How might the distribution of wealth across the generations shift over the next 15 years? FFunction created an interactive for Deloitte University Press to explore this question, and to offer guidance to financial services firms as they plan to serve America’s changing needs across the four adult generations; Millennials, Generation X, Baby Boomers and the Silent Generation.
It clear that the four generations differ in their attitudes towards money and the ways in which they choose to invest it. As Deloitte University Press put it, “Generational segmentation is not a marketing gimmick—there is vast evidence to show that the financial, behavioral, and life-stage tendencies of different generations are meaningful and unique.”
The data from this interactive, which comes from the Federal Reserve’s 2013 Survey of Consumer Finances, reveals some interesting details, some less surprising than others. Boomers will actually continue to be financially dominant despite leaving the workforce. Student debt will weigh on a significant number of Millennials and younger Gen X households for the foreseeable future. These trends offer a fine-grained insight into how we can expect to see the world’s wealth distribution evolve over the coming years.