Baby Boomers, Generation Xers and Millennials have distinct approaches to their finances. Financial Finesse recently conducted an analysis of the financial wellness of employees that compares each generation and comes to some interesting conclusions. See if your generation is financially fit for retirement.
First, the report found that Baby Boomers are the strongest generation, most likely to have basic investment knowledge and to have used a retirement calculator. Gen X lagged its elders on most metrics but is moving in the right direction relative to the previous analysis. Both Baby Boomers and Gen Xers felt that “not saving enough for retirement” was their top financial vulnerability.
Millennials were not completely behind, though. They scored surprisingly well on measures related to research — perhaps because of their familiarity with available online resources. For example, 61 percent of Millennial employees said they check their credit report annually.
Each generation faces separate challenges and opportunities for retirement planning. This report can help you identify areas to get stronger in as well as dispel myths about savings across the generations.
To prepare for financial security at any age, find tips and strategies on the Midland National blog.
Read details in the full Financial Finesse analysis.