Your Gen X clients may be tech savvy, but statistics show they are also carrying the highest debt burden of any generation. As their CPA, are you helping clients across all generations manage their debt?
Considering non-mortgage debt, specifically credit card and student loan debt, they averaged $ 23,000 in 2017, up 15 percent from $20,000 in 1994, while 42 percent see going into debt as simply a fact of life.
8 Ways You Can Help
Some advice you would readily offer for free. You probably have some clients who won’t take any action unless someone else does all the work first. Then, you might be talking about advisory services. Let’s look at ways you can help:
1. Talk budgeting. It’s a difficult conversation, but when you find yourself in a hole, the first thing to do is stop digging. Clients need an understanding where their money is going. This can be a problem because the Pittsburgh Post Gazette also pointed out Gen Xers are embarrassed to tell a financial professional about their credit card debt.