Broker Check

Multi-Generational Planning and the Impact of Financial Literacy

August 03, 2022

Investopedia conducted a survey of 4,000 US adults in January and February of 2022 which included 1,000 individuals from each generation to better understand their financial literacy by generation.

 Side note: Seeing other generations’ viewpoints is important since many families live together and cross different age groups.

 “According to survey results, about two-thirds of millennial and Gen X adults indicated that they are actively planning for retirement with just over half of Boomers also planning.”1  What’s interesting is that much of the younger generations, specifically 42% of Gen Z—born 1997-2012—say they began planning for retirement in their late teens.

 With all this planning it’s not surprising that younger generations expect to stop working earlier than older groups. The goal of many Gen Z’ers is to retire at age 57, while millennials say age 61 and Boomers are predicted to retire at age 68. Depending on when you hope to retire, your financial retirement plan will need to be set up to help make that happen.

All generations agreed that financial planning is a priority but, across the board, their knowledge and understanding of complex planning strategies is lacking.  Overall, “57% of adults who participated in the Investopedia survey say that they’re invested, but only 1 in 3 say they have advanced investing knowledge.”1

Retirement was listed as the top personal finance concern for about a sixth of those surveyed. Taxes, insurance, IRAs and 401(k)s, Social Security… the list of financial products and platforms is quite extensive. And with more complex products like annuities and cryptocurrency jumping on the list, it makes having a relationship with a financial planner even more important.


This document is for educational purposes only and should not be construed as legal or tax advice. One should consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products. Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results.  Death benefit payouts are based upon the claims paying ability of the issuing insurance company. The firm providing this document is not affiliated with the Social Security Administration or any other government entity.