A recent IPX1031 survey reveals a striking generational divide in investing habits and outcomes. While 92% of Americans agree that investing is key to building wealth, baby boomers have managed to accumulate significantly more than younger generations — despite starting later. The average American holds $246,000 in investments, but boomers have nearly double that amount at $472,000. While it’s important to keep in mind that they’ve had longer to build this wealth, there are some things to learn from them.

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Here’s a closer look at how their approach to investing differs from Gen Z, millennials and Gen X.

The average baby boomer began investing at age 31 — later than other generations. For comparison, the average Gen Zer began investing at age 20, the average millennial began investing at age 26 and the average Gen Xer began investing at age 28.

“Many baby boomers began investing later in life due to higher mortgage rates, limited early access to retirement plans and fewer investment tools when they entered the workforce,” said Scott Nathanson, executive vice president at IPX1031.

Despite a late start, boomers now have more money invested than other generations — an average of $472,000, compared to $311,000 for Gen X, $173,000 for millennials and $32,000 for Gen Z.

“Boomers have had longer earning years and have benefited from real estate appreciation,” Nathanson said.

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The top investing goal for boomers is to save for retirement, the survey found. Gen X shares this goal, while Gen Z is investing to grow wealth and millennials are investing to pay off debt.

The survey also found that boomers are most likely to believe that owning real estate is an important part of building long-term wealth — 86% of boomers believe this compared to 77% of Gen X, 75% of millennials and 81% of Gen Z.

For boomers looking to invest for a retirement nest egg, Nathanson agreed that real estate can be a lucrative asset.

“Real estate investments are well-suited for retirement planning because they can generate steady passive income, offer appreciation potential and defer capital gains taxes,” he said. “Combined with balanced exposure to equities and fixed income, this strategy helps sustain long-term income and protect purchasing power in retirement.”