Baby boomers worry about political gridlock, and the continued economic problems of the country.
Baby Boomers were raised by parents who might have been affected by either the Great Depression or World War II. As a result, Boomers are probably much different than members of the generations that have followed them.
Spectrem’s report Baby Boomers vs. Gen X shows that in most cases, Baby Boomers’ level of concern on almost any topic is greater than that of Gen-Xers. Baby Boomers are investors between the ages of 48 and 66, and Gen-Xers are investors ages 33 to 47.
Baby Boomers’ greatest concern is government gridlock. Eighty-six percent of Baby Boomers list that as one of their national concerns, but only 70 percent of Generation X investors list that as a major issue.
Similar percentages exist in almost all categories of national concern. Eighty-five percent of Baby Boomer investors report a concern about the prolonged economic downturn, while only 76 percent of Generation X investors do so, although that is Generation X’s greatest concern. Eighty-three percent of Baby Boomers are concerned about the political environment, and only 67 percent of Generation X has the same concern.
Other areas in which 80 percent of Baby Boomers report concern include the federal deficit and the national debt. By comparison, only 64 percent of Generation X investors are concerned about the federal deficit and only 67 percent report concern about the national debt.
Less than half of Generation X investors report concern over terrorism (48 percent, to 62 percent of Baby Boomers) and the amount of goods produced outside the United States (47 percent, to 60 percent of Baby Boomers). Only 55 percent of Generation X investors report concern over European stability (to 70 percent of Baby Boomers)
While they are near-equally concerned about maintaining their financial position (65 percent of Baby Boomers and 61 percent of Gen Xers), nearly half of Gen Xers worry about either themselves or their spouse losing their job, compared with one-third of baby boomers. These attitudes might in part be a reflection of concerns about retirement readiness. Among Affluent investors surveyed by Spectrem’s Millionaire Corner, outliving one’s retirement savings is the biggest financial fear, while not having saved enough for retirement is the biggest financial regret.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.