Financial stress is a major issue to younger Americans, with 49 percent of Generation X and 51 percent of Generation Y Americans dissatisfied with their situations, according to the new study.
The Keep Good Good Report by Mathew Greenwald & Associates, sponsored by New York Life Insurance Co., is the latest to affirm what many already knew: The sluggish economy has taken its toll on people.
But it's more than that.
As Paul Horrocks, vice president of New York Life, put it, “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.”
“But what’s surprising is that Generation Xers in their prime working years aren’t more satisfied with their financial situation than Gen Y.
"So if it isn’t more time in the work force, what is the answer? We believe this suggests a need among many members of both generations to take a more active role in understanding and managing their personal finances so they can feel more confident about their financial future,” he said.
Among all generations, respondents agree that their personal financial situations are important to maintaining lives as good people. In order to do so, 56 percent of respondents say it is important to have enough money to remain self-sufficient in retirement and protect their families from any surprises. An additional 54 percent of respondents say not worrying about bills and other daily expenses is important to living as good people.