Pennsylvania CPAs Find Baby Boomers Worried over Finances
The Pennsylvania Institute of CPAs (PICPA) surveyed 500 members with clients who are either in the baby-boom age bracket or employed by companies owned or managed by baby boomers. It found that generation, which accounts for 31% of the U.S. population, plagued by financial concerns.
PICPA President Edward J. O'Grady said, "Although members of this generation were born in postwar prosperity and reared during the expansion of the 1970s and 1980s, they now have a reserved attitude, due to structural changes in the economy and to the recent recession."
The baby-boom generation encompasses over 75 million Americans born between 1946 and 1964--those now between 28 and 46 years of age. The PICPA study divided the generation into first-wave--those 37 to 46 years old--and second-wave--those 28 to 36.
* The first-wave's concerns. Of the clients or company owners and managers in the first-wave, 49% were financially somewhat better off than the baby boomers' parents at the same age. Another 34% of the first-wave boomers were much better off than their parents.
A chief financial concern for 77% of the first-wave boomers was financing their children's education; for 32%, health care; and for another 32%, job security.
* The second-wave's financial concerns. …