More than two–thirds of baby boomers are satisfied with their financial situation, a significantly higher proportion of this demographic cohort than the percentages recorded among younger generations surveyed in new research.
New York Life, New York, released this finding in “Keep Good Going Report,” a survey of more than 2,000 Americans exploring attitudes and expectations about how they can cultivate goodness in their lives.
The survey reveals that 68 of baby boomers are satisfied with their financial situation. This compares favorably with 51 percent and 49 percent, respectively, recorded among members of Generations X and Y. But the proportion of financially satisfied boomers is lower than that measured among members of the Silent Generation, more than 8 in 10 of whom (82 percent) say they are satisfied.
“The Keep Good Going Report findings align with other research that confirms that Gen X and Gen Y are keenly aware of how the economic slowdown has put stress on their long term financial futures,” says Paul Horrocks, vice president, New York Life. “These generations are concerned that the financial goals that baby boomers and the silent generation took for granted, such as home ownership, rising incomes and a secure retirement, will be much more difficult to attain.”
More than half of Americans surveyed say that to live life as a good person, it is extremely important to have enough money to be financially self-sufficient in retirement (56 percent), to protect their family against life’s uncertainties (56 percent), and not to have to worry about bills and other day-to-day expenses (54 percent).
“To feel better about their financial standing, people may think that they need to experience a more vibrant economy and build up wealth by spending more time in the workforce,” says Brian Perlman, a senior vice president and chief financial officer at Mathew Greenwald & Associates, Washington, D.C., which conducted the survey. “Yet, the research shows that the ability to simply accumulate more things is not how most people find financial satisfaction nor real life satisfaction.
“Americans, including Gen X and Y, want their finances to offer protection for the future, not just the ability to snap up the latest gadgets today,” he adds. “This highlights a great opportunity for people to cultivate goodness in their own lives just by taking some steps to feel more financially prepared.”