Boomers are starting to embrace the habits of their Depression-era parents, and millennials are starting to follow the same pattern, he said.
“Millennials saw their parents go through the financial crisis in 2008, so they have a pretty good perspective on the importance of saving and retirement planning,” Kelash said, adding that millennials are taking a pro-active approach, believing they can avoid the money mistakes of their parents.
But Generation Xers, the study said, are continuing “to struggle with saving and spending." For instance, the study found the median retirement savings for millennials and Generation Xers is about the same, some $35,000, even though Gen Xers are closer to retirement.
“Generation Xers are clearly feeling more vulnerable,” according to the study.
How does any group reverse these vulnerabilities?
“The key for each generation,” said Kelash, “is to recognize that a solid retirement plan doesn’t just happen by chance but rather with a clear process and defined actions.”