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Boomers vs. Millennials: How Generations Shape Financial Choices | The Financial Commute (Ep. 109)
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In this special session recorded live from our 2024 Investor Symposium, COO and CMO Stacey McKinnon leads a discussion with Wealth Advisors Beau Wirick and Priscilla Brehm about how baby boomers and millennials think about money differently.
Here are some key takeaways from their conversation:
- Millennials generally see money as less tangible, trusting credit cards and cryptocurrency more than Boomers.
- Boomers see money as real and finite, largely due to experiences like the Great Depression. Usually, they emphasize saving money and preparing for the future.
- Millennials typically prioritize experiences and memories over long-term financial security.
- Boomers and millennials also view debt differently, as millennials often view it as a necessary part of life with student loans and rising housing costs. Meanwhile, boomers generally avoid it as much as possible and may feel uneasy about the idea of “good debt” (like leveraging debt for investments).
- Understanding each generation’s experiences and mindsets can help families bridge communication gaps.
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