Each generation has a different priority when it comes to their finances.
Our nation’s different generations (centennials, millennials, xers, boomers, matures) place five categories in different order of importance. While some focus on building a nest egg, others concentrate on paying down debt, keeping a budget and controlling spending, saving money for emergencies or what-ifs, or saving for something specific.
Members of the different generations view their financial situations in various ways.
The different generations — Millenials, Gen Xers, Boomers and Matures — view their financial situations in different ways: financially comfortable, have just enough to get by, or financially struggling.
The multi-generational home is growing, and some make the choice to live with family for economical reasons.
An August 2016 Pew Research report shows that “a record 60.6 million Americans — almost one in five – lived in multigenerational households in 2014, defined by Pew as a having two or more adult generations or grandparents and grandchildren. This is about a 30% increase in just seven years; in 2007 there were 46.5 million people living in multigen households…” (Forbes. “Multigenerational Living is Back and That’s a Good Thing”)
“…’The economic downturn in 2007 to 2009 may have driven families to come together under one roof out of need, but today this increasing multigen living is by choice,’ says Donna Butts, executive director of Generations United, a group dedicated to improving lives of children and older adults through intergenerational programs and services.” (Forbes. “Multigenerational Living is Back and That’s a Good Thing”)