With age comes wisdom - and apparently the ability to better handle unexpected expenses, according to the Society of Actuaries (SOA).
In their recent study, the SOA analyzed financial risk management across generations. Chief among their findings? That "the ability to handle unforeseen expenses increases with age, peaking with Early Boomers and then declining for the Silent Generation."
It's one of many findings according to the study, "Financial Risk Concerns and Management Across Generations." The Silent Generation refers to those born between 1925 and 1945.
The SOA based its finding on the fact that 6 in 10 Early Boomers say they could afford a $10,000 expense using their savings or emergency funds. Yet "only 46% of Millennials would use their savings, which is not surprising since they have lower assets and more competing financial priorities."
Those in the Silent Generation remain vulnerable. The SOA reports that half of them aren't able to use their savings for an unexpected $10,000 expense.
