Adults, age 45 to 54, are taking longer to recover from the down economy, according to research conducted by the market research firm Mintel. Of that segment, 47 percent, compared to 33 percent overall, say spending has only been on necessities for at least a year, and 51 percent of this age demographic, versus 44 percent overall, say they plan to permanently reduce the amount of unnecessary items purchased in the future.
Thirty-nine percent also say they are more concerned about retirement than ever.
"This last recession has definitely not treated everyone equally," says Susan Menke, vice president and behavioral economist at Mintel. "One reason could be that the younger boomers are the age group that was just getting started when the severe double dip recessions of the 1980s hit, and they have never fully recovered. Another reason may be that this is the 'sandwich' generation, burdened with educational expenses for their kids and, for some, health care costs for aging parents."
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There is some good news in the data, however. However, 44 percent of adults, age 18 to 24, and 34 percent of adults, age 35 to 44, say they plan to permanently increase the amount of money they save. In fact, approximately 10 percent of 18- to 44-year-olds have already increased their savings in their retirement accounts in the last year.
"We continue to see numbers indicating that the recession was a wake-up call across age groups, just in different ways," states Susan Menke. "Everyone is more concerned about having adequate funds to retire after this recession. Unlike the Baby Boomers, however, younger age groups are able to do something about it, which offers a potential opportunity for financial services firms."
Additionally, 46 percent of adults, age 18-25, say they plan to start their own business in the next five years while 8 percent have already started a business, finds a national poll commissioned by EMPLOYERS. For adults, age 26 to 45, 35 percent are interested in starting their own business, but only 21 percent of adults share the same desire. That figure drops even lower to 4 percent for adults over the age of 66.
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