Understanding Generational Wealth: Perspectives from Boomers and Millennials
December 29, 2023
In the ongoing shift of wealth across generations, we observe notable differences in values and lifestyles between Boomers and Millennials. This transition is reshaping our economy and bringing new perspectives to the forefront.
Millennials, now reaching middle age, often embrace the concept of “You Only Live Once” (YOLO), prioritizing unique and memorable experiences. Factors influencing this trend include their average income, wealth distribution compared to older generations, and lifestyle choices like lower rates of marriage and starting families. These choices impact their economic situations and spending habits, often favoring experiences over possessions.
Meanwhile, many Boomers, in their retirement years, find similarities with Millennials in seeking fulfilling experiences. Despite differing life experiences, the desire for adventure and enjoyment remains a common thread.
This evolving landscape prompts us to consider how wealth serves us – not only providing security but also enhancing our life’s enjoyment. Whether you’re a Boomer or a Millennial, the pursuit of meaningful experiences is a worthy endeavor.
At Omni360, we understand the unique financial needs and aspirations of different generations. We encourage those navigating these dynamic times to reach out to us. Our expertise in wealth management and legal matters can help balance the joys of today with the necessities of tomorrow.
Contact our Financial Planning Assistance team for personalized guidance and support in your financial journey.
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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.
