One look at social media following the halftime musical performance of this year’s big gridiron game underscored the popularity of the acts, but also, differences in who gets to claim the hit songs that define their generation, whether Generation X vs. Generation Y, or as they are more commonly known, Millennials. While members of other generations simply weren’t as into it.
Just like each generation has its own musical tastes, each generation also views money differently. While financial goals differ generationally, the one constant is retirement.
“Everyone’s going to retire or stop working at some point,” said Rob Lindsey, financial wellness program manager for Regions Bank. “The thread is retirement; the generational difference is what’s important and it’s often based on personal interests.”
Lindsey and his team of financial wellness relationship managers are in front of people of all generations every day, sharing financial education across a spectrum of topics.
“Retirement is top of mind for everyone, but what they want to know about it is different,” Lindsey shared. “A younger person wants to know where to put their money that it will be secure and safe, but accessible if they need it. While an older person wants to know how to mitigate volatility, because they’re closer to retirement.”
Retirement is top of mind for everyone, but what they want to know about it is different.
Rob Lindsey, financial wellness program manager for Regions Bank
Lindsey says he often sees older members of Gen Z and younger Millennials struggling with the thought of homeownership or investing in the stock market because their formative years witnessed the negative impacts of the financial crisis of 2008 on their parents’ finances. But they still care about retirement.
A 2021 survey conducted by Regions Next Step found that Americans’ top priority for retirement is maintaining a comfortable lifestyle, but there are knowledge gaps when it comes to retirement planning and saving.
Megan Rector, a financial wellness relationship manager for Regions, sees generational trends when it comes to seeking retirement planning advice.
“Gen Z tends to want more advice and guidance than older generations do, they’re more comfortable asking for help,” Rector said. “That is the group we see taking advantage of our financial health resources and requesting banker follow up. They have a mindset to work smarter, not harder.”
Regardless of age, Rector says she always starts with the same question.
“The first thing we ask them to do – no matter their generation – is define their retirement,” Rector explained. “My retirement may look different than someone else’s – one person may want to travel the world while another may want to just live in solitude. You’ll need more money for some types of retirement.”
No matter your age, your future is important. Developing a financial plan is essential to assessing where you are and where you are going.
Destinee Sanders, wealth advisor with Regions Private Wealth Management
Online calculators can help determine the savings needed. But talking to someone who manages retirements every day can also be fruitful.
“No matter your age, your future is important. Developing a financial plan is essential to assessing where you are and where you are going, it’s the roadmap for your future success,” said Destinee Sanders, wealth advisor with Regions Private Wealth Management. “Regardless of the markets or geopolitical uncertainty, a financial plan allows you to take control of your future and ensure you are doing all the things today to prepare for your successful retirement future.”
Sanders suggests you start retirement planning today if you haven’t already.
Retirement tools and resources for anyone – Regions customer or not – can be found online at regions.com/next-step/next-step-retirement, including a link to a podcast about working with a wealth advisor.