Generational trends: How do you compare?

Key Points

  • Our new study revealed that the majority of investors are optimistic about their finances
  • Different generations cite overcoming their own unique financial obstacles
  • While some financial setbacks are due to external events, others can be avoided

According to the new Ameriprise Ages, Stages & Money study, 9 out of 10 investors report feeling confident about their financial future. What’s more, most remain positive about their financial progress despite upheavals along the way — 8 in 10 respondents were able to list significant setbacks that impacted their financial journey.

Have you encountered any major financial challenges? How do you compare to others in your generation? 

Our short video shows highlights from our study and tips to build financial confidence.  

Marcy Keckler, Ameriprise Vice President of Financial Advice Strategy, explores the study insights and shares tips you can use.

Top generational challenges

While it’s natural to focus on money missteps we’ve made along the way, it’s also important to recognize that external events outside of our control can play a key role in shaping our financial outlook.

Our study, which surveyed more than 3,000 Americans ages 30–79 with at least $100,000 in investable assets, reveals the top financial setback for younger respondents is a job loss or career issue. Market loss is the leading derailer for older respondents.

“Investors at various ages and stages of life who are taking action to manage their money feel financially confident despite the obstacles they’ve faced.”
— Marcy Keckler, Vice President of Financial Advice Strategy at Ameriprise

The good news is that 6 out of 10 respondents say they’ve fully recovered from these events. The upshot? Financial setbacks are inevitable — and recoverable — during every decade of life. Identifying major hurdles, knowing where you are in your financial life cycle and avoiding potential missteps can help you stay on track to meet your goals.

Talking about their generation

Not surprisingly, many of the challenges study respondents faced in their 20s-30s — or early earning years — shaped their psychological and financial outlook. While external events are unavoidable, implementing the right strategies can help you overcome setbacks.

Each demographic faced challenges impacting their outlook. See how you compare to others and find tips to help overcome common obstacles:

 
 

 

 

Reaching your goals at any age

No matter where you are in your financial life cycle, the study showed that it’s never too late to make course corrections along the way. Case in point: Many of the retirees surveyed reported that they started investing later in life — in their 30s and even their 40s — yet this same group reported having no gap (on average) between what they think they’ll need in retirement and what they’ve actually saved.

Your advisor can help tailor solutions unique to your needs and goals so you can stay on track to a confident retirement.

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