When it comes to money, older generations are the worst role models for their kids and grandkids. Let’s look at why:
- Shop till you drop: Adults age 65-plus have an average of $4,700 in credit card debt, as reported by CNBC, using numbers from TransUnion. Baby Boomers account for more than half of all U.S. spending, splurging on restaurants and cruises, according to Visa Business and Economic Insights.
- Missed the savings memo to self? Baby Boomers’ median retirement savings is $202,000, according to a Transamerica Center for Retirement Studies survey, which at 4% would yield an annual retirement income of $8,000 a year. What are you thinking?
- You all flunked: Adults could correctly answer only half of the questions on a basic financial literacy exam from TIAA Institute, which means that they flunked this simple test.
