Our behavior is shaped by the time in which we live and the standard of living we are in, and includes our attitudes about personal finances.
new one study Delve into the financial profiles of Baby Boomers, Gen X, Millennials and Gen Z by business research firm Logica Research. The study, which surveys more than 1,000 Americans, has been ongoing since 2017, with the most recent wave of data collected in April 2022. It found significant behavioral differences in the financial patterns of each generation.
- Boomers have the lowest expectations of financial help from their employers. More than half of Gen X, Millennials, and Gen Z seek help from the services of their employers such as knowing when to refinance their mortgage, and knowing how to make the most of their equity compensation, as well as Understanding a Health Savings Account. By comparison, less than a third of boomers seek help with both.
- Millennials are most likely to change jobs. On average, 52% of Americans say they are likely to change jobs next year. However, 67% of millennials agree, compared to 16% of Boomers, 44% of Gen Xers and 61% of Gen Zers.
- Millennials and Gen Zs have become more active investors since the pandemic: while less than 10% of boomers are investing more than during the pandemic, 30% of millennials are investing more than before the pandemic, followed by 20% Gen Z, and 16% Gen X.
Leila Raynor, CEO of Logica Research, commented: “Money will continue to increasingly digital . . . The younger generation will go with brands they know from their networks that do it exceptionally well and in authentic, transparent ways. Communicate. They will also look to their employers to provide them with tools and advice to help them manage their money.”