Older People Fear Rising Prices More: MDRT
The group also asked survey takers about their cryptocurrency holdings.
A group for top financial professionals has found that age has a big effect on how U.S. consumers think about inflation risk.
The Million Dollar Round Table reported data supporting that conclusion in a summary of results from a recent online survey of 3,642 U.S. adults ages 18 and older.
MDRT is a Park Ridge, Illinois-based group for financial professionals who meet minimum sales requirements and other membership requirements.
When MDRT asked the participants whether they worry about the possible impact of rising prices on their own finances, the percentage of members by age group who expressed concern were as follows:
- Generation Z (born 2000 or later): 54%
- Millennials (1982–1999): 59%
- Generation X (1965–1981): 72%
- Baby Boomers (1946–1964): 76%
Older consumers’ higher level of concern about inflation could be related to memories of inflation in the 1970s and early 1980s, exposure to higher prices now, and increased awareness of the need for post-retirement income planning.
The higher level of concern could also be related to media exposure. Older consumers might be more likely than younger consumers to watch television news and opinion shows that address the topic of inflation.
Cryptocurrency
MDRT also asked survey participants about their ownership of cryptocurrencies such as Bitcoin.
About 12% of all participants said they own cryptocurrencies.
The percentage was higher for participants who said they have financial advisors: 18% of those participants said they own cryptocurrencies.
The results suggest “a need for financial advisors to be well versed in both the opportunities and risks of cryptocurrencies,” MDRT said in a comment on the results.
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