Gen X and Baby Boomer females more likely to spread the praise to factors in obtaining wealth.
Government regulations, policies and programs get higher than average credit from Generation X investors in how they obtained their wealth, according to a Spectrem’s Millionaire Corner report.
In the Millionaire Corner Ezine Baby Boomers vs. Gen X, investors were asked to list the many factors that allowed them to obtain their current wealth level. Investors were segmented as those with a net worth under $1 million and those with a net worth above $1 million.
In both segments, government regulations and programs were rated higher among Gen X investors than among all other age segments. While the total percentage of investors crediting government regulations was 20 percent, between 26-28 percent of Gen X investors in both wealth segments gave credit to the government policies and programs as a factor in obtaining wealth.
For comparison, Baby Boomers in both segments were close to the 20 percent average, ranging from 20-22 percent.
There were few factors to which Baby Boomers or Gen X investors gave more credit than the average investor across all age segments.
For investors with a net worth under $1 million, Gen X males gave more credit than the average investor to taking risk (59 percent to 54 percent), and Gen X females gave more credit to family connections than the average investor (17 percent to 9 percent).
In only one category did Baby Boomers give more credit to a factor than the average investor. Forty-two percent of Baby Boomer females gave credit to decisions made by a financial advisor, while the average was just 37 percent.
There were several factors in which Baby Boomers with a net worth under $1 million were far less likely to give credit than the average. Eighty-two percent of all investors credited education, but only 74 percent of Baby Boomer males and 71 percent of Baby Boomer females gave a nod to education. Conversely, among Baby Boomers with a net worth over $1 million, both segments went over the average (87 percent of males and 85 percent of females).
Only 34 percent of Baby Boomer females with a net worth under $1 million gave credit to taking risk while the average was 54 percent of all investors.
Gen X female investors with a net worth over $1 million were generous in giving credit to factors in obtaining their wealth. Eighty-three percent gave credit to smart investing (to just 76 percent of all investors), and 66 percent gave credit to taking risk (the average was 54 percent). Thirty-seven percent of Gen X females with a net worth over $1 million gave credit to running their own business, while only 19 percent of all investors saw that as a factor.
Among Baby Boomers with a net worth over $1 million, 66 percent of males considered “taking risk’’ a factor in obtaining wealth, while only 54 percent of all investors gave “taking risk’’ the nod.
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.