Video Transcript
Text on screen: How do different generations view investing?
On camera soundbites from Boomers, Gen X, Millennials:
When I think of investing, I think about retirement and it’s not necessarily to live extravagantly but more so to live comfortable throughout the retirement years.
I invest because I want my money to work for me long term.
I invest because having a work life balance is really important to me being able to pursue my passions outside of work is very valuable.
Personally I believe being physically fit and financially fit are very important and priorities in my life and I work hard at both.
Tracie McMillion on camera:
Sound familiar? When it comes to investing millions of Americans today share similar goals, challenges and concerns.
But the demographics of today’s population are somewhat unique…with nearly equal numbers of three distinct generations in our current workforce: Baby Boomers, Gen X-ers, and Millennials. And even though their goals may be similar, they each have their own set of financial priorities.
On camera soundbites from Boomers, Gen X, Millennials:
Being debt free would be a huge weight off my shoulders, so I am focused on achieving that.
So one of my big bucket list items is to take an extended vacation.
One of my financial priorities right now is paying for health care.
We are definitely part of the sandwich generation. My husband and I are trying to save for our own retirement, we have long term care costs to consider for our parents and the rising cost of college education for our kids is huge.
We need to figure out what we are going to leave for our children and grandchildren.
Tracie McMillion on camera:
We see many of these same themes repeated from generation to generation. But as our current population ages, we anticipate a dramatic shift in demographics that should in turn, bring about a shift in consumer spending patterns.
For example, we’re already seeing overall household spending decline for Boomers, a generation that has been a leader in discretionary spending for many years.
Yet today the average median household income for Millennials is 20 percent less than what Boomers earned at the same stage in life.
Why is this important? Because consumers are the powerhouse of the US economy and as our population continues its transition, investors of all ages need to understand how these shifting market trends can begin to impact their portfolios.
So to find out more about how Baby Boomers, Gen X, and Millennials spend, save, and accumulate wealth in the future, download our special Wells Fargo Investment Institute report, Seeing Wealth Differently Across Generations.