Money worries keep the rich awake at night, too

More than half of affluent Americans report losing sleep over financial concerns, according to a new survey by Merrill Lynch Wealth Management.

And, in a development that both surprised and concerned investment managers, the recession has frightened the youngest group -- those 18-34 -- into being nearly as conservative about their investments as those over 65. In all, 50% of the younger group surveyed said they have a low tolerance for risk -- up 56% from a year ago -- compared with 55% of seniors.

"The risk is that this is a depression generation," said Sallie Krawcheck, president of Global Wealth & Investment Management at Bank of America, in a teleconference. She noted that their worldview has been influenced by two seminal events of their lifetimes: the dot.com bust and the recession. But while seniors typically should invest conservatively, the younger group does so at great risk to their future solvency.