Is there a difference in the way boomers and their parents view money? You bet, says David Marotta of Marotta Asset Management in Charlottesville, Va.

"Retired older people," Marotta says, "have a set of financial values that involves saving, frugality and living well within your means. They're proud of such things as how low their water bill is."

In contrast, Marotta says, "Boomers are the 'me generation,' far more interested in living for their own personal satisfaction" and not at all hesitant to go into debt to acquire things they want.

This difference in outlook, Marotta continues, leaves many of his older clients feeling conflicted.

"Many of the saver generation," he says, "supported their parents' retirement. They've funded their own retirement. Now they're not sure they want to fund their children's retirement, too."

Marotta says in many cases parents skip a generation and, for example, wind up funding a grandchild's education. When boomers seek advice, he says, "I tell them, 'Take a page from your parents' values and frugality, and your financial problems will be straightened out.' "