Members of Gen X and Gen Y are less satisfied with their financial situation than their parents, according to a New York Life study released Thursday.
Less than half of the Gen Y respondents said they were satisfied with their financial situation, compared with 68% of boomers and 82% of respondents from the Silent Generation. Just 51% of Gen X respondents said they were satisfied.
“The Keep Good Going Report findings align with other research that confirms that Gen X and Gen Y are keenly aware of how the economic slowdown has put stress on their long-term financial futures,” Paul Horrocks, vice president of New York Life, said in a statement. “These generations are concerned that the financial goals that baby boomers and the Silent Generation took for granted, such as home ownership, rising incomes and a secure retirement, will be much more difficult to attain.”