There’s one thing people across generations agree on—that retirement is the most important life event to save and invest for.
BMO Wealth Management has confirmed that consensus. On Wednesday, the firm released the report, “Generational Perspectives: How Millennials, Gen-Xers, and Baby Boomers Save and Invest.” The survey highlighted the generational attitudes and behaviors toward saving and investing of 1,006 Americans.
Sixty-four percent of baby boomers, 66 percent of Gen Xers and 47 percent of millennials cited retirement as their top financial goal. However, Gen Xers showed the most interest in preparing for retirement.
Besides retirement, the respondents had other priorities, including the creation of an emergency fund, short-term goals such as vacations, the purchase of a home and education for their children. The majority of millennials showed the most interest in purchasing a home, planning for a vacation and storing away for an emergency.
To fulfill these goals, all three generations pointed to a portfolio as their top choice and the guidance of a financial advisor as the most reliable way to go about it. However, millennials were more likely to use robo-advisors than boomers and Gen Xers.
To see the full report, click here.