While consumer confidence continues to plummet, a new report from Pew Research shows that baby boomers appear most affected by the gathering economic gloom.
This finding from Pew is consistent with other polling I’ve seen and conducted myself. Those in the 50-64 age cohort have a lot uncertainty about the future–will I have enough money for retirement or to pay college bills, lose my job, etc.–without a high level of confidence about the answers to those questions. Surveys suggest reaching retirement age–and realizing many of those fears were resolved, unfounded or overblown–ameliorates a lot of anxiety and depression. This leaves older Americans a little more optimistic. So, a message to depressed boomers? Hang in there folks, a better mood lies ahead. And if all else fails, remember, Medicare now covers Prozac.
