Minecraft, Monopoly or musical chairs? Texting, typing emails or writing letters by hand? Each generation has its differences – not just in how we socialise, speak or interact with the world but also in our values, beliefs, interests, and personalities. People of all ages like to express opinions about the older or younger generations – that youngsters ‘have it easy’ or that older generations are ‘overly strict with their kids’.
But are our attitudes towards money all that different? Sanlam surveyed over 350 Baby Boomers, Generation X-ers and Millennials to find out how the era they were born into shaped their attitudes towards life, careers and money. To our surprise, we found a number of similarities across the generations.
Generation who?
Not sure which generation you belong to? Here’s a quick overview:
- Baby Boomers fall in the 57-71 age range having been born between 1946 and 1960 (the years after World War II). This is the generation nearing or already in retirement, which naturally makes them more focussed on growing their wealth and leaving a legacy.
- Generation X-ers were born between 1961 and 1989, making them around 28-56 years of age. Most X-ers are probably parents, own their first or second home, and are feeling the pull of never-ending financial obligations.
- Millennials were born around the turn of the century (1990-2000), which means they are 17-27 years old now. They grew up in a time of rapid change, giving them a set of priorities and expectations vastly different from previous generations.
On the subject of careers
Some say Millenials are an entitled bunch, more interested in growing beards and overdoing sriracha sauce than burning the midnight oil. However, studies show that they actually work longer hours than their Baby Boomer parents – something echoed by our research. In fact, the only thing they value more than being ‘hard-working’ is ‘success’. Generation X ranks ‘success’ second to ‘hard-working’, while Baby Boomers singled out ‘balance’ over being hard-working.
When asked about their attitude towards their career, all three generations felt that entrepreneurship is the future. Very few believed that their employers defined them, or that keeping one job for life was still something of value. Just over half of each generation said that doing meaningful work with purpose was their ultimate career reward (Millenials 52%, Gen X 54% and Boomers 54%), favouring it over freedom, flexibility and prestige.
On the subject of financial advice