Handelsbanken research reveals generational differences in financial habits

Research commissioned by Handelsbanken Wealth & Asset Management has revealed the generational differences in financial tasks and decision making.

The relationship bank’s research found found that 39% of 18-34-year-olds use their phones for mortgage and rental payments, compared to just 8% of those aged over 55 years, while laptops are the preferred choice for handling pensions and holiday bookings.

The findings reveal stark differences between generations on their preferred channels for carrying out financial tasks. While 33% of 18-34s would use their mobile phones to make an investment, only 7% of over 55s would do the same.

Despite these findings, laptops were the preferred medium overall for more serious financial undertakings. 15% of those surveyed would use laptops for mortgage applications compared to 12% who say they would use their mobile phone, while laptops were also the preferred choice (25%) for managing pensions, ahead of mobile phones (21%) and iPads (6%). 

Interestingly, holiday bookings also fell into the category of tasks where laptops are preferred, with 34% of respondents choosing laptops to arrange their next trip abroad — surpassing the 31% who favour mobile phones. Laptops emerged as the top choice across all generations, reinforcing the idea that planning a holiday remains a ‘big screen decision’. However, younger generations showed a significantly higher tendency to use mobile phones for this purpose: 41% of 18–34-year-olds booked holidays via mobile, compared to just 19% of those aged 55 and over.

Handelsbanken Wealth & Asset Management’s research also unveiled generational discrepancies in confidence when it comes to money management. Over a quarter (27%) of 18-34s suggested that they are naturally bad at managing money, which decreases to 18% of 35-54s and just 8% of over 55s.

There were also interesting findings around perceptions of gender and financial management, with 37% of respondents disagreeing with the idea that men are better at managing money, compared to just 14% who agreed – suggesting a growing belief that women are equally, if not more, reliable with finances.

Brits are also disinclined to let their partners take control of financial decisions – just 16% prefer to do so while a resounding 39% prefer to take matters into their own hands.

Lucy Allington, Client Director at Handelsbanken Wealth and Asset Management, commented: “The mobile generation is reshaping the way we engage with money; from mortgage payments to investment decisions. But confidence isn’t growing at the same pace.”

“Digital tools are only part of the solution. What really matters is understanding your options, making informed decisions, and building a plan that reflects your goals. That’s where financial advice plays a key role – giving people the clarity, confidence, and control to take charge of their future. It’s our job to make sure clients have the knowledge and confidence they need to take control of their financial future.”

Handelsbanken’s full research report, Building your financial future: Are you in control?, is available online here.