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December 01, 2021 at 03:01 PM
What You Need to Know
- Older survey participants were more likely to say they worry about the impact of inflation.
- The difference could be the result of life experience, media exposure or both.
- Another finding: Consumers with financial advisors were more likely to report owning Bitcoin or other cryptocurrencies.
A group for top financial professionals has found that age has a big effect on how U.S. consumers think about inflation risk.
The Million Dollar Round Table reported data supporting that conclusion in a summary of results from a recent online survey of 3,642 U.S. adults ages 18 and older.
MDRT is a Park Ridge, Illinois-based group for financial professionals who meet minimum sales requirements and other membership requirements.
When MDRT asked the participants whether they worry about the possible impact of rising prices on their own finances, the percentage of members by age group who expressed concern were as follows:
- Generation Z (born 2000 or later): 54%
- Millennials (1982–1999): 59%
- Generation X (1965–1981): 72%
- Baby Boomers (1946–1964): 76%
Older consumers’ higher level of concern about inflation could be related to memories of inflation in the 1970s and early 1980s, exposure to higher prices now, and increased awareness of the need for post-retirement income planning.
The higher level of concern could also be related to media exposure. Older consumers might be more likely than younger consumers to watch television news and opinion shows that address the topic of inflation.
