Biggest financial worries differ for millennials, boomers
Student loans concern younger set, retirement vexes older crowd
Almost a third of millennials said in a Wells Fargo poll that student loans were their biggest financial worry, while retirement was the biggest concern of baby boomers.
In a survey conducted from April 15 to May 2, 2014, 29 percent of millennials said paying off student loans was their biggest worry, followed by 22 percent saying daily expenses were their only concern. Retirement was third with 21 percent.
That compared with 44 percent of boomers expressing concern about retirement. Twenty percent said daily expenses were their only concern, and 15 percent worried about health care expenses.
The survey was conducted by Harris Poll for Wells Fargo Retirement Communications and WBR Market Intelligence. Interviews were conducted online with 1,639 U.S. residents between 22 and 33 to represent millennials, and 1,529 U.S. residents between the ages of 49 and 59 to represent baby boomers. The population samples were weighted to conform to Census data.
To use the graphic on your site, use the following code:
- Credit card bills are first to go unpaid, Fed finds – When bills must go unpaid now, credit cards are at the top of the list, a Federal Reserve survey finds. That changed during the recession, when credit card bills were paid because they were viewed as a financial lifeline ...
- Small businesses often rely on credit cards, Fed study finds – Credit cards play a major role in financing small businesses, a new Fed survey finds. More than half of small businesses surveyed (51 percent) reported using credit cards for their operations on a regular basis ...
- Who rolls over card debt and pays late? Study finds surprises – Among cardholders who roll over their debt from month to month, age and other financial obligations -- not income and education -- are factors in who pays on time and who pays late, a new Auriemma Consulting Group study finds ...