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January 25, 2007 at 12:31 PM
Members of the generation born between 1946 and 1964 are worrying about the effects of cuts in government programs and employee benefits.
Researchers at a unit of MetLife Inc., New York, have published figures comparing how members of different generations view their finances in a summary of results from a November 2006 survey of 1,567 U.S. residents ages 19 and older.
In addition to looking at baby boomers, the researchers looked at members of the Silent Generation, who were born between 1933 and 1945; Generation X, who were born between 1965 and 1975; and members of Generation Y, who were born between 1977 and 1994.
Responses to many questions were similar for participants of different ages, but the boomer participants showed signs of feeling far more financial pressure.
About 72% of the boomers said they feel as if they are financially “on their own,” 79% of the boomers worry about whether they will be able to count on Medicare and Social Security benefits, and 68% said they worry about employer-sponsored retirement benefits, the MetLife researchers report.
Meanwhile, only 65% of all participants said they feel as if they are on their own, only 73% said they have serious concerns about government benefits, and only 61% worry about employer-sponsored benefits.
Members of the Silent Generation show the most confidence in their finances: Only 53% say they feel as if they are financially on their own, only 65% worry about government benefits, and only 42% worry about employer-sponsored benefits.
