![\"\"](\"https:\/\/ilgfinancial.com\/staging\/2370\/wp-content\/uploads\/2022\/07\/nominated-wallet-in-hand_t20_jo36Lk.jpg\")
Every generation views their situation differently, from fashion to food to finance, and currently, there are seven defined generations. Let\u2019s see how their views differ on finances and if you line up with your generation.<\/p>\nEvery generation views their situation differently, from fashion to food to finance, and currently, there are seven defined generations. Let\u2019s see how their views differ on finances and if you line up with your generation.<\/p>\n
1910-1927 The Greatest Generation: Frugal savers<\/strong> 1928-1945 The Silent Generation: Cautious spenders<\/strong> 1946-1964 Baby Boomers: Credit happy<\/strong> According to a National News interview<\/em>2, Dr. Yess is a 61-year-old Boomer who aims to preserve his capital and pass assets safely to the next generation. He\u2019s diversified into all asset classes and has no appetite for risk and speculation.<\/em><\/p>\n 1965-1980 Gen X: The In-betweeners<\/strong> According to a National News interview<\/em>2, Mr. Keerthy, age 48, invests for three reasons. 1) to primarily lead a comfortable life after retirement, 2) to fund his son\u2019s 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.<\/em><\/p>\n 1981-1996 Millennials: Financially conservative<\/strong> According to a National News interview<\/em>2, 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.”<\/em><\/p>\n 1997-2009 Gen Z: Pragmatic savers<\/strong> According to a National News interview<\/em>2, Mr. Shaji is a 25-year-old Gen Zer aiming to be financially independent by age 40. Because of his\u00a015-year savings outlook, Mr. Shaji maintains a conservative to medium-risk appetite, wanting to reinvest earned returns and dividends.<\/em><\/p>\n 2010-2025 Generation Alpha: Technologically advanced<\/strong> 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<\/a> and let\u2019s talk.<\/p>\n
\nThis 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!<\/p>\n
\nFrom 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.<\/p>\n
\nOne of the first generations to embrace credit spending, Baby Boomers often took a \u201cbuy now, pay later\u201d approach to financial decisions.<\/p>\n
\nGen 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.<\/p>\n
\nStruggling to find work in their early 20s and living through turbulent economic times has made Millennials disciplined in saving money and financially conservative investors.<\/p>\n
\nCompared to their predecessors, Gen Zers are saving more and saving earlier. Highly entrepreneurial, 77%\u00a0are pursuing freelance work, and 35%\u00a0of Gen Z members already own or plan to own their own business.3<\/sup><\/p>\n
\nImmersed 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.<\/p>\n
\n\n