Generations X and Y are investing in their future

Three out of four Gen Xers and Gen Yers said saving for retirement is a personal financial goal and 92 percent feels they can achieve their most important financial goals within the next 10 years, according to Preparing for Their Future: A Look at the Financial State of Gen X and Gen Y.

Glenn Muske, Oklahoma State University Cooperative Extension Service interim associate dean, assistant director, family and consumer sciences, said the study, however, also shows younger Americans grading themselves low when it comes to the ability to save money and investing outside the workplace.

“These generations face new products, services and an ever changing financial world as they build financial security for a lifetime,” Muske said. “Yet, more and more are realizing the changing retirement situation and are putting forth an effort to achieve financial goals.”

The study shows 86 percent of Gen Xers and Gen Yers know they should be more prepared for a “rainy day.” Yet 40 percent know more about their iPod than filling out their taxes buying a home investing outside of work and saving for retirement.

April 21-27 is Jump$tart Week, focusing on improving financial literacy for all.  The Oklahoma Cooperative Extension Service, as a partner with the Oklahoma Jump$tart Coalition’s national effort, educates and empowers youth and adults with the information and resources necessary to make informed financial decisions. The Coalition is involved with bringing all agencies to the table who are involved with improving the financial literacy of youth and adults.

Muske said these are some of the goals and objectives of the coalition.

To increase financial literacy for all Oklahoma citizens by:

  - Encouraging public schools to include personal financial management concepts at all grade levels;

   - Supporting the integration of personal financial education into existing math curriculum standards for grades K-12;

  -  Encouraging colleges and universities to require personal finance courses;

  -  Promoting professional development in financial development in financial literacy for  Oklahoma educators; and

 -  Promoting the awareness of the financial literacy educational resources.

“Boomers are a more financially aware generation and they should take the opportunity to share their experiences, successes and mistakes in retirement planning,” Muske said. “Action should be taken by parents, employers and individuals to develop solutions to make sure all generations are prepared for retirement.”

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Oklahoma State University, U.S. Department of Agriculture, State and Local Governments Cooperating: The Oklahoma Cooperative Extension Service offers its programs to all eligible persons regardless of race, color, national origin, religion, gender, age, disability, or status as a veteran, and is an equal opportunity employer.

Katie L. Reim
Communications Specialist
Agricultural Communications Services
140 Agriculture North
Oklahoma State University
Stillwater, OK 74078
405-744-6792 (Phone)
405-744-5739 (Fax)
katie.reim@okstate.edu