Does money matter more to millennials than our parents?
A new TD Ameritrade survey found that 16% of baby boomers with both an IRA and an employer-sponsored plan like a 401 (k) say they contribute to both, while 25% of millennials (ages 22-33) and 23% of Gen X (ages 34-47) contribute to both.
Moreover, one in four baby boomers say they have little or no confidence that they will have saved enough for retirement and 21% say they will have to work longer than they expected. Just 45% of boomers say they would use a surprise $1 million gift to pay off debt and get their finances in order.
Meanwhile, just 13% of millennials expects to work into their retirement years, while 55% say they would use a surprise $1 million gift to get their finances under control.
Do you believe these numbers? Do millennials hold a different attitude toward saving and saving than our parents? If so, what explains the difference in our money habits?
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