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• Gen X is feeling the sting of inflation more than other generations.
• A new TransUnion study shows Gen X is planing the greatest cutbacks in discretionary spending.
• More than half of Gen Xers said their income wasn't matching the pace of rising prices.

With the Federal Reserve Bank holding interest rates steady, inflation worries continue to rise. And no group is feeling the pinch more than Generation X.

Sixty-four percent of Gen Xers have cut back on discretionary spending like dining out and travel in the last three months, the highest percentage of any generation, according to TransUnion's consumer pulse study published on June 12. TransUnion surveyed 3,000 adults between April 29 and May 8 in partnership with third-party research firm Dynata.

Overall, 84% of respondents cited inflation for everyday goods like groceries and gas as a top concern, a 5% increase from the same period in the previous year. Interest rate worries also climbed to 46%, up from 41% a year ago.

This inflation concern has many Americans believing that their paychecks are not keeping up with their costs of living. Gen X — who were born between 1965 and 1980 — is struggling the most, with 56% indicating their income isn't matching the pace of rising prices, the highest for any generation.

This comes at a time when many Gen Xers are already feeling financial pressure. According to a Business Insider and YouGov survey of over 1,800 US adults in July, 50% of Gen Xers do not feel financially secure even though they are at the height of their earning potential. It was also the generation least likely to feel somewhat or very financially secure.

In addition to inflation pressure, Gen X is responsible for 38% of the debt in the US despite representing about 20% of the US population, according to the Federal Reserve's Survey of Consumer Finances.

Gen X feels less optimistic about money than other generations

Gen X also has a more dire view of the economy in general.

While all generations listed inflation as their biggest concern regarding household finances — ranging from 77% for Gen Z respondents to 90% for baby boomers — many Gen Xers are also worried that the country is heading toward a recession. Half of this cohort named this as their second-biggest concern.

What's more, 47% of Gen Xers feel optimistic about household finances in the next 12 months. That was well behind Gen Z and millennials, at 65% and 64%, respectively. Boomers were more evenly split at 49%.

Additionally, more than one-third of Gen X respondents anticipate canceling subscriptions and memberships, and one in four plan to cancel or reduce digital services.

As inflation concerns rise, Gen X is being hit the hardest, as they deal with high debt levels and insufficient income growth to match cost-of-living increases. 

"Consumers are facing distinct challenges when taking into account today's high inflation and interest rate environment," said Charlie Wise, senior vice president and head of global research and consulting at TransUnion, in the company's press release. "As the cost of living continues to increase, we are seeing clear behavioral changes, with those being 'inflation concerned' more likely to cut back on discretionary spending and cancel subscriptions or memberships."

Are you a Gen Xer who has needed to adjust your budget and spending habits and is willing to talk about how? Reach out to this reporter at cgaines@businessinsider.com.

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