Inflation has hit Gen Xers particularly hard, according to a new study. As the consumer price index continues to measure in over 8 percent, all Americans are seeing their spending power drastically diminished. But on top of managing finances during high inflation, Gen Xers are now sandwiched between the massive financial responsibilities of child raising, paying for college, caring for aging parents, and preparing for retirement.

In this midst of these financial challenges, Gen Xers say they are struggling to keep finances on track. Compared with Millennials and Boomers (18%), Gen Xers are twice as likely (36%) to say have cut back on contributions to savings. At a time when they should be stepping up savings for both retirement and education, many Gen Xers find themselves forced to take a step backwards financially, which could endanger their long-term financial and family goals.

In fact, Gen Xers now have far more anxiety about both the economy and their personal financial outlook compared to other generations. Gen Xers are far more worried about the national economic outlook (76%), their personal financial stability (54%), their ability to stay the course with their personal investing strategies (58%), and their ability to retire when they planned (59%).

Inflation is hitting Gen X on all sides. The majority of Gen Xers say they have difficulty managing day-to-day expenses due to rising costs. 75% of Gen Xers say they worry about their income not keeping pace with rising costs, up from 68% in the first quarter.

Moreover, inflation has escalated the cost of raising a family. It now costs $26,000 more to raise a child through high school today than it did just two years ago, according to a recent Brookings Institution estimate. A married, middle-income couple with two children is now likely to spend $310,605 — an average of $18,271 a year — to raise their youngest child born in 2015. Many universities are now signaling they will be raising tuition to keep up with inflation.

For Gen Xers caring for aging parents, inflation is taking another bite. A new survey conducted by American Advisors Group found that more than half (55 percent) of Gen Xers struggle financially to help their aging parents. 62 percent worry about the impact inflation is having on their parents’ finances.

Navigating through uncertain economic times while balancing so many financial responsibilities can be particularly tricky. Gen Xers are now challenged to manage short-term financial needs and to simultaneously develop a strategy to achieve multiple long-term goals. For this generation, a comprehensive financial plan that includes both prudent financial management to ride out the current storm, and thoughtful planning to prioritize future needs, is now especially crucial.