paused a plan to help guide trapped commercial ships out of the Strait of Hormuz, expressing optimism that a deal could be reached with Iran to end the conflict.

Crude oil prices fell below $100 a barrel on Wednesday, after reports that Iran and the U.S. are working with mediators on a one-page framework to restart negotiations aimed at ending the conflict and opening the strait.

Sununu said Trump administration officials are conscious of the economic fallout from the war: “They get it…and I think that’s why they’re trying to get through the war as fast as they can.”

But he cautioned that it could take months for prices to return to prewar levels.

“Ticket prices won’t go down immediately” after the strait is fully reopened, Sununu said. “You’re looking at elevated ticket prices through the summer and fall because it takes a while for the prices to go down.”

Since the initial U.S.-Israeli attack in late February, Sununu has met in Washington with National Economic Council Director Kevin Hassett, representatives from the Transportation Department and senior White House officials.

A White House official confirmed that Hassett and Sununu have discussed the effect of increased fuel prices on the airline industry. The official said the conversation touched on how the industry can mitigate the impact of high jet fuel prices on consumers.

“The president and his entire energy team anticipated these short-term disruptions to the global energy markets from Operation Epic Fury and had a plan prepared to mitigate these disruptions,” White House spokeswoman Taylor Rogers said, pointing to the administration’s decision to waive a century-old shipping law in a bid to lower the cost of moving oil.

Rogers said the administration is working with industry representatives to “address their concerns, explore potential actions, and inform the president’s policy decisions.”

A Treasury Department spokesman pointed to Bessent’s recent comments on Fox News that the U.S. economy remains strong despite price increases. The spokesman said Treasury officials have met with airline executives, who have reaffirmed strong ticket bookings.

“We’re cognizant that this short-term move up in prices is affecting the American people, but I am also confident, on the other side of this, prices will come down very quickly,” Bessent told Fox News on Monday.

The war has already contributed to one casualty in the industry: Spirit Airlines. Company representatives have said they were forced to close the airline because the sustained surge in jet-fuel prices derailed the company’s plan to emerge from chapter 11 bankruptcy.

The Trump administration and Spirit failed to come to an agreement for the company to receive a financial lifeline of as much as $500 million from the federal government.

Transportation Secretary Sean Duffy has argued that the Iran war wasn’t the cause of Spirit’s demise, pointing to the company’s past financial struggles, as well as the Biden administration’s decision to challenge a merger with JetBlue.

Other budget airlines have also turned to the federal government for help since the U.S.-Israeli attack. A group of budget airlines last month sought $2.5 billion in financial assistance to offset higher fuel costs, and they separately wrote to lawmakers asking for relief from certain ticket taxes.