Tiller is at #FinCon18 this week, which is a large conference for financial brands, influencers, and media. We’ll be posting occasional updates from the show.

Jean Chatzky‘s keynote kicking off FinCon18 included a preview from a large survey from the Association of Young Americans (AYA) and AARP  looking at financial values and concerns across America’s Boomer, Gen X, and Millennial generations.

The full, fascinating survey has just been released. It finds all three generations “have major concerns about their personal finances, debt levels, and the national economic picture, despite a growing economy.”

A key takeaway across all generations: “personal finances feel alright but the reality appears different.” 

Here are some of the key findings:

Perception of National and Personal Economic Circumstances is Pretty Good: 

  • 70 percent say they think the U.S. economy condition is very or fairly good including 63 percent of Millennials, 72 percent of GenXers, 74 percent of Baby Boomers.
  • 62 percent feel very or somewhat satisfied with their own current financial situation including 55 percent of Millennials, 61 percent of GenXers, and 69 percent of Baby Boomers.
  • Fewer (46 percent) feel not at all or not too confident they’ll have enough money to retire including 47 percent of Millennials, 52 percent of GenXers, and 40 percent of Baby Boomers.

But Anxiety and Family Circumstances Show Trouble Happening or Looming:

  • 80 percent) say they see economic inequality as a big or moderate problem including 80 percent of Millennials and GenXers, and 78 percent of Baby Boomers.
  • More than half (55 percent) spent equal to or more than their total income including 57 percent of Millennials, 58 percent of GenXers and 49 percent of Baby Boomers.
  • Emergency Savings: Over half (53 percent) said they could only cover expenses for 3 months or less if they lost their income including 61 percent of Millennials, 56 percent of GenXers, and 43 percent of Baby Boomers.
  • Retirement Savings: Almost half (47 percent) across the generations say they have not put away any money for retirement including 52 percent of Millennials, 44 percent of GenXers, and 44 percent of Baby Boomers.

Seeking Advice:

  • Just over a 35 percent across the three generations sought advice from a professional financial advisor, although 76 percent said they believe such advice would be very or somewhat trustworthy.
  • About half (47 percent) have credit card debt, while 4 in 10 (43 percent) have a mortgage or car loan debt, and 3 in 10 (31 percent) have student loan debt for themselves or someone else.

Read the entire survey from the and AARP  here: Economic Anxiety Persists Despite Strong Economy 

Leave a Reply

Share
Tweet
Share
Tweet