This has been a tough year for the bottom line in millions of American homes.
Not only has inflation skyrocketed, the stock and bond markets are suffering from one of their worst years on record. And now house prices are starting to fall.
But one generation in particular has seen their finances really suffer in 2022. According to a survey of 3,000 adults as part of the Fidelity Investments “2023 Financial Resolution Study.”
Meanwhile, 43% of boomers say they are in a worse financial situation today than they were at the same time in 2021.
Compared to other generations, baby boomers are significantly more likely to say their finances have not improved this year. Here are the percentages who say their financial situation is better now than a year ago:
- Generation Z: 43%
- Millennials: 39%
- Generation X: 25%
- Baby boomers: 13%
Fidelity notes that “falling retirement savings” may have contributed to this year’s decline in boomer financial wealth. The numbers show that the older you get, the more likely you are to report that 2022 was a bad year financially.
Baby boomers and Gen Xers likely have more wealth tied up in the stock market, meaning they’re feeling the brunt of this year’s stock market decline.
It’s also possible that many boomers who are now retired have no working income to offset some of the losses they are suffering in the stock market or to avoid downsizing their portfolios.
How to get rich in 2023
If your finances are stuck in idle – or worse, slipping backwards – the new year offers an opportunity to speed forward again. First, enroll in the Money Talks News course money made easy.
MTN founder Stacy Johnson offers 14 weeks of money fundamentals classes in this course. You will learn how to improve your financial life in all of the following areas:
- estate planning
After completing these lessons, you’ll be able to manage money more efficiently while spending less time getting the results you want. As Stacy writes:
“Whatever your situation, understanding and learning to control your money will improve your life. When you’re rich, you want to stay rich. If you’re not, you want to be.”