It holds true that attitudes and financial behavior of the baby boom generation make a significant impact on the overall financial picture. Deliberating as to what is meant by the baby boom generation? Well! Baby boom generation primarily refers to all concerned Americans who were born 1946-1964. There are as many as five types of behaviors and attitudes that could affect the economy of United States in the desired manner.
All About Inheritance
The first and foremost aspect relates to the aspect of leaving an inheritance. It has been perceived that the attitude of boomers has witnessed a significant change as far as leaving an inheritance for their children remains in question. The same holds true when compared along with the attitude of boomer parents. A recent survey has made it clear that no more than half of all concerned affluent boomers feel that leaving the property for their children is a worthwhile decision. Few fail to understand the reason pertaining to the same. One of the possible reasons might be that not all boomers are confident that their kids would be able to handle inheritance in a responsible manner.
Expectations Regarding Life
One of the other behavior and attitude to watch out for is expectations regarding life. It is true that there is a huge mismatch as far as their expectations and present retirement situation remain in question. A majority of all pre-retirees hold the view that life after retirement would be a lot worse as compared to recent days. As much as fourteen percent of all concerned pre-retirees believe that life after retirement would be a lot worse than it is in recent times. Nearly, twenty five percent of all concerned believe that the same is a lot worse.
Moral Obligation
The truth remains that boomers always hold a moral obligation as far as putting their children through university/college remains concerned. A majority of all these boomers believe that putting their children through college can play a significant role as far as helping them to embark on a successful career remains in question. Most believe that the same has also made an adverse effect as far as their saving potential remained concerned.
Education Related Expenses
Staying prepared for being able to lead a life after retirement is one of the other attitudes/behaviors that hold a certain degree of impact, as well. As per a recent analysis as performed by EBRI, as much as forty three percent of all concerned baby boomers may not be able to afford basic expenses that are generally associated during retirement. As per the survey conducted by EBRI, there remains every single possibility that children of boomers could have to provide assistance during the later stages of retirement. The annual expenses that remain associated so as to be able to take care of all concerned aging parents varies within 6,000-10,000 on an annual basis.
The overall level of contentment and happiness are also the other types of attitudes and financial behaviors that can also make a certain degree of impact. On a scale of 10-points, the rating given to their life is approximately 6.2. These types of behaviors and attitudes have indeed made a significant impact on the overall scenario.
