The savings rate among Baby Boomers has dropped dramatically since the Recession began. Instead, Boomers are using their would-be retirement savings to help out family members from generations who are having an even tougher time. According to an Ameriprise survey, the share of Boomers saving for their own retirements has dropped from 44% to 24% since 2007. At the same time more than half of Boomers (58%) are providing financial assistance to aging parents. Almost all (93%) of them who have children are providing them with assistance including tuition and student loans (71%) and car buying (53%). Despite the fact… Read More
Categories: Baby Boomers, Recession Economy, WorkAs we’ve noted here before, it often makes sense to treat Baby Boomers as two generations in one. The Early Boomers and the Late Boomers (aka Generation Jones) differ in some experiences and values. Now, some new market research suggests that Millennials may also be divided into two subgroups based on their different experiences of the Great Recession The study, conducted by marketing faculty at UMass, shows that older Millennials values have changed more due to their experience of the recession. That makes sense because Millennials in their 20s and 30s have been more exposed to the effects of the… Read More
Categories: Recession EconomyWe’ve typically characterized Millennials as an optimistic generation but that outlook may not survive their present circumstances. According to a widely publicized Newsweek story, Millennials are now America’s most “screwed” generation. The story cites a host of scary statistics: Millennials’ net worth fell 37% from 2005-2010 (Matures’ fell 13%). The wealth gap between Millennials and Matures is the highest on record. They have the highest unemployment rate at 12%, and it’s worse for younger Millennials Their average credit card and other debt is nearly $13,000 The typical student loan burden is $27,000 Only about half of graduates are able to… Read More
Categories: Home Ownership, Recession Economy, Training IndustryMillennial optimism is tempered by anxiety in new life stage known as “emerging adulthood.” Millennials feel as though they should be launching independent adult lives but haven’t been able to set sail. A Clark University survey finds many of them feeling anxiety (56%), uncertainty (65%), and depression (33%). Though 18-29 years old, most feel adulthood lay ahead of them and that it must surely be better than the intermediate stage they’re in (60%). There’s still more than a glimmer of optimism as 82% say it “still seems like anything is possible.” Millennials are riding out this tough stage by remaining… Read More
Categories: Generations, Recession EconomyThe Baby Boomers are the generation with the optimistic and “forever young” attitudes. Perhaps that’s why they don’t feel so bad about getting old, according to a survey conducted by the National Council on Aging. More than 75% of Boomers and Matures over 60 surveyed are optimistic that the best is still yet to come and expect to maintain or improve their quality of life over the next decade. Senior Boomers do worry about money. About half of those surveyed are concerned about covering their bills in the future. And about a third are worried about paying for long-term care… Read More
Categories: Baby Boomers, Recession Economyhttp://www.newgeography.com/content/002960-are-millennials-screwed-generation Wonderful column on the plight of the Millennials in this time of “new normal.” Worth the read. What the author doesn’t mention is that the Millennials were raised to follow agenda and rules. They have. And now this. Bitterness? You’d better believe it. How will their bitterness manifest itself in ten, fifteen, or twenty years? No one knows. It could be a whole new level of activism to change their status quo. It could be reverting to their Boomer parent’s days of “tune in, turn on, and drop out.” When confronted with this size of an uphill battle, fight… Read More
Categories: Baby Boomers, Generations, Recession EconomyDespite 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 EconomyMuch has been made of Boomers and even Matures working well-past retirement age and potentially denying opportunities to Millennials entering the job market. A new study from the Center for Retirement Research shows that the number of workers staying on after retirement age has steadily increased, whether from necessity or desire, over the last 35 years. However, increased numbers of retirement-age workers corresponds to more opportunities for younger generations, not less. The study shows that when older workers stay on the job, they create more economic growth and consumer demand, which, in turn, create more opportunities for younger workers. “Older… Read More
Categories: Generations, Matures, Recession Economy, WorkIn an earlier post, we looked at the disconnect between Millennials’ nearly 2-to-1 support for the incumbent and their economic condition (struggling), which would typically incline them to vote against the incumbent. We noted that Millennials are not as dissatisfied with their status as many might believe and are driven in large part by social issues. Now, a survey by The Intelligence Group sheds some additional light by showing that Millennial voters are focused on the wider world and social causes more than their own economic condition. According to the survey, 73% of Millennials will base their vote for president… Read More
Categories: Menu 1, Recession Economy, Voting BehaviorMillennials are starting to feel like the dream of home ownership is just that – a dream. As the leading edge of the generation moves into its 30s, many of them are still finding the goal of owning a home elusive. According to the Federal Reserve, only 9% of 29-34 year olds got a mortgage between 2009 and 2011. That’s about half the rate of a decade ago for the same age group. According to CreditKarma.com, only 11% of twenty-somethings have a mortgage compared with figure of 30% for all consumers. Millennials are victims of a perfect storm that’s keeping… Read More
Categories: Home Ownership, Matures, Recession Economy