Wealth Creation | Investing in Yourself

Money and you – does money talk freak you out? Talking Money Between Generations – some awkward money questions, facts and fictions

Updated September 2023

Big Tips: Money and life information you’re interested in depends on things such as how old you are, your life stage, your circumstances and the lifestyle you aspire to. Are you in your 20’s, 30’s 40’s or older? A Baby boomer, Millennial, Gen Z and how does that impact on talking with parents, financial advisers or others?
Seeing how other like minded people are living their lives, how they’re managing their money, investing and where they get their information can help you decide for yourself. So too can looking at others, with more knowledge, experience, generations, or people who’ve made mistakes you can learn from.

BiG focuses on resources and current issues impacting on Millennials. Largely because 25 – 40 yr olds are at a stage of making huge life decisions, changes which can impact enormously on them now and in the future.
They’re increasingly being targeted by the money, finance and lifestyle industries and marketers.

Check out the resources below to help you understand some money issues, particularly intergenerational.

Comparing generations and the nine dimensions of our well-being, Peter Abelson, First Links

Millennials according FEE [The Foundation For Economic Education USA] – a lot of articles on Culture, Economics and Education
Try their Quiz: Which Generation’s Money Habits Do You Match?

Boomers, Gen X, Gen Y, Gen Z, and Gen A Explained [USA] Kasasa They say:

Baby Boomers: Baby Boomers were born between 1946 and 1964. They’re currently between 57-75 years old (71.6 million in the U.S.)
Gen X:  was born between 1965 and 1979/80 and is currently between 41-56 years old (65.2 million people in the U.S.
Gen Y:  or Millennials, were born between 1981 and 1994/6. They are currently between 25 and 40 years old (72.1 million in the U.S.)
Gen Y.1 = 25-29 years old (around 31 million people in the U.S.)
Gen Y.2 = 29-39 (around 42 million people in the U.S.)
Gen Z:  is the newest generation, born between 1997 and 2012. They are currently between 6 and 24 years old (nearly 68 million in the U.S.)
Gen A: Generation Alpha starts with children born in 2012 and will continue at least through 2025, maybe later (approximately 48 million people in the U.S.)

What separates Generation Y from X? And hey Gen Z and Gen A, welcome to the party! What’s the cutoff? How old is each generation? Are they really that different?… If you’ve ever felt muddled by this “alphabet soup” of names — you’re not alone. The real frustration hits when you realize that Millennial consumers represent the highest-spending generation in 2020 — with a projected $1.4 trillion tab. And though their current wealth has been dragged down by not one but two “once-in-a-lifetime” economic crises during their most impactful career years,
Millennials stand to inherit over $68 trillion from Baby Boomer and early Gen X parents by the year 2030, setting them up to potentially be the most wealthy generation in U.S. history.
Generation Z isn’t far behind, projected to hit $33 trillion in income by 2030 — that’s more than a quarter of all global income — and pass Millennials in spending power the year after.
And coming up last but not least is Generation Alpha, the name given by social analyst Mark McCrindle to the youngest children on the planet. By the year 2025 there will be nearly 2 billion members of Generation Alpha across the globe.
No matter how you slice the data, the younger generations have never been more critical to your financial institution’s future.
Unless you understand who they are and what they want, you won’t capture a dollar of their money.”

Here’s a fun article 11 Awkward Money Questions Gen Z’ers Had For Millennials (And Their Answers), Buzzfeed, Jasmine Suknanan.

A good read (here’s a YouTube Review)- The Defining Decade, Why Your Twenties Matter and How to Make the Most of Them Now USA Meg Jay (Clinical Psychologist) says “Our ‘thirty is the new 20’ culture tells us the twenty something years don’t matter… Dr. Meg Jay argues that this could not be further from the truth.
In fact, your twenties are the most defining decade of adulthood… the latest science of the twentysomething years with real-life stories to show us how work, relationships, personality, social networks, identity and even the brain can change more during this decade than at any other time in adulthood. Smart, compassionate and constructive, The Defining Decade is a practical guide to making the most of the years we cannot afford to miss.”

7 Top Investments for Young Australians in 2021, Canstar, Marissa Hayden,
What to do before investing in: