Young investors – unlike their older counterparts - are more concerned about jobs than they are about the national debt.
The economy is by far the most important issue to consider when selecting the next president, say investors surveyed by Millionaire Corner in June, but young and old investors express differing priorities when it comes to the national debt, health care and job creation.
Young investors, those ages 40 and under, say job creation is the second most important factor in deciding who’s president, according to our research, while investors in their 50s and 60s care more about the national debt, national security and health care than they do about unemployment.
After the economy (32 percent) and unemployment (15 percent), younger investors rank the national debt, social issues and taxes as equally important issues (10 percent). And, they are more likely to see Barack Obama as the candidate most sympathetic to their concerns.
Nearly two-thirds (64 percent) of younger investors believe President Barack Obama is more closely aligned with their world view than his opponent, Mitt Romney. In contrast, the majority of older investors (56 percent) identify more with Romney than Obama.
Young investors – members of generations X and Y – are extremely worried about their job security and their security in retirement, according to the results of our May survey. When asked to identify their biggest financial fears, young investors rank “losing my job” (26 percent) and “running out of money in retirement” (26 percent) as their top two concerns. A close third is, “having to work longer than I planned to be able to retire comfortably.”
Young investors identify their biggest financial regret as “having too much credit card debt” (15 percent), followed by “spending too much on material goods” (14 percent) and “not saving enough for retirement” (13 percent). Millionaire Corner research shows that young investors are most likely to be saddled with student debt and debt from unexpected medical expenses.
Even young investors who fall into the high net worth category – households with investable assets of $5 million to $25 million – express concerns about debt levels and retirement security.