Gen v. Gen: Bridging the Financial Divide
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- 2 minutes
Wisdom, much like money, takes time to acquire. And if we have a little of either one, it makes us happy to share with others. The older we get, the more experience we gain, and the more clearly we see why some decisions turned out well and others, not so much. It’s natural then to want to share that hard-earned clarity with the next generation, to shield them from the mistakes we’ve made and reveal the secrets to our successes.
But passing on wisdom isn’t always the mutually uplifting interchange it ought to be. Especially when it comes to financial wisdom, today’s generational divide can be challenging to bridge. With both sides often feeling misunderstood and unjustly attacked, even broaching the subject can antagonize.
And it’s understandable. Online platforms have tended to augment the most evocative posts, rewarding brash arguments and putting us all on the defensive. What may start as an innocent misunderstanding quickly escalates into a full-on social war, closing the door to rational conversation and real connection.
And at least one of those wars has centered around inter-generational differences regarding financial decisions. Although many of us haven’t had a negative experience talking money with someone outside our generation, the noise caused by a few loud voices makes us hesitate to start such a conversation, fearing we will offend or be rebuffed.
We know that shutting down the conversation before it ever starts hurts all of us. But how do we cut through the misapprehensions and fear these toxic rhetorics have engendered on both sides? Here are a few ideas to repair our inter-generational lines of communication.
1. Ask questions. A common concern among younger generations is that older ones don’t understand the economic landscape they’re facing today. While budgeting basics don’t change, certain economic factors—the housing market, cost of living vs. wages, the job market—really are different from what they were 10, 20, or 40 years ago. When we approach one another with curiosity and a willingness to listen first before offering solutions, both of us are more likely to benefit and feel truly heard.
2. Lead with compassion, not judgment. What may seem obvious to us may not be so apparent to others. It's important to remember that everyone's financial journey is shaped by a unique set of experiences—family backgrounds, educational opportunities, and personal challenges. Not everyone has had the same access to financial knowledge or guidance growing up, and that's okay. By reaching out with empathy and understanding, we can help others feel supported and empowered to learn rather than judged or shamed for what they do or don't know.
3. Keep it casual. We often think of financial matters as stuffy and serious, but they don’t have to be. Talking financial literacy with someone you care about can and should be a positive experience for both conversers. Try bringing up the topic in a relaxed setting, perhaps when you’re engaged in an activity you both enjoy. True, our busy lives can make it challenging to find the right moment, but if we cultivate opportunities, we’ll stumble upon it naturally.
Perceived animosity between generations about financial matters can make us hesitant to offer much-needed guidance. But we may find that when approached with openness and compassion, younger generations are eager to learn from our experience. With the unique challenges that today’s economy brings, they certainly could use all the help they can get. And no surprise, we’ll all be wiser for it.
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