Boomers Feel the Recession's Pain the Most

By CQ-Roll Call Staff | May 14, 2009 5:22 PM | Permalink | Comments (1)

The most angst-stricken victims of the recession are Americans in the boomer 50 to 64 age group who have seen their net worth shrink the most while adults over 65 have weathered it better and younger adults, under 49, remain "relatively upbeat" about their future despite the current lumps they are taking in the job market, according to a Pew Research poll conducted Feb. 23 - March 23.

Pew says that because so many older adults have retired and already downsized their lifestyles, they are less likely than middle-aged people to say they have cut back on spending, suffered losses in their retirement or having trouble paying for essentials like housing or medical care. Three-quarters even say they expect to be able to leave money to their children, although the amount may be reduced because of the impact of the economic downturn.

But among the middle-aged, two-thirds say they have lost money on investments in the past year, about 20 points more than the other two age groups and three-quarters say the recession will make it harder to meet their retirement needs. Two in 10 say they lost more than 40 percent in the value of their investments and four in 10 say they lost 20 percent to 40 percent.

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Comments

Boomers have been the richest generation in America ever. They have gained the most benefit, past and present. So they lost some wealth . . . maybe they need to finally rethink their priorities - like taking less trips to Cabo San Lucas or keeping that 2006 Lexus.

Posted by: Genxer | May 14, 2009 6:37 PM