May 21, 2009

Survey: Boomers only generation still racking up debt

Of all the generations (Generations Y, X, and the Silent Generation) boomers were the only ones to add debt since 2007, according to a Securian Financial Group survey released Wednesday. Research revealed one-fifth of boomers owe at least $50,000 in non-mortgage debt, a 10-point spike from the 2007 survey.

Three quarters of non-retirees are concerned about the amount of debt they may carry into retirement, according to the most recent survey. Of all consumers, 82 percent are carrying non-mortgage debt, a figure that is virtually undiminished since Securian's initial survey in 2007.

"Consumers are clutching cash and postponing debt reduction," said Kerry Geurkink, director of Individual Annuity Marketing, Securian Retirement. "They are wisely adjusting their spending and borrowing, but the ultimate goal of debt-free retirement will be more difficult to achieve without a better balance between saving and debt reduction."

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