Baby Boomers Doubtful About Their Financial Future
The sad part of this is that for the most part, boomers have spent their adult life working and now are faced not only with cutbacks but also a gloomy financial future to boot. When boomers cut back, the economy spirals downward even further, much to the chagrin of wall street.
Retail investors, particularly baby boomers, are showing signs of Wall Street post-traumatic stress disorder, according to a survey unveiled this morning by Ameriprise Financial.
Only 17 percent of boomers feel very confident about their own financial future, down from 39 percent just five years ago.
“The amount of decline in confidence was not surprising,” said Suzanna de Baca, vice president of wealth strategies at Ameriprise. “But the amount of pressure people are feeling is. … I would not be surprised if there’s a permanent dial-down of [financial] expectations.