Dr. Mike Walden, North Carolina Cooperative Extension economist in the College of Agriculture and Life Sciences at N.C. State University, responds:

"Yes, a very, very big difference, and we now have evidence of this. Typically, each generation has hit its peak savings period roughly between the ages of 35 and 55. That's when most people are making their highest incomes. They have some of their debts paid off. They're able to save for their future, for their retirement, for their child's college education, etc., etc. Baby boomers have not done this. In fact, baby boomers have had very low savings rates relative to their previous generations during this time span of age 35 to 55. Instead, what baby boomers have done is allowed their assets to do the savings for them, first with big jumps in the stock market and then this decade with big jumps in the housing market. Now recently of course, both of those markets have plunged, and what this has done is put many baby boomers in a very precarious situation for their future. In fact, now it's estimated that two-thirds of baby boomers will not be prepared financially for their retirement."