Regardless of your age or which generation group you are a part of; it is important to take the appropriate steps to prepare yourself for retirement. Based off what you read about the differences between Baby Boomers and Millennials, it seems safe to assume that the differences between these two generations would extend to the way in which they approach retirement and savings. To put that assumption to the test, we conducted a study in which we polled groups of Millennials and Baby Boomers, asking them questions about retirement and savings. Here are a few of our findings, along with a guide to the generation groups referenced.
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Millennials vs Baby Boomers: Which Generation Group Do You Fall In?
Millennials plan to save more for retirement.
Millennials also plan to retire at an earlier age than Baby Boomers.
Most Baby Boomers do not plan to relocate for retirement.
The majority of Baby Boomers are not open to moving in with their children when they retire. On the contrary, a high percentage of Millennials would be willing to take them in.
Millennials and Baby Boomers both recognize the value of a college education, but their income level impacts how much.
More Baby Boomers Rely on a Financial Planner to Plan for the Retirement.
Baby Boomers and Millennials prioritize similar benefits when evaluating job opportunities.
**This data was collected through Google Surveys. Poll results indicate significant findings from a randomized sample of 2,000 participants.