In a survey recently completed by Ameriprise Financial, it was found that a majority of older workers said what they most needed was advice on how to teach their own children about money and finances. Advice on their own retirement and finances came second and third. In another survey by Hewitt Associates, looking at involvement in retirement savings schemes (known as 401(k)’s in the USA), “only 31 percent of Generation Y workers (those age 18 to 25) eligible to participate in a tax-deferred 401(k) retirement plan are doing so. By comparison, 63 percent of eligible Generation X workers (those age 26 to 41) are using these plans, while 72 percent of baby boomers (age 42 to 59) are doing so.” (See source here, New York Times, 19 March 2006).
In 2000, I wrote a book with two co-authors, “Mind Over Money” which looked at how generations interact with finances. Get the book online at Kalahari.net or at the TomorrowToday shop.