Despite the fact that Millennials have the highest rate of unemployment of any generation and are deeply in debt, they still use a big chunk of whatever money they have on discretionary and even luxury spending. According to one marketing agency, the average Millennial spends $784 a month on discretionary expenses like entertainment and eating out. According to American Express, they are the largest demographic for new purchases of technological gadgets and fashion apparel (up by 33%). They’re even increasing their purchases of jewelry (up by 27%). In part, Millennials’ parents are subsidizing their lifestyles. Over half of them cover… Read More
Categories: Blog, Recession EconomyA new Allianz survey shows that Baby Boomers think it’s more important for a family to pass on its non-material legacy than to pass on its wealth. 86% of Boomers said it was important for elders to pass on their family’s history and stories to their descendants. 64% place importance on the inheritance of family possessions. But only 9% consider a financial inheritance to be vital. The Matures, the Boomers parents, generally agree with their offspring though they place a relatively higher priority on leaving behind some wealth for their kids. In comparison with the same survey conducted in 2005,… Read More
Categories: Baby Boomers, Blog, MaturesThe debate continues as to whether Millennials are self-absorbed adult-olescents with an overblown sense of entitlement or whether they are community-minded citizens willing to chip in for the benefit of the environment and the world around them. A new survey of Millennials provides evidence for the latter, revealing that 75% of Millennials gave money to charity last year. In addition, 70% reported that they helped solicit donations to philanthropies or encouraged their peers to give. While that’s an impressive giving rate, the amounts given are less so. About 6 in 10 report that all their gifts were under $100, perhaps… Read More
Categories: Charity, Menu 1Boomers are losing their expected inheritance to their parents’ longevity, according to an analysis in the Wall Street Journal. Matures who have reached their late 60s have as much as a 50-50 chance of living well into their 80s and many into their 90s. Thanks to medical and longevity gains, 85-and-over is the fastest growing age group in the nation. But thanks to that longevity, the Boomers expected inheritance is shrinking as long-lived retirees use their resources to support themselves. It’s long been estimated that over $40 trillion in inheritance would change hands in the first half of this century…. Read More
Categories: Baby Boomers, Matures, WorkBusiness travel among Millennials was up 40% in 2011 and the business travel industry is learning to accommodate them. For example, Millennials like paperless travel, using apps and websites to handle all of their arrangements and transactions. “All of my tickets can go on my phone,” says one Millennial. “I scan it at the T.S.A. and scan it at the gate. There’s no reason to print out airline tickets again.” They prefer travel communication in the form of texts, emails, or social media messages. And they expect customer assistance from all of their travel vendors to be available 24/7. “They… Read More
Categories: Blog, TravelRecent Census and Federal Reserve figures created jaw-dropping headlines when they revealed that most Americans’ net worth is no greater than it was 20 years ago. While the headlines suggest stagnation, the numbers revealed that net worth did increase but then fell back to what it was in 1992. During that decline, no generation lost more net worth than Generation X, by percentage. According to the Census Bureau, Generation X households lost close to 60% of their net worth between 2005 and 2010. In terms of actual dollars, the biggest losers were the younger half of the Baby Boomers, sometimes… Read More
Categories: UncategorizedBaby Boomers give the most positive online ratings, Gen Xers the most negative ones, and Millennials fall in the middle, according to a Bazaarvoice study of 6 million online opinions. A majority of all generations are now online and all participate in reviewing and rating products on web sites. In fact, 82% of all online reviews and ratings are positive, according to the study. Baby Boomers now make up the largest group of online reviewers at 45%. They are also the most likely to give the highest (5-star) ratings to products. Not surprisingly, Gen Xers tend to be the harshest critics… Read More
Categories: Baby Boomers, BlogMillennials who stay at home make more than those who leave, according to Penn researcher Greg Kaplan’s study. That’s “stay-at-home” as in continue living with mom and dad, an increasingly common phenomenon among all Millennials. The study examined incomes of Millennials who live with their parents and those who don’t and projects that those who stay at home will face less of a recession earnings gap than those who strike out on their own. In general, Millennials who enter the workforce during the downturn are expected to earn about $100K less in lifetime earnings than those who started in more… Read More
Categories: Uncategorized