Some 11,935 consumers filed for insolvency in September, according to the Office of the Superintendent of Bankruptcy — a 19-per-cent increase from a year earlier and the biggest annual gain since 2009.
More than a third of the generation had crossed over Fidelity’s recommended allocation to stocks, which is 70 per cent for those 10 years from retirement. Almost one-tenth of boomers were entirely in equities during the quarter, running the risk of serious losses in a market meltdown.
And while there are clearly a number of millennials who don’t have that much wealth, they stand a good chance of becoming millionaires. The boomers, the largest living adult generation, are expected to transfer more than $68 trillion in wealth by 2030, according to a new report.
The mining, oil and gas extraction sector led the way on the business side, growing by 55.2 per cent.
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