'Echo Boomers" Fret about Retirement Nest Egg Size

May 23, 2007 (PLANSPONSOR.com) - More than seven in 10 Echo Boomers worry about not having enough of a retirement nest egg - a concern shared with their Baby Boomer counterparts (78%), according to a new survey.

A Visa USA news release said the study also found that 80% of Echo Boomers ( born 1979 to 1989) stick to a strict budget when making purchases and 81% describe themselves as trying to cut back on what they spend. Nearly half of Echo Boomers (48%) describe themselves as savers.

The study reveals that Echo Boomers, who believe they are facing a difficult economic future, are demonstrating a more practical and mature approach to spending beyond their years, according to the news release.

According to the survey, when asked to compare their peers to members of other generations, 65% of Echo Boomers believe their generation is falling behind economically and 81% do not believe their generation is spending more responsibly.

Although Echo Boomers have been characterized as a generation too focused on its own wants and needs and unmindful of others, survey data suggests that they view spending as a way to give back to others, particularly family members and charities. Some 88% of Echo Boomers like to buy things for others more often than buying things just for themselves.

Other survey results include:

  • Echo Boomers (77%) more often feel the need to manage their spending better than Baby Boomers (66%).
  • Nearly half of Echo Boomers (49%) think they do not have a better life compared to other generations.

How America Spends was conducted by The Segmentation Company (TSC) between February 22, 2007 and March 12, 2007. The study included 1,000 interviews (500 Echo Boomers; 500 Baby Boomers) via telephone.

More information on the survey is here .