For Older Generations, Paying Off Debt Overrides Saving for Retirement

Just 10% of Baby Boomer and Generation X members give themselves an ‘A’ grade on retirement planning, while 63% give themselves a ‘C’ or lower, according to survey data from North American Company, a Sammons Financial Group member company.
Nearly half (47%) of Baby Boomers confessed that spending money on things they didn’t need and getting into too much debt were their biggest financial mistakes they made when they were young, and another one-third (33%) say it was not saving for retirement. Yet, this is not the primary information or advice that they pass along to younger generations. With more Gen Xers saying they regret spending (44%) and accumulating debt (22%) than previous generations, it looks as though they may be on course to repeat the previous generation’s mistakes.
To read more, including the survey’s finding in full, visit the PLANADVISER website.