We know that with age comes wisdom. What about financial responsibility?
The older you get, the more set in your ways — or so we’ve heard. When it comes to personal finances, we at finder.com were curious as to how baby boomers accumulate and allocate their money.
With the help of global marketing and research provider Pureprofile, we’ve lasered in on just that. These 50+ fun figures provide the details to paint a clearer picture of how baby boomers look after their loot.
Date of survey: June 2018
Money lies
Well, well, well … when it comes to dollar deception, baby boomers have no problem keeping a straight face instead of coming clean. But what other tangled webs are they weaving when it comes to the almighty dollar?
Just over the tipping point, 53% of baby boomers pocket cash they’ve found instead of trying to return it to the rightful owner.
22% of baby boomers admit to making purchases behind their partner’s back and don’t see the need to let them know about it.
At the cash register, 45% of baby boomers will stay quiet if they’re undercharged for the sake of keeping a few extra bucks in their pocket. On that note, 11% will say squat when they know darn well they didn’t chip in enough to cover their share of the bill.
16% of baby boomers bend the truth when it comes to their age just to get a discount. And 12% aren’t so honest about their financial information when Uncle Sam asks during tax season.
When making a purchase, 9% of baby boomers are hanging on to the receipt because they know what they just bought is getting returned.
Date of survey: June 2018
Digital wallets
As technology becomes more advanced, personal banking gets easier — a win-win.
But even as digital wallets — like Apple Pay, PayPal and Venmo — have simplified sending and spending, it’s still a puzzling concept for the few who haven’t caught on.
23% of baby boomers say they prefer their digital wallet over the traditional ways of transferring money — ATMs, checks and online banking.
17% have used a digital wallet at least once. And for the boomers that do use a digital wallet, 6% think it encourages them to spend more.
“There’s nothing wrong with my credit card” is why 30% of boomers don’t use digital wallets.
23% use their digital wallet because it’s a convenient way to track money coming in and out.
Each year, the average boomer will use their digital wallet up to 35 times.
Date of survey: Nov 2018
Christmas confessions
It’s the most wonderful — and perhaps expensive — time of the year. Gift giving can be like pin the tail on the donkey: Sometimes you nail it, and other times … not so much.
41% of baby boomers aren’t too happy with the presents Santa leaves under the tree.
The total value of those unwanted gifts equals $39.20.
2% of baby boomers buy bad presents on purpose.
Date of survey: October 2017
Holiday spending
Baby boomers have had some time to plant their roots. With that comes a handful of friends and family who expect gifts around the holidays.
No matter who they’re buying gifts for, baby boomers have a strategy on how they plan to pay for presents.
On average, baby boomers will shell out $576.39 for gifts this holiday season.
55.5% will pay for their purchases with plastic, while 62.7% will dip into savings.
1.8% of boomers will borrow dough from friends and family to dish out presents.
Other baby boomers plan to look elsewhere for cash, borrowing through short-term payday loans (1%) and personal loans (1.1%).
42.4% will solely rely on their credit cards this holiday season, while 35.8% will solely tap into their savings.
Date of survey: October 2017
Sale purchase regrets
Ooh, ahh — it’s shiny and on sale! But we know from experience that not every bargain is worth buying. (That must-have meat slicer for $100 will likely get about $0.50 in use, trust us.)
57.5% of baby boomers say they’d drop an average $677 on a sale item they otherwise wouldn’t have purchased at full price.
36% of boomers experience buyer’s remorse.
On average, a whopping $413 is spent on regrettable purchases.
Date of survey: October 2017
Black Friday
Give thanks on Thursday and score hot deals on Friday. The peculiar Black Friday shopping holiday has actually been around longer than you’d imagine — making boomers no strangers to the shopping hysteria.
But come Friday morning, do they stay in bed nursing a food coma or get out there bright and bushy-tailed?
55% of Baby Boomers planned on shopping during Black Friday and Cyber Monday in 2018
Baby Boomers planned on spending an average of $247.92 each
37% of Baby Boomers admit they have purchased something they’ve later regretted
Date of survey: October 2017
Preppers
You might not be a prepper, but it might not hurt to befriend one just in case — among them, baby boomers.
But it turns out that boomers aren’t the top generation saving up to survive an apocalyptic disaster, alien insurrection or zombies.
National disasters and headlines encouraged about 17.3% of baby boomers to stock up on survival gear.
41.28% of boomers already have the gear on hand, ready to go.
On the other hand, 41.41% of won’t be duling dollars
Baby boomers were only half as likely to spend up to $400 on survival kits when compared with millennials.
Compared with other generations, baby boomers are least likely to reach into their pockets to prepare for survival.
Date of survey: July 2017
Impulse shopping
Ever gone out to the store for an item and next thing you know, you’re explaining to loved ones why you’ve come home with The Golden Girls DVD box set instead?
1.3% of boomers reveal their dirty little secret: a daily online shopping habit.
