1/18/2024 0 Comments Older millennial age range![]() ![]() Women are also less comfortable than men, with 38% of women feeling financially well compared to 48% of men.ĭwyer says millennials do have it harder in some respects. But the financial advisors say on the whole, these are the issues their older millennial clients are seeking advice about.ĭifferent generations have different pain points: Only 17% of Gen X feel financially ready to retire, and 59% of Gen Z workers say their financial stress is impacting their productivity, per BofA’s survey. Of course, all of these points are generalizations not every statistic applies to every member of every generation equally. This can create enormous stress, leading to fear of being unprepared for the future.” ‘It’s every man for himself “If not careful, someone can be in a constant perpetuating state of playing catch up. “As careers progress and salaries increase, it’s tempting not to inflate our lifestyles to match growing income because our society teaches us to do that,” says Ashley Folkes, CFP at Alabama-based Inspired Wealth Solutions. Many thirty- and forty-somethings are balancing all of their responsibilities while also starting to plan out their own retirements. “Younger millennials may not have the experience either to be paid or demand higher wages, but they likely may not have started a family or have parents who are older to the point that they worry about them,” says Daniel Lash, CFP at Virginia-based VLP Financial Advisors.Ĭouple all of that with, as Dwyer noted, more financial awareness generally, and it’s no surprise that anxieties grow, too. “They realize that a few years of market volatility could really affect them and their retirement goals.”Īll of that is happening while this age group starts to approach their prime earning years-their salaries might look healthy on paper, but they haven’t had quite enough time yet at those higher salaries to build up substantial safety nets. “The past few years of challenge and struggle have made them less happy with their jobs and thinking about slowing down,” says Jack Heintzelman, CFP at Boston Wealth. Workers of all ages have reported rethinking their careers and aspirations in the wake of the pandemic. The turmoil of the past few years, economic and otherwise, hasn’t helped matters. They’re saving for their children’s college, maybe a new home, and are feeling inflation’s sting more acutely than younger workers and older people without as many responsibilities. Many find themselves in caregiving roles, potentially caring for their children (including teenagers) and older relatives. “This was the age where I realized that I really needed to set some big financial goals for myself.” “When you are younger, your focus is on getting your start in life, which can include starting your career, getting married, saving for your first home, and starting your family,” says Dwyer.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |