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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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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.