It’s not about generations
New research demonstrates that life stage and experience are far more important predictors of an individual’s financial concerns than the year in which they were born
Research conducted by Harris Poll on behalf of Empower Retirement shows the generational labels commonly used to categorize workers aren’t meaningful when it comes to predicting their financial attitudes and behaviors. In fact, 80% of the employees surveyed said their views were shaped by experiences and personal characteristics — not by the generation in which they were born.
In light of these findings, employers can better understand workers’ needs by studying their past experiences and personal backgrounds. This information can help employers better evaluate the financial wellness tools they offer and create more targeted solutions that help workers take action to reach their financial goals — especially in times of uncertainty.
- Life experiences and personal characteristics, rather than generation, are key factors in shaping individuals’ financial behaviors and attitudes.
- While financial goals top many workers’ priorities lists, most people don’t spend any time working toward those goals.
- Financial tools must be easy to use and speak directly to individuals’ needs rather than lump individuals and their needs under a broad generational umbrella.
Latest Empower Institute Articles
Employees could benefit from advice about their retirement finances, but relatively few of them get it
Americans’ ability to replace their current income in retirement has improved.
As the latest insight from Empower suggests, government retirement plans are doing their best to fight COVID fatigue, too.