When it comes to personal finances, there’s a yawning gap between the Millennial and Baby Boomer generations, with younger Americans more confident that their senior years will be golden, but feeling a lot more stressed in the here and now.
Among 18- to 34-year-olds, 48% felt very positive about their financial future, according to a new report from Bank of America Merrill Lynch. That’s compared to 22% of Baby Boomers who may be caring for aging parents — and paying their children’s college tuition — while facing a limited timeline to earn enough to pay for it all.
“Younger people have a longer horizon ahead of them,’’ says Kevin Crain, Bank of America Merrill Lynch’s head of workplace solutions. “Obviously for a Baby Boomer, that time frame is much different on a whole lot of different fronts.”
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