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• W275110633 abstract "It seems that American society is intent on re-creating the problem of gero-simplification.' In order to have a solid understanding of both the individual patterns and the social policy contours of boomers' preparation for their older years, we need to have a fuller understanding of their financial diversity. And given the dizzying pace at which new financial products, services, and strategies are being introduced-it has been estimated that over 1,100 new mutual funds were created in 1997 alonethe diversity of middle-aging boomers' financial literacy is an especially critical focus of attention. There is, however, a second and more compelling reason to take a look at the financial diversity of middle-aging boomers. Next year marks the twenty-fifth anniversary of Bernice Neugarten's (1974) paradigmatic article describing the distinction between the young and the old It may have taken American society most of a quarter century, but nowadays journalists, scholars, practitioners, and citizens alike are less likely to lump all persons age 65plus together. It seems, however, that American society is intent on re-creating this problem of gero-simplification, of seeing the members of an age group as being pretty much all alikein this case, the baby boom. We compare the retirement preparations or the financial prospects of the boomers with others-e.g., generation X-ers or retirees-as if all boomers were the same. Thus, the dual purpose of this article is to document at least some elements of the financial diversity of boomers and to do so from the perspective of the financial literacy of different subgroups of this demographically unique generation. Consequently, our approach is to sample financial diversity, but keeping in mind that the overall task could easily fill its own handbook If even half the topics included in the Encyclopedia of Financial Gerontology (Vitt and Siegenthaler, I996) (reviewed in Generations, Summer I997) were re-visited from a boomer diversity perspective, we easily would have Encyclopedia II. Indeed, an encyclopedic collection of data on retirement, Social Security, pensions, individual retirement accounts, personal savings, Medicare, health insurance, and managed care is included in the recently published Databook on Employee Benefits (McDonnell, 1997), but even it can only begin to offer age- and boomerrelated profiles of these elements of financial well-being. Thus, as a modest complement to the larger collections of census and demographic data readily available in print and on the web, the data for this article are drawn substantially from our ongoing Financial Literacy 2000 national survey research project.1 We begin this analysis, however, with some basic data on the age diversity of the boomers. Table I simply documents the age and cohort diversity among the 78 million boomers born from I946 to 1964. Table 2, based on the I9899o U.S. Consumer Expenditure Surveyfrom the series of surveys used by the Department of Labor to quantify and calibrate the Consumer Price Index-begins to tell the detailed story of financial diversity across the boom, as seen for older and younger boomers and, within these two groups, for boomers who have different numbers of children. The following section then uses standard approaches to survey analysis to identify differences in patterns of financial confidence and financial literacy among boomers. But readers should be forewarned: In looking at the financial literacy of boomers through the standard social science lenses of gender, income, family, and education, we should not anticipate any dramatic, unexpected results. Rather, our purpose, analytically and pedagogically, is simply to document the hypothesis that, contrary to some unenlightened homogenizing stereotypes, boomers are not all alike. Thus, we should not be shocked if boomers are found to be unlike each other precisely in ways that Americans of all ages (and citizens of other societies as well) have been found to be heterogeneous in their social and economic attitudes and characteristics. …" @default.
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• W275110633 date "1998-04-01" @default.
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• W275110633 title "Preparing for Their Older Years: The Financial Diversity of Aging Boomers" @default.
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