U.S. residents ages 28 to 39 appear to be feeling more financial pressure than U.S. residents ages 19 to 27 are feeling.
Researchers at the American Savings Education Council, Washington, and AARP, Washington, have published figures supporting that conclusion in a summary of results from a Web-based survey of 1,752 members of “Generation X” and “Generation Y.”
Members of the two generations gave similar answers to many questions, such as questions about whether they feel their parents and schools did a good job of teaching them about saving and investment.
Both the GenXers and the younger participants, in Generation Y, seemed to think their parents had done a better job at handling saving and investing education than their schools had.
In some cases, differences in responses appeared to be the direct result of differences in ages.
Members of Generation Y, for example, said they were more likely to be depending on their parents for advice about saving and investing.
A combination of GenXers’ family responsibilities and the competition GenXers’ face from the baby boomers appeared to affect differences in answers to questions about beliefs about the difficulty or ease of reaching financial milestones.
About 80% of members of both generations said they believe getting an education has been easier or about as easy for members of their own generation as it was for their parents.
Similarly, about half of the members of both generations agreed that buying a first home has been about as easy for members of their generation as it was for people their parents’ age.
But 49% of the GenXers said they believe finding good employment has been more difficult, compared with just 37% of the members of Generation Y, and 57% of the GenXers said “saving money for the long term” is more difficult, compared with 43% of the members of Generation Y.