News & Insights

Millennials & Gen X: The New Faces of Wealth

Millennials (born 1981-1996) and Generation X (born 1965-1980) are swiftly becoming the world’s richest demographics and the new faces of wealth, as they inherit significant sums from their predecessors and concurrently contribute to the global economy. But these new powerhouses of financial prowess come with a twist. Their financial behaviours, preferences, and priorities differ markedly from earlier generations.

Let’s delve into these differences and explore the underlying reasons.

Generational Financial Behaviours

The ways in which Millennials and Gen Xers handle money—how they save, spend, invest, and think about their finances—paints a vivid picture of their values, their fears, and their dreams. Here, we expand upon their distinctive financial behaviours to offer a richer understanding of these two pivotal generations.


Millennials stand out as the first generation to come of age in a digitally interconnected world. As a result, they’re tech-savvy savers. With the rise of online banks offering competitive interest rates and zero fees, many millennials have moved away from traditional banks. The convenience of 24/7 access and digital budgeting tools offer a seamless banking experience.

The days of needing a personal broker or significant capital to start investing are gone. Platforms like Robinhood, Plum, and Acorns have democratised investing, allowing millennials to start with little upfront cash.

Financial planning can be intimidating, but robo-advisors have simplified it. By answering a few questions, these digital platforms can craft a personalised investment strategy, making wealth management more accessible.

For many millennials, memories hold more value than possessions. This has given birth to the “experience economy,” where spending is directed towards creating memorable experiences, be it a backpacking trip in Asia or a cooking class in Italy.

Partly driven by concerns about overconsumption and its impact on the planet, there’s a sustainability trend amongst millennials to buy fewer but higher quality items. The idea is to invest in goods that last longer, reducing waste.

Millennials have also embraced a subscription culture. Instead of owning, millennials often prefer subscribing. This is evident in the rise of services like Netflix, Spotify, and even clothing rental subscriptions.

Gen X

The 2008 financial downturn left a lasting impression on Gen Xers. This trauma has made them wary of taking on unnecessary debt and has instilled a deep appreciation for emergency funds and financial cushions.

While they might have the financial muscle to splurge, many Gen Xers look for value in their purchases. They might spend more on an item, but they expect it to last, thereby justifying the expense.

Gen Xers comfortably straddle the line between traditional and digital banking. While they’ve embraced online banking, many still appreciate the personal touch of visiting a local branch and interacting with bank personnel.

Generation X was the first to dabble in digital payments, from PayPal to Apple Pay. But they also tend to keep a chequebook or some cash on hand, just in case. They also have the unique advantage of understanding both analog and digital financial systems. This gives them a balanced view, allowing them to tap into the best of both worlds.

Financial behaviours are more than just habits; they’re reflections of generational values, worldviews, and collective experiences. As Millennials and Gen Xers redefine the world of finance, their behaviours underscore broader shifts in society, technology, and culture.

Financial Preferences Of The New Faces Of Wealth

The financial landscapes of Millennials and Gen X are marked by distinct preferences, moulded by their unique experiences and values.


Millennials demonstrate a strong inclination towards ethical and sustainable choices. Their investment decisions often revolve around companies that uphold environmentally-friendly practices and champion social values. This is a generation that often leads with its values, and its financial choices are no exception.

The traditional 9-to-5 work schedule is no longer the gold standard for many millennials. They highly value flexibility, whether that means adaptable work hours, the freedom to work from remote locations, or even the pursuit of various income-generating projects. This is a reflection of a generation that prioritises work-life balance and is ever-adaptive to the changing work landscape.

Gen X

Gen X exhibits a balanced approach when it comes to investments. While they respect and employ conventional investment strategies, they’re also not hesitant to venture into modern financial terrains like cryptocurrencies. This approach stems from their position as a bridge generation, having been exposed to both traditional and digital financial ecosystems.

For many in the Gen X cohort, family considerations lie at the core of their financial decisions. There’s a concerted effort to secure a bright future for their children, ensuring they receive a quality education. Simultaneously, they also take on the responsibility of providing for their ageing parents, often juggling the financial demands of both.

While both generations showcase diverse financial behaviours, what’s evident is the deep-rooted intentionality behind each of their choices. Whether it’s millennials prioritising ethical investments or Gen X seamlessly blending old and new financial avenues, these preferences offer a glimpse into the broader generational ethos.

