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Filed Under:Life Insurance, Life Planning Strategies

Saving for retirement a top priority of 2nd wave of boomers

The report finds that investor outlook and financial priorities underpin emerging investors’ behavior and product usage.
The report finds that investor outlook and financial priorities underpin emerging investors’ behavior and product usage.

Safeguarding investments and principal intended for retirement is the top financial priority for nearly half (49 percent) of 1st wave baby boomers, according to a new report.

Cogent Reports, a unit of Market Strategies International, unveils this finding in “Emerging Investor Trends, an online survey of 2,882 affluent investors with $100,000 or more in institutional investable assets. The study that examines financial priorities and behaviors of affluent investors within Generation Y (ages 18 to 32), Gen X (ages 33 to 49) and the baby boomer generation (ages 50-68).

The report finds two factors—investor outlook and financial priorities—underpin emerging investors’ behavior, product usage and brand relationships.

The report reveals that nearly 1 in 2 (47 percent) of Gen Y investors feel “optimistic” about the current investment environment. In contrast, 1 in 4 (26 percent) of Gen X investors report feeling “optimistic,” and are most likely to identify with feeling “worried” or “hopeful.”

“Providers would be well served to employ a more pragmatic approach with this (Gen Xers) cohort, offering solutions that provide easily attainable goals to help Gen Xers feel more surefooted,” the report states.

With a greater number of working years on their side, Gen Y investors are focused on the here and now,” the study adds. “Faced with major life events like moving or buying a home, Gen Yers are quick to prioritize general savings, major purchases and paying off credit card debt over retirement related goals.”

The report adds that:

  • Gen Xers’ financial priorities are more likely to mirror the aspirations of older investors in which saving for and funding retirement is the primary objective.
  • The top priority of half (52 percent) of the second wave of baby boomers (those born between 1956 and 1964) remains saving for retirement.

“This finding reveals 2nd Wave Boomers haven’t done enough to prepare for retirement, and also serves as a reality check for emerging investors that they may need to save more than they previously anticipated to reach their retirement goals,” the report states.


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Nichole Morford

Nichole Morford
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