It’s easy to identify which generation you belong to based on your age. However, it may be trickier to figure out the generation you identify with based on your financial habits.
Let’s start with age. Here are the generations and the timeline for when each was born:
- Gen Z (1997–today)
- Millennial (1981–1996)
- Gen X (1965–1980)
- Baby Boomer (1946–1964)
Now answer these 10 questions to find out which generation your spending-and-saving behavior matches!
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1When making a purchasing decision, I care most about uniqueness and quality. Which generation am I?
Answer C.Quality and uniqueness are top of mind for Gen Xers, while millennials value authenticity and online reviews, and baby boomers care most about an excellent customer experience.
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2I’ve considered extreme saving so I can retire as early as possible. Which generation am I?
Answer B.Financial Independence Retire Early (FIRE) is especially popular among millennials, who find work stressful and would rather spend time on other, more fulfilling activities. Learn more by reading “How to Retire Early With FIRE.”
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3If I’m behind on my retirement savings, I would plan to work longer. Which generation am I?
Answer C.In general, the generations are taking different approaches to retirement. While Gen Xers plan to extend their working years, baby boomers prefer to cut spending in order to increase their retirement savings, while millennials expect they’ll take on a side hustle. Learn more about retirement savings by reading “Personal Finance 201: Traditional vs. Roth Retirement Accounts.”
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4I hate to admit it, but I don’t know how much money I have saved. Who am I?
Answer A.57% of Gen Z doesn’t know how much it has in savings, compared to 46% of the general population. If you are looking for a smarter way to save money, consider opening a high yield savings account.
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5I describe myself as frugal. After all, a penny saved is a penny earned. Which generation am I?
Answer D.A full 55% of boomers describe themselves as frugal, with 40% of Gen Xers and 33% of millennials saying the same. If you think of yourself as too frugal, consider reading “Go Ahead, Buy That Latte (But Save in Other Ways).”
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6Money causes me the most anxiety—more than work, my health or the economy. Which generation am I?
Answer A.A whopping 81% of Gen Zers say money is the biggest source of stress, compared to 65% of adults in general. If money stresses you out, consider upping your financial literacy. Start by reading “Personal Finance 101: Budgeting Basics.”
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7My favorite investing strategy is to buy and hold for the long term. Who am I?
Answer D.Boomers edge out their generational counterparts here, with 43% preferring this strategy, compared to 40% of Gen Xers and 32% of millennials.
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8I don't care about the traditional rules saying you should spend a certain amount of money on an engagement ring. Also, I think weddings are outrageously expensive. Which generation am I?
Answer B.Millennials may be redefining traditional marriage spending, with 79% of the women and 70% of the men in that generation saying there should be no rules around buying an engagement ring. Meanwhile, 81% of millennial women and 74% of millennial men think weddings cost far too much. If you are saving money by skipping a ceremony, consider investing that money in an account that will grow over time, like a certificate of deposit (CD).
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9If I have student debt, I owe a lot—more than $50,000. Which generation am I?
Answer D.Though fewer baby boomers than millennials are carrying student debt, those boomers who do have student loans are more likely than millennials to owe more than $50,000. If you are a boomer who is carrying debt, consider reading “Checklist: Get Your Finances in Order as You Get Older.”
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10My generation is just 25% of the U.S. population, but we make up 31% percent of the total income. Who are we?
Answer C.Gen Xers have also founded more startups than either millennials or baby boomers.
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Elizabeth Whalen is a freelance writer based in Seattle. She loves writing about business, financial services and sustainability.
Put your personal finance knowledge to the test with our Personal Finance 101 Quiz.