Millennials, Gen Xers Most Concerned about Spending, Saving, and Investing

Posted On February 20, 2013

The two youngest generations, Millennials and Generation X, are the ones most concerned about their spending, saving, and investing, according to a TD Canada Trust survey.  In contrast, 80% of Boomers feel they are managing their money well, even if 56% feel they don’t have enough of it.

Millennials are most likely (65%) in the survey to worry that they are spending too much, compared with 56% of Xers and 44% of Boomers. Millennials are also most likely (55%) to want to learn more about finance and money management.

Meanwhile, Generation X has the most competing financial concerns, including retirement (55%), mortgages (44%), loans (38%), and credit card debt (37%). 70% of Xers say they are not saving enough.

The overall picture is that generation is a key factor in financial outlook. “This decision-making process is influenced by the generation to which we belong, and the corresponding cultural and economic factors that make the future appear differently to us,” said one of the study’s authors.

Categories: Baby Boomers, Financial Services, Generations, Wealth, Work