Due to our constantly changing world and needs, millennials,
baby boomers and generation x are continuously facing challenges and one of
them is money issues. There is a new study that finds each generation is in a
moment of dramatic change in terms of their financial well-being and retirement
planning. Take a look at how each generation fairs in today’s economy.
1. Baby boomers
They have an average financial wellness score of 5.7 out of 10. About 29% say they are confident that they can replace at least 80% of their income in retirement, while only 16% have long term care insurance policy.
2. Generation X
This generation has made significant improvements when it comes to their finances in recent years but they are still most likely overwhelmed with financial stress. Only 17% say they are confident that they can replace at least 80% of their income in retirement.
3. Millennials
They have an average financial wellness score of 4.6, the lowest among all generations. However, they will most likely contribute to either Roth 401(k) or Roth RIA. Despite being the only generation not to prioritize retirement planning, they still have time to prepare for this.
They have an average financial wellness score of 5.7 out of 10. About 29% say they are confident that they can replace at least 80% of their income in retirement, while only 16% have long term care insurance policy.
2. Generation X
This generation has made significant improvements when it comes to their finances in recent years but they are still most likely overwhelmed with financial stress. Only 17% say they are confident that they can replace at least 80% of their income in retirement.
3. Millennials
They have an average financial wellness score of 4.6, the lowest among all generations. However, they will most likely contribute to either Roth 401(k) or Roth RIA. Despite being the only generation not to prioritize retirement planning, they still have time to prepare for this.
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