Saving Money Hacks For Baby Boomers
Saving money is not only essential for younger generations but also for baby boomers. Baby boomers were born between the year 1946 – 1964 and most of them have now turned 65 years of age. Infants born on this era are known as baby boomers. There was a large increase of population after the World War II because the number of birth rates spiked. In Australia, 5.5 million baby boomers were born during this period while there’s as estimate of 77 million babies born in the United States alone. As a result, a significant number of baby boomers often become the target of marketing campaigns.
Baby boomers are expected to live another 20 years and while on this stage, they must make their money earned from their working life last for quite some time. But most of them are not aware of how to increase their earnings. 27% of baby boomers place their money in transaction accounts which earns very small interest rates while the other 21% do not know how much interest rate they actually earn. Because of the lack of information and being afraid of bank and credit card campaigns, they lose significant amounts of money or they lose the opportunity to gain more on interest rates.
Baby Boomers Saving Money
It is natural for baby boomers to be extra careful when and where to put their money. It’s too risky to invest and saving money is the easiest way to grow wealth and earn as much as you can from it. Baby boomers shouldn’t be afraid to take steps and ask for financial advice to gain better interest rates. Baby boomers are highly encouraged to take a look at new breed of banks which offer the same service but with much higher interest rates. Dismiss the fear and take a new step forward.
Baby boomers are encouraged to talk about their finances and how they can earn from it. A simple trick like switching from transaction account to other account which is designed to earn higher interest rate is much better than staying in your old account and getting poor returns. Saving money in a bank which earns higher interest rate will work out better in the long fun. It is important to educate yourself and not to be afraid to look for other ways to improve your savings. Do not leave your money in a low interest account. Make a move today because you may be missing out on a lot of opportunities.