1. Employers aren’t particularly age-friendly.
Many workers aren’t ready financially to retire at the usual retirement age. But even workers still some years from the standard retirement age aren’t always having an easy time of it in getting or keeping a job.
While 54 percent consider their employers to be “aging-friendly” by offering opportunities, work arrangements, and training and tools needed for employees of all ages to be successful, 25 percent say their employers are not, and 21 percent are “not sure.”
It might be expected that 56 percent of millennial workers see their bosses as aging-friendly, while slightly lesser numbers of boomers (53 percent) and GenXers (51 percent) perceive them that way.
10. Few are familiar with spouse’s/partner’s savings.
Money talk is still taboo in many relationships. Interestingly, younger generations know the least about a spouse’s or partner’s savings. While 57 percent say their spouse or partner is saving in a retirement plan and 67 percent are familiar with their spouse’s or partner’s savings, just 30 percent say they’re “very familiar” with it.
Boomers are the most familiar, at 70 percent, followed by GenX at 67 percent and finally millennials at 62 percent.
9. Many not doing enough to preserve or improve their health.
Given that workers overall plan to live to a median age of 90, they’re not taking enough action to be sure that’s a healthy age to survive to — laying the groundwork for higher medical costs.
Only 55 percent exercise regularly, for instance. Interestingly, boomers are the ones taking the most actions.
Just 22 percent of workers consider long-term health when making lifestyle decisions, and that’s pretty consistent across the three generations: millennials at 23 percent, GenX at 18 percent and boomers at 23 percent.
8. Many haven’t completely recovered from the Great Recession.
Only 41 percent of workers escaped unscathed (21 percent) or have “fully recovered” (20 percent) from the Great Recession.
But again, it depends on their age: 23 percent each of millennials and GenXers say that they have “not yet begun to recover” or feel they may “never recover,” while just 19 percent of boomers say that.
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7. Financial priorities vary by generation.
While 21 percent overall cite saving for retirement as their “greatest” priority, that breaks down to 38 percent of boomers, 24 percent of GenXers and just 9 percent of millennials.
But millennials are have more immediate obligations; 19 percent say covering basic living expenses is their priority, followed by building savings (17 percent), paying off credit card debt (16 percent) or supporting children (15 percent).
6. Debt is the big kahuna for all generations.
The vast majority—83 percent—of workers carry some form of debt. Most commonly cited were credit cards carrying a balance (47 percent), mortgages (43 percent) and car loans (38 percent).
Millennials are more burdened by student loans (25 percent) than the 13 percent of GenXers and 7 percent of boomers who report them. Scary but true: 7 percent of millennials have payday loans.
5. Debt tops other current financial priorities.
The biggest current financial priority cited by respondents is paying off debt, including credit card, mortgage, other consumer debt, and/or student loans (64 percent overall).
Next comes saving for retirement, at 56 percent overall (boomers, 70 percent; GenX, 64 percent; millennials, 42 percent).
After that come building savings (54 percent), just getting by to cover basic living expenses (32 percent) and paying health care expenses (23 percent).
4. Most think they’ll have it tougher than their parents in achieving financial security.
The greater part of respondents—76 percent—agree with the statement, “Compared to my parents’ generation, people in my generation will have a much harder time in achieving financial security.”
Detailed by generations, GenXers (81 percent) and millennials (79 percent) are more likely to agree, compared with boomers (69 percent).
3. Nearly a third are, or have been, caregivers.
Caregiving can place numerous kinds of strain on the carers, from emotional and physical to financial.
And 28 percent of workers report having served as a caregiver during their careers, including 17 percent who have been a caregiver in the past and 12 percent who are currently providing care.
The proportion of workers who are and/or have been caregivers is consistent across the generations, with millennials at 27 percent, GenXers at 28 percent and boomers at 29 percent.
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2. Caregiving has exposed many to career—and thus financial—woes.
Nearly all those who have served, or who are serving, as caregivers have had to make adjustments to their working lives to do so, with 86 percent having had to use vacation days, miss days of work, reduce hours, begin working an alternative schedule, or some other change.
Millennials (89 percent) and GenXers (87 percent) are somewhat more likely to have made such adjustments, compared with 82 percent of boomers.
1. Employers aren’t particularly age-friendly.
Many workers aren’t ready financially to retire at the usual retirement age. But even workers still some years from the standard retirement age aren’t always having an easy time of it in getting or keeping a job.
