February 8, 2011
According to new research from Mintel, 45-54-year-olds (younger Baby Boomers and older Gen X respondents) will definitely be taking longer to recover from the economic climate of the past few years.
For instance, 47% of that group (vs. 33% overall) say they 'have only been spending money on necessities' for at least a year.
This group is also greatly concerned about their retirement, with 39% saying they worry more about retirement now than they ever have. As a result, a full 44% of those aged 18-24 and 34% of those in the 35-44 age range say that they intend to permanently increase the amount of money they save (vs. 28% overall).
According to Susan Menke, vice president and behavioral economist at Mintel, "Everyone is more concerned about having adequate funds to retire after this recession. Unlike the Baby Boomers, however, younger age groups are able to do something about it, which offers a potential opportunity for financial services firms."