NEW YORK (TheStreet) -- Does age make American consumers more financially savvy?
Maybe not. It seems that in some key areas, financial consumers keep making money mistakes no matter how young -- or old -- they are.
Financial Finesse, an online financial wellness service provider, took a long look at the money habits and mindsets of 23,749 millennials, Generation X and baby boomers in a financial wellness assessment study.
The study broke down the biggest mistakes Americans make in all demographics. Here's a look:
Baby boomers: The most crucial error Americans in the 55-64 age range make is not saving enough for retirement. The study reports that 51% of later-aged boomers haven't even completed a retirement plan estimate, let along saved enough for retirement. In addition, 78% of Americans in this demographic do not have long-term health care insurance, despite the fact a year's worth of time nursing home averages $50,000.
"This is likely to have a significant economic impact, as families or the government will be forced to support those who have inadequate savings, and employers will bear the brunt of costs associated with those who want to retire but decide to delay because they are not financially prepared to do so," Financial Finesse says.
Gen-Xers: Generation X faces some serious challenges and obstacles, with a depleted Social Security trust fund staring them right in the face. But Financial Finesse reports that Gen-X financial consumers are lacking in two key areas: cash management and retirement planning. Since the study estimates that Gen-Xers will get 25% less from Social Security than their boomer elders.