The findings in a study commissioned by Northwestern Mutual called, “Financial Realities: Generational Advice,” show that 75% of Americans of all ages think it is wise to pass on financial advice. Not only is it advisable to share advice, but the advice itself was the same throughout the generations surveyed.
Northwestern Mutual surveyed the opinions of Americans from Generation Y (25-29), Generation X (30-44), Baby Boomers (45-64) and Matures (65+). In one part of the survey, Baby Boomers were asked to give advice to Gen-Y, and vice versa. The three most common answers were the same for both groups:
- Pay off debts faster
- Save more money
- Prepare yourself financially for retirement
When the participants were asked what was the best financial decision they ever made, the answer again was the same: “I started saving early.” Generation Y was the most eager about saving early, with 54% giving it as an answer, while 30% of Gen Xers and Baby Boomers say that was the best decision they ever made and Matures gave two answers equally: “I started saving early” and “I bought products with guarantees, like insurance and annuities.”
Northwestern Mutual points out that while it is pleased to see Americans giving solid advice to each other, it believes that it is still necessary to discuss things in greater detail with a financial expert.