84% of Gen Y, 83% of GenX and 66% of Boomers have financial concerns, according to a survey conducted by Harris Poll. The top concern for all three generations is not having enough money in an emergency savings fund. This was followed by not being able to pay off monthly bills for Gen Yers and Boomers, and not being able to retire when they want for Gen Xers.
“Respondents were asked what expenses they would cut first to save more money from a list including dining out and traveling less, reducing home, entertainment and clothing expenses, and buying less expensive groceries and brands. When asked how they would adjust their spending if they wanted to save more money, all three generations noted dining out less, Generation X (32%), Generation Y (32%) and Boomers (22%). Reducing entertainment and home expenses were the next two top saving areas.”
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