Posts Tagged ‘Generation X’

Millennials are saving more for retirement

Posted on November 10, 2017 by Laura Lam

In the race to save for retirement, one group is doing surprisingly well: millennial parents.  That’s according to a new NerdWallet survey, which found that 38% of millennial parents (ages 18-34) save more than 15% of their income for retirement. All told, millennial parents reported a median retirement savings rate of 10% of income, compared with 8% for Generation X parents (ages 35-54) and just 5% for baby boomer parents (ages 55+). Given the picture typically painted of this age group, you might be shouting “fake news” right now. There’s one caveat: The results include only those currently saving for…

Millennials’ Financial Habits Differ from Previous Generations

Posted on May 12, 2017 by Laura Lam

More so than Gen X and baby boomers, millennials prioritize issues like buying a home, purchasing cars, saving for and planning vacations and weddings and college planning, according to a recent Stash survey.  Yet these are not issues that most financial advisers typically bring up with clients.  “We have a retirement, baby-boomer-centric service model that tends not to interest millennials,” said Alan Moore, co-founder of the XY Planning Network.  “Advisers need to look at where younger investors are in their lives and help them with those issues, such as navigating debt.” The financial habits of millennials,a giant generation of 92 million people…

The Link Between Education and Homeownership

Posted on June 10, 2016 by Laura Lam

A new report from First American Financial Corp. has found that the difference in homeownership between those without high school degrees and those with a bachelor’s degree or more is widening. In 2015, that gap was 28%, nearly twice the 15% gap reported in 1990. “People with higher education levels are more likely to earn higher incomes, and thus more likely to own homes,” said First American chief economist Mark Fleming.  “The good news is that educational attainment levels are improving nationally, so we are on the right track.” Education levels are rising as more millennials are graduating from college…

Getting to Know You: What Banks Should Know About Millennials

Posted on May 31, 2016 by Laura Lam

Banks have a hard time figuring out millennials, those born between the early 1980s and 2000. Many millennials don’t remember a world without the Internet, plenty entered adulthood during the thick of the financial crisis and the generation is broadly considered one willing to vote with its feet. Banks are anxious to market to this demographic (and might be neglecting seniors in the process) and are eager to find out just what makes them tick.  Several firms have tried to demystify millennials for bankers. The following is a look at some of the data. 1. They Don’t See a Future…

Survey: Young Customers Prefer Big Banks

Posted on May 04, 2015 by Saldutti

The biggest banks still have a reputation problem, but their popularity among the youngest bank customers could be a source of hope – and a worry for their smaller rivals.  Customers age 20 and younger were happier with the largest banks than with their regional and midsize rivals, according to J.D. Power’s latest annual survey of bank customer satisfaction. The biggest banks’ so-called Generation Z customers – those born in 1995 or later – have an average satisfaction rating of 807 out of 1000, 9 points higher than regionals’ and 38 points higher than mid-size banks’.  That generation – younger…

Let's Stay Together: Retirment-Age Women Most Loyal

Posted on February 13, 2014 by Saldutti

Will your spouse remain faithful?  A recent Russell Investments survey found that 78% of Gen X and 93% of “Silent Generation” women said they would stay with their financial advisor if they became widowed.  The survey of over 900 women who are working with advisors focused on women in Gen X (ages 32 to 47) and the Silent Generation (ages 67 to 80). In addition, 54% of Gen X and 64% of Silent Generation women said they have recommended their advisors to a friend or family member. More than half of respondents from both groups (52% of Gen X and…