Generation X vs.
Baby Boomers

A recent PNC study looks at who has the edge when it comes to planning for retirement.


When it comes to retirement preparation and investing, members of Generation X (born between 1965 and 1979) tend to be more worried, are setting more aside and taking more responsibility for their nest eggs than Baby Boomers (born between 1946 and 1964).
– Conclusions are in accordance with new survey findings from The PNC Financial Services Group, Inc.

 

How the Retirement Strategies of Two Different Generations Stack up Against Each Other

The top differences between Generation X and Baby Boomers found in PNC’s survey of 1,017 adults with investable assets of at least $50,000 were:

 

 

Generation X

Age Range: 35 to 49

U.S. Population: 61mm+

Historical Influences: 90s recession, 24-hour TV

Personality Traits: Pragmatic, Self-Reliant, Flexible


Expect to retire at age

63.6


Believe they need an average of

$1.5mm

to retire comfortably.


Believe they are solely responsible for their retirement (no Social Security, employer pension, inheritance, etc.)

65%


Say they are saving more for retirement since the Great Recession

51%

 

Baby Boomers

Age Range: 50 to 68

U.S. Population: 77mm+

Historical Influences: Civil Rights, Vietnam War

Personality Traits: Ambitious, Materialistic, Optimistic


Expect to retire at age

65.5


Believe they need an average of

$1.3mm

to retire comfortably.


Believe they are solely responsible for their retirement (no Social Security, employer pension, inheritance, etc.)

45%


Say they are saving more for retirement since the Great Recession

37%

 

No Matter Their Age, Both Generations Can Agree on a Few Things...

7 out of 10

changed financial behaviors as a result of the Great Recession.


94%

“I have earned my Social Security through paying Social Security taxes and therefore it is owed to me.”


70%

participate in a 401(k) program at work, and...

84%

fear that healthcare costs will be too expensive in retirement.


95%

“It (is/was) very important to me to be able to retire when I (choose/chose) to do so.”


90%

...of that group say employer matching is important to overall retirement savings.

Important Legal Disclosures and Information

The survey referenced was designed by Artemis Strategy Group (www.artemissg.com), a communications strategy research firm specializing in brand positioning and policy issues.

This report has been prepared for informational purposes only and is not intended as specific advice or recommendations. Information has been gathered from third-party sources and has not been independently verified or accepted by The PNC Financial Services Group, Inc.

PNC makes no representations or warranties as to the accuracy or completeness of the information, assumptions, analyses or conclusions presented in the report. PNC cannot be held responsible for any errors or misrepresentations contained in the report or in the information gathered from third-party sources. Any reliance upon the information provided in the report is solely and exclusively at your own risk.