While 54 percent consider their employers to be “aging-friendly” by offering opportunities, work arrangements, and training and tools needed for employees of all ages to be successful, 25 percent say their employers are not, and 21 percent are “not sure.”
It might be expected that 56 percent of millennial workers see their bosses as aging-friendly, while slightly lesser numbers of boomers (53 percent) and GenXers (51 percent) perceive them that way.
10. Few are familiar with spouse’s/partner’s savings.
Money talk is still taboo in many relationships. Interestingly, younger generations know the least about a spouse’s or partner’s savings. While 57 percent say their spouse or partner is saving in a retirement plan and 67 percent are familiar with their spouse’s or partner’s savings, just 30 percent say they’re “very familiar” with it.
Boomers are the most familiar, at 70 percent, followed by GenX at 67 percent and finally millennials at 62 percent.
9. Many not doing enough to preserve or improve their health.
Given that workers overall plan to live to a median age of 90, they’re not taking enough action to be sure that’s a healthy age to survive to — laying the groundwork for higher medical costs.
Only 55 percent exercise regularly, for instance. Interestingly, boomers are the ones taking the most actions.
Just 22 percent of workers consider long-term health when making lifestyle decisions, and that’s pretty consistent across the three generations: millennials at 23 percent, GenX at 18 percent and boomers at 23 percent.
8. Many haven’t completely recovered from the Great Recession.
Only 41 percent of workers escaped unscathed (21 percent) or have “fully recovered” (20 percent) from the Great Recession.
But again, it depends on their age: 23 percent each of millennials and GenXers say that they have “not yet begun to recover” or feel they may “never recover,” while just 19 percent of boomers say that.
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7. Financial priorities vary by generation.
While 21 percent overall cite saving for retirement as their “greatest” priority, that breaks down to 38 percent of boomers, 24 percent of GenXers and just 9 percent of millennials.
But millennials are have more immediate obligations; 19 percent say covering basic living expenses is their priority, followed by building savings (17 percent), paying off credit card debt (16 percent) or supporting children (15 percent).
6. Debt is the big kahuna for all generations.
The vast majority—83 percent—of workers carry some form of debt. Most commonly cited were credit cards carrying a balance (47 percent), mortgages (43 percent) and car loans (38 percent).
Millennials are more burdened by student loans (25 percent) than the 13 percent of GenXers and 7 percent of boomers who report them. Scary but true: 7 percent of millennials have payday loans.
5. Debt tops other current financial priorities.
The biggest current financial priority cited by respondents is paying off debt, including credit card, mortgage, other consumer debt, and/or student loans (64 percent overall).
Next comes saving for retirement, at 56 percent overall (boomers, 70 percent; GenX, 64 percent; millennials, 42 percent).
After that come building savings (54 percent), just getting by to cover basic living expenses (32 percent) and paying health care expenses (23 percent).
4. Most think they’ll have it tougher than their parents in achieving financial security.
The greater part of respondents—76 percent—agree with the statement, “Compared to my parents’ generation, people in my generation will have a much harder time in achieving financial security.”
Detailed by generations, GenXers (81 percent) and millennials (79 percent) are more likely to agree, compared with boomers (69 percent).
3. Nearly a third are, or have been, caregivers.
Caregiving can place numerous kinds of strain on the carers, from emotional and physical to financial.
And 28 percent of workers report having served as a caregiver during their careers, including 17 percent who have been a caregiver in the past and 12 percent who are currently providing care.
The proportion of workers who are and/or have been caregivers is consistent across the generations, with millennials at 27 percent, GenXers at 28 percent and boomers at 29 percent.
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2. Caregiving has exposed many to career—and thus financial—woes.
Nearly all those who have served, or who are serving, as caregivers have had to make adjustments to their working lives to do so, with 86 percent having had to use vacation days, miss days of work, reduce hours, begin working an alternative schedule, or some other change.
Millennials (89 percent) and GenXers (87 percent) are somewhat more likely to have made such adjustments, compared with 82 percent of boomers.
1. Employers aren’t particularly age-friendly.
Many workers aren’t ready financially to retire at the usual retirement age. But even workers still some years from the standard retirement age aren’t always having an easy time of it in getting or keeping a job.
While 54 percent consider their employers to be “aging-friendly” by offering opportunities, work arrangements, and training and tools needed for employees of all ages to be successful, 25 percent say their employers are not, and 21 percent are “not sure.”
It might be expected that 56 percent of millennial workers see their bosses as aging-friendly, while slightly lesser numbers of boomers (53 percent) and GenXers (51 percent) perceive them that way.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
