Baby Boomers Worried by Economic Downturn
CHICAGO, IL–(Marketwired) – Gen X males are most likely to enjoy investing on their own in comparison to their female counterparts and all Baby Boomers, according to Spectrem Group’s latest eZine, Baby Boomers vs. Gen Xers: A Comparison of High Net Worth Investor Needs, Attitudes and Behaviors.
Baby Boomers report greater concern over national issues such as the economic downturn, political environment and national debt, while Gen Xers are more concerned with personal issues like financing their children’s education and job security.
“When it comes to investing, Baby Boomers and Gen Xers have very different preferences and inhibitions,” said Spectrem Group President George H. Walper, Jr. “Both require holistic financial advice — Baby Boomers continue to be one of the driving forces in the economic market as they near retirement, and Gen Xers are gaining financial staying power as they graduate to the upper levels of corporations and institutions.”
Through qualitative and quantitative research conducted throughout 2013 with investors with $100,000 to $25 million net worth, not including primary residence, Spectrem also found that Baby Boomers were more likely to use an advisor and are significantly more satisfied with them.
Other significant findings include:
- Roughly 60 percent of Gen Xers and Baby Boomers represent two career households regardless of wealth level.
- Baby Boomer and Gen X females are more likely than males to fire their advisors for failing to proactively reach out to them.
- Both wealthy Baby Boomers and Gen Xers attribute their success to hard work and education. Roughly 80 percent have college degrees; about one-third hold a graduate degree.
More information about investors of all wealth levels is available on Spectrem’s Millionaire Corner:
- Gen Xers, Baby Boomers Most Concerned with Financial Position, Health, Retirement
- Millionaire Baby Boomers Most Likely to Consult with Financial Advisor
About Spectrem Group
Spectrem Group (www.spectrem.com) strategically analyzes its ongoing primary research with investors to assist financial providers and advisors in understanding the Voice of the Investor.
About Spectrem’s MillionaireCorner.com
Spectrem’s Millionaire Corner website (www.millionairecorner.com) provides information for investors about investors. With its Find an Advisor service, investors are able to search for financial and investment advisors to assist in growing their wealth.