Reported 12 months ago
As the baby boomer generation reaches retirement age, they hold a significant portion of wealth but exhibit conservative spending habits, likely stemming from their upbringing in a time of economic prosperity amidst agricultural poverty. Many in this generation fear financial planning for retirement due to sandwich generation responsibilities and uncertainties like pension fund bankruptcy and healthcare concerns. This cautious approach to spending is evident globally, with countries like the US and Taiwan showing similar trends. Experts encourage baby boomers to embrace their 'third age' by continuing to learn and fulfill unmet dreams post-retirement, promoting personal growth over excessive spending.
Source: YAHOO