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Generational Financial Habits: Baby Boomers, Gen X, Millennials, and Gen Z.


When it comes to spending habits, your age may influence your decisions more than you think! Depending on your generation, there may be key patterns that differentiate you from your older and younger counterparts. Discover your key financial traits with this helpful guide courtesy of AbbyBank.


Baby Boomers

Typically classified as the “savers of the modern age,” many of those age 51-70 are known for saving funds as quickly as they earn them. Many baby boomers were affected by both the Kennedy and Martin Luther King Jr. assassinations and hold a strong sense of mistrust of the banking system. There are many in this generation who choose savings options outside of financial institutions. This generation, of approximately 70 million people, are currently in the process of leaving the workforce and entering retirement. The most important item on their financial agenda is to save and secure funds for the decades of life they will enjoy outside of the nine to five day.


Generation X

Often overshadowed by the large baby boomers ahead of them, generation X’ers tend to be strong willed and decisive, fighting for their share of the financial pie. Having been one of the first generations to experience divorce as a normal occurrence, many of those adults age 40-50 continue to look out for their individual financial wellbeing through strictly defensive tactics. This group makes strategic savings plans, constantly preparing for the ball to drop. They are best known for their cautious optimism and lofty financial goals.



The current generation of twenty and thirtysomethings, were shaped by a highly digital world. Growing up in the age of computers and terrorism, these young adults believe that the typical American dream, may be slightly skewed. Millennials strive to gain experiences over material possessions. Influenced by their parental counterparts, it is common to see this generation shying away from long term debt after seeing their parents succumb to missed payments and foreclosures during the 2008 economic crash. Crippling student loans and added inflation, today, have many college graduates working multiple jobs to simply make ends meet.


Generation Z

The up-and-coming generation of the century, this group is the first age demographic to grow up completely immersed in digital technology. The days of cell phones and computers encompassed their childhood, and many of those age 0-20 have never known life without the digital realm. Still relatively young, these Gen Z’s take diversification to the next level. This generation takes time and consideration into account before making any major life decision. As they age, more experiences and choices will continue to shape their financial style.


No matter what generation you are a part of, there are a variety of ways you can improve your financial habits. Speak with one of our experienced personal bankers today, and we’ll show you how to get started!


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