Different generations – what kind of saver are you?

There are many differing statistics around attitudes to saving and investing among different generations, suggesting as we mature our focus and mind set will shift.

According to statistics*, Millennials (age 21-34) focus on working in a fulfilling career and making money, whilst as we move into Generation X (age 35-49) we focus more on health, keeping fit and family time.

Scott Herbert, Independent Financial Planner and Partner at Clarke Nicklin Financial Planning discusses differing attitudes among different generations and how it affects savers.

Across generations, a common theme is the feeling that we are not saving enough. Only a third of Generation Z (age 15-20) and Millennials feel they are saving enough for their financial future, but still about half are apprehensive in their saving strategies.

Half of Generation X, about four in ten Baby Boomers (age 50-72) and the Silent Generation (age 73 upwards) are saving some money, but are not confident in their financial futures.

Whatever your age or personal situation, it is vital to consider your saving strategy as early as possible, and reassess regularly on an ongoing basis. Any savings plan needs to be specific to personal circumstances and objectives, and needs linking to all aspects of your personal finances.

At Clarke Nicklin Financial Planning, we will always assess each clients’ circumstances in detail to arrive at a savings strategy that meets personal objectives. For every client, we will review and revise this with you on an ongoing basis as circumstances and objectives evolve due to your personal and family circumstances changing.”

If you wish to discuss this further with one of Clarke Nicklin’s advisors please do not hesitate to call Kath Arnold on 0161 495 4700 or email kathrynarnold@cnfp.co.uk.

Important information

The value of investments and income from them may go down. you may not get back the original amount invested.

Past performance is not a reliable indicator of future performance.

*The Neilsen generational lifestyle survey 2015 an online survey of 30,000 consumers in 60 countries. Neilsen is a leading global information & measurement company.