JM Finn news
Wealth across the generations
We know that wealth means different things to different people and it appears that there is little commonality in what determines wealth. Typically the different attitudes can be attributed to different age groups; conveniently, the generations are now labelled, giving the media ample opportunity to make sweeping generalisations about different age cohorts in today’s world of bite-sized media consumption.
It is generally accepted that there are differing attitudes towards all manner of financial aspects, not just money and wealth, across the ages. These changes are attributed to three key facets: economics, technology and attitudes to parenting.
Economics and technology are obvious areas of difference – if we think of the contrast between our parents’ and our children’s economic situation and use of technology, it’s clear that these could influence our outlook on life. Differences in parenting is most likely a combination of the two.
To highlight the different viewpoints we have produced a report in which we have identified some of the wealth challenges that may exist specifically for the different generations. With individual case studies alongside some suggestions at specific areas we hope this report might spark some intra-family conversations. Also included is a look at what women would tell their younger selves when it comes to looking after their finances as well as an overview of the changes in parenting styles across the ages.
It is generally accepted that there are differing attitudes towards all manner of financial aspects.