Summarize and humanize this content to 2000 words in 6 paragraphs in English Battered by tariffs, inflation and economic uncertainty, Gen X is facing the perfect financial storm. Caught between supporting adult children and aging parents, navigating a shifting job market and dealing with rising costs as retirement safety nets shrink, many Gen Xers are making money moves that could be costlier than ever. Read Next: Trump Wants To Replace Income Taxes With Tariffs: 2 Impacts on the Middle Class Try This: These 10 Used Cars Will Last Longer Than an Average New Vehicle Here are four mistakes Gen Xers are making with their money in the Trump economy. Cetin Duransoy, the U.S. CEO at Raisin, a no-fee, online savings platform, said one common financial mistake Gen Xers are making is keeping too much cash in their checking accounts. “Most of us have our paychecks sent to our checking account via direct deposit, and with good reason,” Duransoy said. “It’s convenient and a central clearing house we use to pay bills via automatic payments.” He explained, “But many of us have extra cash sitting here, not offering any meaningful return. We may not be giving this a second thought, but in today’s rate environment, there’s a definite cost to our bottom line.” Duransoy said Gen Xers should consider options other than traditional checking and savings accounts to protect their financial future. The average savings account interest rate as of February 2024 was under 0.5% — and checking accounts typically earn even less, if they earn interest at all. This will not keep up with inflation, Duransoy pointed out. “By not taking advantage of high-yield savings accounts, Gen Xers are leaving money on the table,” he said. “They should look to products like CDs and high-yield savings accounts with nation-leading rates to enjoy the benefits of compounding interest.” Be Aware: Trump Isn’t Ruling Out a Recession This Year — What Could That Mean for Your Wallet? Many Gen Xers pride themselves on being self-reliant. However, that DIY mindset can become a blind spot in a rapidly changing economy. By downplaying industry shifts and delaying skill upgrades, they risk losing income and long-term security. “Putting off learning and developing new skills or just making changes to your job could leave some Gen Xers stuck,” said Harry Morton, founder of Lower Street, a podcast production and marketing firm. “Many now face unemployment and struggle to re-enter a job market that demands digital proficiency and adaptability.” Gen Xers should prioritize upskilling in areas like digital tools, content creation and project management through low-cost online courses to stay relevant and create new income opportunities. While many generations are feeling the pinch in today’s unpredictable economy, Gen X may be uniquely vulnerable, because they are part of the “sandwich generation,” caring for children and aging parents. “The truth is that the Trump era hasn’t exactly put Gen Xers in a fair financial situation, especially when it comes to debt management and their financial struggles supporting multiple generations,” said Aaron Razon, a personal finance expert at Coupon Snake. Razon explained, “Trump’s tax cuts and deregulation policies have helped to increase consumer spending and debt specifically by lowering interest rates and making credit more accessible. This temptation is one that many may not be able to resist.” Rather than assuming government programs will fill the gap, Gen Xers should build emergency funds, revisit insurance coverage and consider financial products that protect against income loss. They might also consider meeting with a fee-only financial advisor to strategize about taxes, caregiving and multigenerational support. Some Gen Xers are putting off retirement savings to cover immediate expenses or care for loved ones. However, the cost of waiting is steep. With fewer years left to benefit from compounding, every delay chips away at long-term security. “Without retirement, Gen X will have to work for more years and have less quality of life,” said Ashley Morgan, a debt and bankruptcy attorney in northern Virginia. “Social Security seems to cover less and less each year, and it’s difficult to survive only on Social Security benefits.” Even small contributions to a Roth IRA or employer-sponsored retirement plan can make a difference over time. Automating monthly deposits — no matter how modest — can build consistency. Gen Xers should also consider catch-up contributions if they’re 50 or older, and make retirement a fixed line item in their budget. “You need to find a way to fix your own issues and establish your financial position before assisting others,” Morgan said. “Being a good parent or grandparent is great, but you will be a better one if you are not worried about how to pay your rent later in life.” Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com. 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