Most Gen Xers have financial worriesBy The IJ Staff | February 18 2020 04:00PM
A new study from Edward Jones, released Feb. 18, found that nearly half or 47 per cent of all Baby Boomers surveyed say they do not have any financial worries. Comparatively speaking, 77 per cent of those between ages 40 and 54 say they have financial concerns.
The two online surveys of more than 3,000 Canadians in total, also found a number of other ways in which Canadians’ approach to money differs from generation to generation. It found, for example, that 58 per cent of Canadians consider themselves savers, while 37 per cent self-identify as spenders. Boomers, at 62 per cent, were most likely to identify as savers while 42 per cent of Millennials between ages 25 and 39 were more likely to identify as spenders.
Interestingly however, spenders were considerably more likely to prioritize paying down debt compared to savers. Among spenders surveyed, 45 per cent were likely to prioritize paying down debt, while only 26 per cent of self-professed savers said the same. “Gen Z (those between ages 18 and 24), Millennials (ages 25 to 39) and Gen X (those between 40 and 54 years of age) each cited paying down debt as their single most important short-term financial priority,” the company said in a statement. “In fact, 49 per cent of respondents in these generational cohorts noted they would prioritize paying down debt if they received a $10,000 windfall.”
The survey also found that 65 per cent of spenders said they invest their money in a Tax Free Savings Account (TFSA), a Registered Retirement Savings Plan (RRSP), real estate or other investment vehicle, while 33 per cent of spenders say they don’t invest at all. Savers, on the other hand, are more likely to take advantage of investment products – nearly 80 per cent said they are currently investing their money in one of these vehicles.