Fidelity study looks at Generations X and Y

While most don't equate success with wealth, money was named as the biggest concern of members of Generations X and Y, said a report out today from Boston mutual funds giant Fidelity Investments.

The findings were based on a four-month research study of 1,200 adults in those two generations, which are made up of people now between the ages of roughly 20 and 40, Fidelity said; together, the two generations will represent 60 percent of the US workforce by 2010.

"The research indicates that when it comes to how both generations view and make decisions about money, they are often conflicted between their intentions and actions," Fidelity said in a news release.

Conflicts include issues involving career decisions, savings perceptions, Internet adoption, financial guidance, and workplace savings plan usage, said Fidelity, which sells investment products to consumers of all ages.

According to the study, money is the top concern for these two generations, but work/life balance drives career choices.

Many members of Generations X and Y are still paying off school loans, and that fact can influences their thinking about personal finances.

"Debt prevents saving in older generations as well, but it's especially a challenge for Gen X and Y," Pamela Norley, executive vice president of Fidelity Consulting Group, said in a statement. "Our research revealed that younger generations are more likely to use credit than save for short-term purchases, which results in an ongoing struggle with debt management."
(By Chris Reidy, Globe staff)