{"id":42475,"date":"2022-08-02T16:04:00","date_gmt":"2022-08-02T20:04:00","guid":{"rendered":"https:\/\/ilgfinancial.com\/staging\/2370\/?p=42475"},"modified":"2022-08-02T16:04:00","modified_gmt":"2022-08-02T20:04:00","slug":"multi-generational-planning-and-the-impact-of-financial-literacy","status":"publish","type":"post","link":"https:\/\/ilgfinancial.com\/staging\/2370\/multi-generational-planning-and-the-impact-of-financial-literacy\/","title":{"rendered":"Multi-Generational Planning and the Impact of Financial Literacy"},"content":{"rendered":"

\"\"Investopedia conducted a survey\u00a0of 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.<\/p>\n

Side note: Seeing other generations\u2019 viewpoints is important since many families live together and cross different age groups.<\/em><\/p>\n

\u201cAccording 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.\u201d1 \u00a0What\u2019s interesting is that much of the younger generations, specifically 42% of Gen Z\u2014born 1997-2012\u2014say they began planning for retirement in their late teens.<\/p>\n

With all this planning it\u2019s not surprising that younger generations expect to stop working earlier than older groups. The goal of many Gen Z\u2019ers 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.<\/p>\n

All generations agreed that financial planning is a priority but, across the board, their knowledge and understanding of complex planning strategies is lacking.\u00a0 Overall, \u201c57% of adults who participated in the Investopedia survey say that they\u2019re invested, but only 1 in 3 say they have advanced investing knowledge.\u201d1<\/p>\n

Retirement was listed as the top personal finance concern for about a sixth of those surveyed.\u00a0Taxes, insurance, IRAs and 401(k)s, Social Security\u2026 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.<\/p>\n

At a time of economic uncertainty and a strained political landscape, you\u2019ll want the guidance of a qualified financial professional. There\u2019s a lot going into a financial strategy so give us a call at (540) 720-5656<\/a> and let\u2019s talk through yours.<\/p>\n

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