Three-fourths of Affluent Gen Xers and Baby Boomers cite “smart investing” as one of the primary contributing factors to their financial success, following hard work, education and frugality.
Three-fourths of Affluent Gen Xers and Baby Boomers cite “smart investing” as one of the primary contributing factors to their financial success, following hard work, education and frugality. But Gen Xers are totally more into investing than their Baby Boomer counterparts, according to a new comparative demographic study conducted by Spectrem’s Millionaire Corner.
Nearly six-in-ten (59 percent) of Non-Millionaire Gen X males say they enjoy investing and it is something they do not want to give up, compared with 36 percent of male Baby Boomers. Similarly 40 percent of Gen X females are similarly inclined compared to 28 percent of Boomer women.
As wealth level increases so does enthusiasm for investing. Nearly three-fourths of Non-Millionaire male Gen Xers say they would not want to give up investing, compared with 59 percent of male Boomers, compared with 48 percent and 41 percent, respectively of women Baby Boomers.
Millionaire Gen Xers and Baby Boomers, too, like to be more hands-on in the day-to-day management of their investments than do their Non-Millionaire counterparts.
Not surprisingly, Millionaires overall are most optimistic about their financial futures, but the most optimistic: Gen X females (73 percent) compared with 65 percent of male Gen X Millionaires, 59 percent of Millionaire male Boomers and 51 percent of Millionaire female Boomers.
One reason why Baby Boomers do not share Gen Xers optimism that their financial situations will be strong a year from now may be tied in part to concerns about retirement readiness. An estimated 100,000 Baby Boomers reach retirement age each day. The 2013 Retirement Confidence Survey conducted by the Employee Benefit Research Institute (EBRI) finds that American workers who are at least 55 years old report:
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.