Tuesday - December 5th, 2023
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Money &Raquo; Senior Woman With Calculator Counting Dollar Money 2021 08 26 16 33 09 Utc

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.