From Boomers to Gen Z – how different generations approach money and why

In this episode, we’re exploring how different generations approach money — and why — with generational research expert, Kim Lear. She'll help us understand how these shifting attitudes can have big repercussions, dispel some stereotypes and help us bridge the generational divide when it comes to finances. 

 For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures 

 

Key moments this episode: 

1:49 – What exactly does an expert at generational research (like Kim) do? 

3:50 – Why it's important to study how generational differences impact how people approach money 

5:51 – Defining each generation and giving the broad strokes of their approach to money 

8:44 – Diving a little deeper on the unique financial situation facing Gen Z 

10:01 – Does Gen Z have any advantages when it comes to finances? 

12:54 – What tip Kim would give Gen Z for building their wealth 

14:48 – What is the ‘guilt of young inheritors’?  

17:08 – How has social media influenced how different generations think of wealth and success 

18:42 – Are social media trends helping financial literacy?  

21:00 – Why transparency between generations has improved 

22:44 – How we’ve moved from an ‘environment of secrecy’ to an ‘environment of openness’ when it comes to money 

24:13 – Kim's main takeaway from the conversation 

25:26 – Bonus question: Which generation does Kim have a soft spot for?