Baby Boomers spend a high percentage of their income on education and on their adult children and not on their retirement accounts, according to a new study by the National Center for Policy Analysis.
“How are Baby Boomers Spending their Money?” used data from the Bureau of Labor Statistics' Consumer Expenditure Survey to compare the preretirement spending habits of today's middle- age workers and today's older workers (those over age 55) to the spending habits of those groups 20 years ago.
What the report's authors found is that real incomes for these groups hasn't changed much in two decades, but the portion of disposable income households spend on certain categories of goods and services has increased.
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