Investopedia conducted a survey of 4,000 US adults in January and February of 2022 which included 1,000 individuals from each generation to better understand their financial literacy by generation.
Side note: Seeing other generations’ viewpoints is important since many families live together and cross different age groups.
“According to survey results, about two-thirds of millennial and Gen X adults indicated that they are actively planning for retirement with just over half of Boomers also planning.”1 What’s interesting is that much of the younger generations, specifically 42% of Gen Z—born 1997-2012—say they began planning for retirement in their late teens.
With all this planning it’s not surprising that younger generations expect to stop working earlier than older groups. The goal of many Gen Z’ers is to retire at age 57, while millennials say age 61 and Boomers are predicted to retire at age 68. Depending on when you hope to retire, your financial retirement plan will need to be set up to help make that happen.
All generations agreed that financial planning is a priority but, across the board, their knowledge and understanding of complex planning strategies is lacking. Overall, “57% of adults who participated in the Investopedia survey say that they’re invested, but only 1 in 3 say they have advanced investing knowledge.”1
Retirement was listed as the top personal finance concern for about a sixth of those surveyed. Taxes, insurance, IRAs and 401(k)s, Social Security… the list of financial products and platforms is quite extensive. And with more complex products like annuities and cryptocurrency jumping on the list, it makes having a relationship with a financial planner even more important.
At a time of economic uncertainty and a strained political landscape, you’ll want the guidance of a qualified financial professional. There’s a lot going into a financial strategy so give us a call at (540) 720-5656 and let’s talk through yours.
- Adapted from BankersLife1
- Adapted from Investopedia2
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.