Baby boomers are the big exception
Most people in Alberta feel that their generation is worse off than that of than their parents, according to research from ATB Financial.
ATB’s latest survey revealed that 61% of Gen Xers (those born between 1965 and 1979) and 57% of millennials (born between 1980 and 1994) see themselves as worse off than their parent’s generation. Gen Z (born between 1995 and 2012) is more evenly split, with 40% feeling worse off and 37% feeling better off.
At the other end of the scale, only 24% of baby boomers (born between 1946 to 1964) think they are worse off – understandable given that their parents lived through the Great Depression.
"We sometimes get carried away with generational stereotypes, but it is useful to know how different generations tend to view the world, including the economy and the workplace," said Rob Roach, director of insight at ATB Financial. "This knowledge helps us understand where the differences lie between the age groups, how they relate to one another and how prevailing attitudes and behaviours might change over time. It's information that is invaluable for anyone working to strengthen the Alberta economy."
The survey also showed that 65% of respondents under the age of 55 are worried they won't have enough money when they retire. The percentage is lower among baby boomers, but almost half (48%) said they worry about not having enough money for retirement.
"A majority of respondents across all four generations said they feel money is important to their happiness,” said Roach. “Millennials lead the pack with 72% feeling this way, but the boomers are not too far behind at 62%. Still, about two-thirds of each generation also said they value a fulfilling job over a high-paying one."
