The recession had a different effect on every generation. According to recent data from Financial Finesse, Millennials are managing their finances surprisingly well despite having the lowest income levels, while Generation X is having a harder time with debt, making ends meet and most aspects of overall financial planning.

The study also found that early and late Baby Boomers with minor children are prioritizing their children's college funds over their own financial security. Only 16 percent of early Baby Boomers and 10 percent of late Baby Boomers reported having a long-term care insurance policy even though the average cost of a private room in a nursing home is $90,520 a year, according to the 2012 MetLife Market Survey of Long-Term Care Costs, making it one of the most significant threats to financial security in retirement.

All generations are vulnerable when it comes to retirement planning, even for late Baby Boomers who are on the cusp of normal retirement age, the report found. Within the group, 50 percent have not run a retirement projection and only 25 percent know they are on target to retire comfortably.

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