Baby boomers lead the pack in online shopping with an average $174.25 each session. That total surpasses Gen Xers, who spend $65.56 a session, and doubles millennials’ spending at $82.37 a session.
When the splurge is said and done, 37% of boomers feel content with their purchases, rather than regretful.
Only 2% of boomers feel pressured by store clerks and pushy friends into buying on impulse.
Date of survey: July 2017
Money transfer
Sending money abroad knows no age limit or reason. Maybe you’re sending cash to your kid who’s studying abroad. Or maybe you’re transferring money to a desperate Nigerian prince who plans to reward you handsomely in the future. (Actually, don’t get ripped off and fall for that one.)
Here’s how baby boomers are zipping their money around the world.
When it comes to money transfers, 53% use the option that is the least problematic for themselves.
Supporting family is the reason for 50% of the money transferred by baby boomers.
80% of boomers feel they’re getting ripped off when sending money overseas.
85.9% rely one the same one service when transferring money overseas.
Only 12.3% of boomers compare providers often before transferring money overseas, while 12.9% always compare as part of research.
Date of survey: July 2017
Personal loans
Whether remodeling a kitchen, backpacking across Europe or bringing home that shiny guitar you’ve always wanted, you can use a personal loan for just about any big expense.
Compared with other generations, baby boomers borrowed $7,703, which is just more than the average loan amount of $7,576.
In 2017, 21% of boomers took out personal loans for an extra financial push.
Date of survey: July 2017
Debt regret
Baby boomers have had time to make borrowing mistakes in their financial past. Let’s find out if they’ve learned how to keep their debt to a minimum.
Just more than half (52.2%) of baby boomers still regret a debt they’ve taken on.
But against millennials and Gen Xers, boomers are least likely to have debt regret.
Date of survey: July 2017
Money mistakes
Baby boomers don’t appear to be the generation to frivolously spend for no reason. But then again, my dad did buy a boat that sat in the driveway for eight years at my mothers dismay. I’m sure he’s not the only one who’s had a few hard cash hiccups.
For 46% of boomers, too much fun is what contributed to their money mistake.
Nearly 3 in 4 baby boomers — or 74.1% — were brave enough to admit they’ve made a money mistake in their life.
26.6% of boomers blame their money mistake on a bad investment.
Date of survey: July 2017
College debt
“The more you learn, the more you earn?” Not necessarily true.
Unless you’ve received a full-ride scholarship, your education is nearly certain to result in saddling college debt. Is the educational juice worth the monetary squeeze?
55% of baby boomers have earned a college degree.
72.7% of boomers believe their education was worth the cost — making them the generation who sees the most value in their degree.
Half of all boomers say they’re actively using their degree.
But as a result of not finding employment in their field of study, 25% of boomers don’t see the value in their degree.
Date of survey: July 2017
Side hustles
Baby boomers have already spent a large chunk of their lives working, so it’s hard to imagine they’re the generation chasing cash on the side.
But perhaps they’re seeing shades of green from painting, woodworking or snapping photos of birds.
Boomers report creative freelancing as their main side hustle.
16.6% of boomers admit to not declaring the extra cash that results from their hustling.
As for the money that’s made, boomers bring in an average $1,748 on the side.
Date of survey: July 2017
Game of Thrones piracy
Wilt thou boomers payeth to gaze upon the magical cube weaving tales of Jon Snow? Or shall they plunder from the throne — and findeth an outlawed stream for no wage at all?
No baby boomers report disrespecting the Iron Throne with an illegal stream.
And yet 37.8% of boomers claim they’re fans of HBO’s hit TV fantasy drama.
Date of survey: January 2017
Borrowing from friends and family
Friends and family are usually the first people we called on when money woes unexpectedly come a-knocking. But we’ve all heard what they say about borrowing money from loved ones.
Are baby boomers listening?
A low 16% of boomers admit to borrowing money from friends and family.
Date of survey: January 2017
Retirement
Each career treads a different path to retirement, with some ending with a mirage in the distance that never seems to get closer.
Unfortunately, 13% of boomers don’t see a future with retirement in the picture at all.
32% of boomers think they’ll retire between the ages of 61 and 65.
20% think they’ll retire between 50 to 60 or 66 to 70, while 9% predict retirement at 71 to 75.
Still another 3% of boomers believe they’ll retire when they’re 76 to 80, whereas 1% thinks retirement age will be more like 80 or older. A luckier 1% thinks retirement can happen before they’re 50.
Date of survey: January 2017
Cost of winter
When the cold does a number on your well-being, you call out sick. When you call out sick, you get to a pharmacy to course correct your health. Winter’s chain reactions can cost you money without you even realizing it.
In 2016, baby boomers dropped an average of $46.29 at the drugstore on cold and flu supplies.
That same winter kept 11% of baby boomers out of the office due to sickness.
Jennifer McDermott has been featured in Forbes, USA Today, Huffington Post, CBS and the Los Angeles Times. She is passionate about breaking down complex themes and providing actionable advice that empowers people to make better decisions about their money. See full bio
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