Investopedia conducted a survey of 4,000 US adults in January and February of 2022 which included 1,000 individuals from each generation to better understand their financial literacy by generation.
Side note: Seeing other generations’ viewpoints is important since many families live together and cross different age groups.
“According to survey results, about two-thirds of millennial and Gen X adults indicated that they are actively planning for retirement with just over half of Boomers also planning.”1 What’s interesting is that much of the younger generations, specifically 42% of Gen Z—born 1997-2012—say they began planning for retirement in their late teens.
With all this planning it’s not surprising that younger generations expect to stop working earlier than older groups. The goal of many Gen Z’ers is to retire at age 57, while millennials say age 61 and Boomers are predicted to retire at age 68. Depending on when you hope to retire, your financial retirement plan will need to be set up to help make that happen.
All generations agreed that financial planning is a priority but, across the board, their knowledge and understanding of complex planning strategies is lacking. Overall, “57% of adults who participated in the Investopedia survey say that they’re invested, but only 1 in 3 say they have advanced investing knowledge.”1
Retirement was listed as the top personal finance concern for about a sixth of those surveyed. Taxes, insurance, IRAs and 401(k)s, Social Security… the list of financial products and platforms is quite extensive. And with more complex products like annuities and cryptocurrency jumping on the list, it makes having a relationship with a financial planner even more important.
At a time of economic uncertainty and a strained political landscape, you’ll want the guidance of a qualified financial professional. There’s a lot going into a financial strategy so give us a call at (603) 261-3736 and let’s talk through yours.
- Adapted from BankersLife1
- Adapted from Investopedia2
Bob has a passion for making your money work hard for you. He takes profound joy in ironing out a plan for a long and comfortable retirement, no matter what your current income or level of wealth. With a work ethic second to none, he has a zeal for transforming uncertainty into stable ways for you to protect your future and your family. He knows that the quality of your life you enjoy today can remain as rewarding—or even better—after retirement.
With a strong background in information technology, Carol is instrumental in building operational policies and strategies that keep the organization functioning smoothly. Carol’s organizational skills and her flexibility to jump from priority to priority along with her commitment to customer service makes her an essential part of the Grimard Financial team. When Carol is not working with the Grimard Financial Family, she is a very creative and accomplished photographer.