The Surprising Generation That Has a Handle On Its Finances
Filed under: Budgeting & Planning, Employment & Careers, Credit Cards, Debt, Family Finances, Investing, Saving
By Michele LernerThe Motley Fool
We all know that we should be saving more and spending less, but we don't always follow that wise advice. What may surprise you, though, are the varied ways people in different age groups have responded to the financial crisis. Some have been more responsible, some less so, and you might not guess at first which generation is which.
Financial Finesse, a provider of workplace financial wellness programs, recently released its annual report on financial issues and the generations. The 2012 Generational Research report separated respondents by generation:
- Millennials: Under 30
- Generation Xers: Ages 30 to 44
- Late Baby Boomers: Age 45 to 54
- Early Baby Boomers: Age 55 to 64
In general, the survey shows that Gen Xers are having the hardest time juggling their debt and financial planning issues. Even though millennials are the lowest income generation, they seem to be handling their finances better and avoiding debt.
Here are some of the report's findings:
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