Money
The good news, according to financial experts we’ve consulted, is that we Baby Boomers still control 50% of all the wealth in the U.S. – more than any other generation. And per the 2022 Investopedia Financial Literacy Survey conducted this past April, which polled 1,000 U.S. Boomers as part of a multigenerational study, we Boomers are typically fiscally conservative, goal-centric, independent, and resourceful. Further, most of us are at least somewhat confident in our ability to manage our finances.
When it comes to Retirement expectations, more than 25% of survey participants expect to receive Retirement income from pensions and 401(k)s. Others expect income from savings, certificates of deposits (CDs), and market investments. A significant majority (70%) of still-working Boomers expect to be able to support themselves with Social Security alone, when they are no longer able to work. We fear that may be more wishful thinking than reality. For the record, 62% of those surveyed are retired, 23% say they expect to retire, and 16% are unsure they will ever be able to quit working.
We were not surprised that the survey also showed that 83% of Boomers are at least somewhat confident about our ability to manage our finances. When it comes to financial skills Boomers would like to acquire, the No. 1 thing mentioned was how to keep our financial information safe online.
Additionally, it seems many of us are now tasked with managing an elderly family member’s budget. This can be challenging because we may not feel competent to make financial decisions on behalf of these loved ones, especially when they cannot tell us their financial goals.
A final interesting survey finding was that 77% of us Boomers consider ourselves rank beginners when it comes to understanding digital currency.
For us here at BabyBoomer.org, one of the most important findings of this survey was that most Boomers prefer to acquire financial knowledge through reading (37%) and talking to others (35%). [As opposed to watching videos (9%), game simulation (8%), taking a class (4%) and podcasts (4%).] We will, therefore, aim to please.
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Dive into an empowering journey with @thedianegilman as she debunks ageism and showcases the limitless potential of your later years. 🌟 Discover why age truly is just a number and how your wisdom can light up the world of social media. Watch, get inspired, and join us on 'Money Matters' for more…
Dive into an empowering journey with @thedianegilman as she debunks ageism and showcases the limitless potential of your later years. 🌟 Discover why age truly is just a number and how your wisdom …
Dive into an empowering journey with @thedianegilman as she debunks ageism and showcases the limitless potential of your later years. 🌟 Discover why age truly is just a number and how your wisdom can light up the world of social media. Watch, get inspired, and join us on 'Money Matters' for more inspiring stories like Diane's. Don't miss out on our next episode—subscribe now and redefine what it means to age gracefully. #DianeGilman #Empowerment #SubscribeNow
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Welcome to a special episode of "Money Matters," hosted by Christopher Hensley. This episode features the legendary Diane Gilman, the 'Jean Queen' herself, as she shares her vibrant journey and empowe…
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Welcome to a special episode of "Money Matters," hosted by Christopher Hensley. This episode features the legendary Diane Gilman, the 'Jean Queen' herself, as she shares her vibrant journey and empowers us with her innovative approach to living a fulfilling life, regardless of age. 🌟 E…
Welcome to a special episode of "Money Matters," hosted by Christopher Hensley. This episode features the legendary Diane Gilman, the 'Jean Queen' herself, as she shares her vibrant journey …
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Italy is one of the most popular countries to visit for a summer vacation and with good reason. There are thousands of things to see and do: new experiences, history lessons, sunbathing at out-of-this…
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