Millennials and Gen Z want more financial help from employers. Boomers? Not so much.
Our behavior is shaped by the times we live in and the life stage we’re in, and this includes our attitudes about personal finance.
A new study by business research firm Logica Research delved into the financial profiles of baby boomers, Gen X, millennials and Gen Z. The study, which surveys over 1,000 Americans, has been ongoing since 2017, with the most recent wave of data collected in April 2022. It found key behavioral differences in the financial patterns of each generation.
Boomers have the fewest expectations for financial help from their employers. Over half of Gen X, millennials and Gen Z want their employers’ help for services such as knowing when to refinance their mortgage and how to make the most of their equity compensation, as well as understanding a health savings account. By comparison, fewer than a third of boomers want help with these.
Millennials are most likely to switch jobs. On average, 52% of Americans say they are likely to switch jobs next year. However, 67% of millennials agree with this compared to 16% of boomers, 44% of
Gen Xers and 61% of Gen Zers.
Millennials and Gen Z have become more active investors since the pandemic: While less than 10% of boomers are investing more than they were during the pandemic, 30% of millennials are investing more than they were before the pandemic, followed by 20% of Gen Z and 16% of Gen X.
Lilah Raynor, CEO of Logica Research, said: “Money will continue to be increasingly digital ... Younger generations will go with brands that they know from their network do this exceptionally well and communicate in authentic, transparent ways. They will also look to their employers to provide tools and advice to help them manage their money.”