Statistically, Gen X-ers are saving the greatest proportion of their income and Baby Boomers are the worst off.
This can be explained because of the way the workplace has changed over the decades. For members of the Greatest Generation, it was pretty common to work ~40 years for the same employer and then retire with a generous company pension plus government assistance. The Baby Boomers expected to follow this same pattern, but then companies started laying people off en masse and cutting back pension plans, leaving many of them unprepared for retirement because they didn't start investing in RRSPs early enough. Having witnessed this, Gen-Xers have an attitude that nobody is going to take care of them but themselves, hence why they're the biggest savers. It's still a bit too early to evaluate Gen Y's long-term saving habits.
And don't let anyone fool you into thinking that kids today have a sense of entitlement unlike their elders. No other generation has a greater sense of self-entitlement than the Boomers.
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