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MONEY MAGAZINE EXCLUSIVE SURVEY REVEALS THOUGHTS AND OPINIONS OF BABY BOOMERS IN AMERICA TODAY

Survey Results Illustrate a Shift in Boomers' Priorities, Indicating a New American Dream

New York, NY (September 28, 2007) — MONEY magazine released this week the results of an exclusive nationwide survey, defining this generation of boomers and highlighting the unprecedented changes in attitude between two generations of boomers. Nearly 3,000 boomers participated in the survey conducted for MONEY by Clark, Martire & Bartolomeo, an Englewood Cliffs, N.J. polling firm. The full story appears in the October issue of MONEY available on newsstands now and online at www.CNNMoney.com.

"Boomers are starting to form a new agenda, a reinvention of the American dream that emphasizes friends and family over making money, having fun over working hard, and making a difference in the community and the world," said MONEY's Marlys Harris in her article on the survey.

The study shows that 63% of participants said their definition of success has changed since their late teens and early twenties. Living independently and maintaining health are the top two goals of boomers. In addition, 59% of boomers said enjoying life is their biggest dream if money were no object.

Some highlights from the survey results include:

  • Boomers say their generation has changed the world for the better when it comes to the role of women, equality of all races/ethnicities and freedom of speech/expression
  • Boomers say their generation has changed the world for the worse (or not at all) when it comes to world peace and poverty.
  • Few boomers (10%) say they have done a "great deal" of financial planning for retirement. While many have discussed the issue with their spouse, many have not discussed financial planning with professionals.
  • Having more money is clearly the greatest priority by far among all boomers, with priorities generally consistent across the age groups. That said, men are more likely to prioritize sex than women are.
  • Although less than a third of boomers identify with the democratic party, 43% of boomers plan to vote in the democratic primaries. Among democrats who intend to vote in the presidential primaries, Hillary Clinton and Barack Obama are by far the leading candidates.
  • Boomers do not appear to be particularly experienced with investing, as roughly two-thirds consider themselves to be beginners. Additionally, fewer than 20% consider themselves to be very knowledgeable when it comes to investing for their retirement.

 

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METHODOLOGY

The study is based on a national online survey of 2908 Baby Boomers born between 1946–1964. The study covers a wide range of issues but focuses primarily on Boomer's attitudes, values, hopes and aspirations. The study also tracks changes in attitudes over the past thirty years by comparing Boomer's views with those of prior generations of 41-62 year olds — and with Boomer's own views in the past. All trends are measured against the University of Chicago's General Social Survey. The sample was weighted to reflect key Census parameters such as sex, age, race and region of the country. Interviewing on the study was conducted in June 2007. The margin of error for total results is +/- 1.8%.

 

ABOUT MONEY

MONEY is the nation's largest personal finance magazine. With a circulation of nearly 2 million and 7.4 million total readers, it remains twice as large as its nearest competitors. MONEY's accessible and user-friendly articles are aimed at anyone who is responsible for making money decisions in his or her household — from seasoned investors to those who are just starting their financial lives. The magazine's mission is to help readers make better decisions, not just in their investment portfolio, but in all areas in which life and money intersect — family, home, health, finances, career, spending and their future. MONEY, along with FORTUNE, FSB: FORTUNE Small Business, and the website CNNMoney.com, is part of The Fortune/Money Group. Time Inc. is a division of Time Warner, a leading media and entertainment company.

 

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For further information please contact:

Phil DiIanni
MONEY
212-522-6282
phil_diianni@timeinc.com

 

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