mickeyd
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I'm at the front end of the boomers as I was born in 1944, so this article was not written for me, evidently. But, I read it anyway because I'm livin' on the edge!
Seems like LBYM is being referred to at the end of this quote, so there may be hope after all. Being successful financially is a hell of a lot more than being debt-free but at least it's a start.
Silver Tsunami: Those Free-Spending Boomers Might Be Changing Their Ways - Financial Planning
Seems like LBYM is being referred to at the end of this quote, so there may be hope after all. Being successful financially is a hell of a lot more than being debt-free but at least it's a start.
Let’s be honest: Fairly or not, boomers have a reputation for being reckless spenders. They have been tagged as the entitled generation that didn’t live through the Great Depression like their parents, so never learned the value of a dollar. The truth is that this bad reputation is not completely unjustified. Securian released a survey last year that looked at the financial values and debt across generations. What it found was that even though the overall debt had not risen since its last survey in 2007, the debt among baby boomers had gone up.
“I think boomers very visibly like to spend money,” says Diane Young, director of retirement and goal planning for TD Ameritrade. “They very much live in the here and now.”
But that might be changing. The survey found that 51% of those 65 or older (which would include the oldest boomers) define financial success as being debt-free. By comparison, only 31% of those ages 18-34 reported the same. Even if it may be a case of the chickens coming home to roost, boomers do appear to change their attitudes toward saving as they age.
Silver Tsunami: Those Free-Spending Boomers Might Be Changing Their Ways - Financial Planning