Every generation views their situation differently, from fashion to food to finance, and currently, there are seven defined generations. Let’s see how their views differ on finances and if you line up with your generation.
1910-1927 The Greatest Generation: Frugal savers
This generation grew up learning to save pennies and fix things before buying something new. Financially, these frugal savers show us how to save, even when a new iPhone hits the market!
1928-1945 The Silent Generation: Cautious spenders
From a financial perspective, the Silent Generation is relatively cautious even though they lived through times of great prosperity. They saved as much as possible and emerged with substantial savings to fund their retirement years.
1946-1964 Baby Boomers: Credit happy
One of the first generations to embrace credit spending, Baby Boomers often took a “buy now, pay later” approach to financial decisions.
According to a National News interview2, Dr. Yess is a 61-year-old Boomer who aims to preserve his capital and pass assets safely to the next generation. He’s diversified into all asset classes and has no appetite for risk and speculation.
1965-1980 Gen X: The In-betweeners
Gen Xers grew up in two-income families and have struggled financially to reign in their spending habits, with many holding significant credit card debt and a penchant for riskier investments.
According to a National News interview2, Mr. Keerthy, age 48, invests for three reasons. 1) to primarily lead a comfortable life after retirement, 2) to fund his son’s college education expenses, and 3) he believes that keeping track of how the money market moves is a good exercise to keep his brain cells active.
1981-1996 Millennials: Financially conservative
Struggling to find work in their early 20s and living through turbulent economic times has made Millennials disciplined in saving money and financially conservative investors.
According to a National News interview2, Mr. Sanchz, age 39, aims to be financially independent well before retirement age. “Money isn’t my ultimate goal. I have a comfortable lifestyle now and enjoy spending money on travel, food, restaurants, and experiences. I want to reach financial independence sooner, so work need not be a must in my life, but rather an option.”
1997-2009 Gen Z: Pragmatic savers
Compared to their predecessors, Gen Zers are saving more and saving earlier. Highly entrepreneurial, 77% are pursuing freelance work, and 35% of Gen Z members already own or plan to own their own business.3
According to a National News interview2, Mr. Shaji is a 25-year-old Gen Zer aiming to be financially independent by age 40. Because of his 15-year savings outlook, Mr. Shaji maintains a conservative to medium-risk appetite, wanting to reinvest earned returns and dividends.
2010-2025 Generation Alpha: Technologically advanced
Immersed in technology rather than tech users, experts predict this generation will be the most educated and technologically savvy, with money attitudes profoundly shaped by recent economic challenges, financial basics, the difference between needs and wants, and the satisfaction that comes with saving.
No matter what generation you find yourself affiliated with, you undoubtedly want your financial strategy to align with your goals. If you have questions or want to discuss your situation, please call us today at (540) 720-5656 and let’s talk.
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.