En español | Only 36 percent of boomers think they've got a good life balance in which they have both enough time and money.
But a new Harris Poll of 2,068 U.S. adults, commissioned by CIT Bank, found that even though most boomers aren't satisfied with their life balance, they're actually doing better than younger generations. Only 23 percent of Generation Z members see themselves as being in a happy place about money and time simultaneously, along with 16 percent of millennials and 21 percent of Gen Xers.
When asked whether having more money or more time would most benefit their daily lives right now, 55 percent of boomers said more money would provide the greatest benefit. The same was true of 52 percent of Generation Z respondents, 56 percent of millennials and 57 percent of Gen Xers.
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Just 9 percent of boomers cited more time as the answer to their problems, compared with 25 percent of respondents from Generation Z, 28 percent of millennials and 23 percent of Gen Xers.
If boomers had more time, though, 40 percent would use it to connect with family and friends, and 38 percent would choose more me time to spend relaxing, enjoying solitude or exercising. Thirty-five percent would start or complete projects like home renovations, and 23 percent would devote additional hours to developing a skill or turning a hobby into a moneymaking side hustle.
But although boomers are often discontented with their time-money balance, it's not because of a lack of time to get their money matters organized. Nearly 9 in 10 said they have enough time to manage their finances.
"Boomers likely have already established smart saving habits but are looking to optimize their savings further for retirement,” Ravi Kumar, head of CIT's digital bank, explained in an email.
Patrick J. Kiger is a contributing writer for AARP. He has written for a wide variety of publications, including the Los Angeles Times Magazine, GQ, Mother Jones, and websites of the Discovery Channel and National Geographic.