How Generations Manage Financial Priorities

The financial choices and pressures experienced by Millennials and Gen X shed light on their broader life goals and challenges. Each generation, shaped by its unique socio-economic backdrop, has carved out distinct financial priorities.


The Millennial generation faces an array of financial constraints that impact their life trajectories. Skyrocketing education costs have left many burdened with significant student loan debts. Coupled with rising living expenses, these factors have made traditional milestones—like homeownership, marriage, and parenthood—more elusive.

Despite these immediate challenges, millennials don’t shy away from long-term planning. Many are already laying the groundwork for their retirement. This proactive approach can be attributed to their observations of the financial woes experienced by preceding generations. They’ve witnessed firsthand the struggles of their parents or grandparents and are determined to secure a more comfortable future.

Gen X

For Gen X, the journey towards financial freedom is often dominated by a focus on debt elimination. Whether it’s student loans they’re still shouldering, mortgages, or credit card dues, many Gen Xers are intensely committed to erasing these financial obligations.

As they approach the zenith of their professional lives, there’s a palpable shift in their financial focus. Thoughts transition from just wealth accumulation to wealth preservation and legacy creation. Whether it’s in the form of assets, properties, or simply ensuring a comfortable inheritance for their offspring, there’s a robust drive to leave a lasting footprint.

The financial priorities of Millennials and Gen X are poignant reflections of their individual challenges and aspirations. These choices, deeply intertwined with their life stories, give a nuanced understanding of the diverse socioeconomic terrains navigated by each generation.

Navigating Your Financial Landscape: A Guide for Millennials and Gen X

In our years as a wealth management company, we’ve observed the evolving financial paradigms of different generations. As a Millennial or Gen Xer, you’re not only the new faces of wealth, you’re also markedly different in the way you view and handle money than your predecessors. Your unique financial behaviours and needs set you apart from your predecessors. Let’s delve deeper to understand and navigate your distinct investment terrain.


As digital natives and early adapters, you’ve been shaped by the boom of technology and the shadows of economic downturns. Often viewed as the most educated generation, you’ve simultaneously been handed the weight of student debts and a highly competitive job market. Let’s explore the financial challenges you face and the strategies that can help you navigate them.

Addressing Your Immediate Financial Challenges

You’re facing an era dominated by substantial student loan debts and rising living expenses. This has naturally led to delaying traditional milestones like buying a home or starting a family.

Our Recommendation: Focus on debt management and savings. Building an emergency fund and engaging in low-risk investment options can provide a stable base. As you secure your immediate finances, you can then consider branching out into more aggressive investment territories.

Prioritising Your Future Security

Your forward-thinking approach is commendable, especially as you prioritise early retirement planning after seeing the financial challenges of older generations.

Our Recommendation: Infuse your portfolio with sustainable and ethical investments, aligning with your values. Embrace the digital age with tools and robo-advisors to streamline your investment decisions.

Gen X

Straddling the transition from an analog past to a digital future, you’ve managed to blend the best of both worlds. Your experiences from the tech revolution of the 90s to the economic challenges of the 2000s have instilled resilience and adaptability. Your financial journey is characterised by a careful balance of debt management, investment diversification, and a profound sense of responsibility towards family.

Balancing Debt Elimination and Diverse Investments

You’ve shown an adeptness at focusing on debt management while also being open to merging traditional investment strategies with innovative ones like cryptocurrencies.

Our Recommendation: A balanced portfolio is essential for you. Continue with your reliable investment options but consider designating a portion of your assets to higher-risk, higher-reward opportunities. This can capitalise on potential market growth while still safeguarding your primary investments.

Considering Your Legacy and Wealth Preservation

You’re at a stage where leaving a legacy and ensuring your wealth’s longevity and transfer are of utmost importance.

Our Recommendation: Don’t overlook the value of estate planning and trust services. It’s also a good time to delve into comprehensive insurance coverage, real estate ventures, and efficient strategies for wealth transfer to maximise your assets’ potential.

Planning Your Financial Future

Whether you’re a Millennial or Gen Xer, your financial journey is unique, and it deserves a strategy tailored to your needs. Embrace the differences that set your generation apart, and let’s work together to build a prosperous financial future. Get in touch today and one of our advisers will help you put a bespoke plan in place to maximise your wealth and ensure your future financial security. 

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

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