Top Financial Concerns Among Generations

A grandfather, father, and son are sitting together

Whether you’re a Baby Boomer saving for retirement or a Millennial paying off debt, a common concern—no matter the generation—is money. Finances are the top cause of stress for 38 percent of Boomers, 46 percent of Generation Xers and 51 percent of Millennials—according to a survey by PricewaterhouseCoopers. Busey shares the following financial concerns among generations from the 2016 Employee Financial Wellness Survey.

Baby Boomers

It’s no surprise retirement is a top concern for Baby Boomers, those born between the years 1946 and 1964. The survey reveals 45 percent worry about not being able to retire when they want. Although 79 percent of Baby Boomers are saving for retirement, 52 percent believe they will have to delay retirement. The biggest retirement concerns cited by Baby Boomers are health issues and health care costs. As a result, 23 percent of Baby Boomers are delaying retirement in order to retain their current healthcare benefits.

Generation X

While Baby Boomers are concerned about when they can retire, 50 percent of Generation Xers—those born from the mid-1960s to the early-1980s—are more worried about running out of money in retirement. The reason is 26 percent have already withdrawn money from their retirement plans to pay for other expenses.

Meeting monthly expenses is a concern for 25 percent of Generation Xers. In fact, 44 percent find it difficult to meet household expenses on time each month and 53 percent consistently carry balances on their credit cards.

Another financial worry is unemployment, cited by 22 percent of Gen Xers. When asked if better job security would help them achieve future financial goals, 26 percent agreed—which may explain why Generation Xers worry about both future and current living expenses.


Unlike Baby Boomers and Gen Xers who worry about future needs, Millennials—those born between the mid-1980s to the early-2000s—are more concerned with meeting current expenses. According to the survey, it’s a top financial concern for 35 percent of Millennials. Similar to Gen Xers, 46 percent find it difficult to pay household expenses on time each month.

Worrying about making ends meet is no surprise for this generation—considering 42 percent have student loans. Of those Millennials, 79 percent say their student loans have a moderate or significant impact on their ability to meet other financial goals.

To help make ends meet, 30 percent of Millennials use credit cards to pay for monthly necessities and 40 percent of those who consistently carry balances on their cards find it difficult to make minimum monthly payments.

Get Back to the Financial Basics

Although concerns vary among generations, there’s a single solution for Baby Boomers, Generation Xers and Millennials—get back to the financial basics and budget.

Track your spending by saving receipts or through an online financial management system, like Money Management from Busey, and categorize your spending. This will not only show you where to cut back, it will make it easier to understand how much money is needed to achieve your short- and long-term financial goals.

Now is the time to develop healthy money management habits and improve your finances. Busey can help. Contact us or call 1.800.67 l Busey today.

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