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A blog about living in and planning for retirement

Parents, Kids Divided On Dollars

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Sure, you and your kids like different music, have opposite taste in home decor and can’t ever seem to agree on what to watch on TV.  But do you know just how much you and your kids’ views about money might differ?

Life insurance company Guardian just published an interesting study looking at just that — how the boomers differ from their kids (Gen Y) when it comes to thoughts about money.  Here’s a look some of the more interesting findings:

Gen Y Boomers
I am more likely to put my money in a savings account than to invest it 74% 59%
Compared to five years ago, I am more likely to take financial risks 18% 6%
Compared to five years ago, I am less likely to take financial risks 50% 64%
I now save more and spend less due to the economy 72% 64%
I have begun diversifying my portfolio due to the economy 25% 38%
I have stopped (or mostly stopped)  investing money in the stock market because it is too much of a gamble 39% 51%
I feel financially secure 70% 56%
I have a well-rounded investment portfolio 7% 27%

Of course, boomers and their progeny don’t disagree about everything.  For example, the percentage of Gen Yers and boomers who feel confident about making personal finance decisions are roughly the same, 92% and 91%, respectively, as are the percentages who think the economy is headed in the wrong direction, 71% and 75%, respectively.

For complete study results, click here.

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    • Thanks for pointing out the bugedt’s million/billion typo. That’s been corrected. You’re the first reader to notice that error, and I appreciate the scrub.I think DoD has always expected that military veterans will complement their service with bridge careers, even if it involves Wal-Mart. That’s why we wrote the book to show how most servicemembers can achieve financial independence without having to tackle a bridge career. The walking out the door scenario you describe is exactly what DoD expects Reservists and National Guard retirees to do now. When servicemembers become financially independent before leaving the military then Wal-Mart is an option, not a mandate. I hope you can continue to serve on your terms, but if the military doesn’t cooperate then I hope the book and the blog will help you to retire on your terms. I agree that military specialties don’t compare to civilian jobs, and the DoD’s last couple of retirement experiments in that area (REDUX and NSPS) didn’t work out very well. The 10 August post presents more info from the DBB brief. If it still leaves you feeling that there’s more to be covered then let me know what you’d like to see in a future post.

About Encore

  • Encore examines the changing nature of retirement, from new rules and guidelines for financial security to the shifting identities and priorities of today’s retirees. The blog also explores news that affects retirement, from the Wall Street Journal Digital Network and around the web. Lead bloggers are reporter Catey Hill and senior editor Jeremy Olshan. Other contributors include The Wall Street Journal’s retirement columnists Glenn Ruffenach and Anne Tergesen; the Director for the Center for Retirement Research at Boston College, Alicia Munnell; and the Director of Research for Pinnacle Advisory Group, Michael Kitces, CFP.

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