Sure, you and your kids like different music, have opposite taste in home decor and can’t ever seem to agree on what to watch on TV. But do you know just how much you and your kids’ views about money might differ?
Life insurance company Guardian just published an interesting study looking at just that — how the boomers differ from their kids (Gen Y) when it comes to thoughts about money. Here’s a look some of the more interesting findings:
|I am more likely to put my money in a savings account than to invest it||74%||59%|
|Compared to five years ago, I am more likely to take financial risks||18%||6%|
|Compared to five years ago, I am less likely to take financial risks||50%||64%|
|I now save more and spend less due to the economy||72%||64%|
|I have begun diversifying my portfolio due to the economy||25%||38%|
|I have stopped (or mostly stopped) investing money in the stock market because it is too much of a gamble||39%||51%|
|I feel financially secure||70%||56%|
|I have a well-rounded investment portfolio||7%||27%|
Of course, boomers and their progeny don’t disagree about everything. For example, the percentage of Gen Yers and boomers who feel confident about making personal finance decisions are roughly the same, 92% and 91%, respectively, as are the percentages who think the economy is headed in the wrong direction, 71% and 75%, respectively.
For complete study results, click here.