Boomers & Gen X Still Live By 6 Outdated Money Rules That Younger Generations Completely Ignore
www.kaboompics.com | PexelsHow people handle their money has really changed over the years and older generations often have a harder time adapting to the surge in digital payments instead of cash.
Because of how they grew up, boomers and Gen X, especially, are often stuck abiding by more old-fashioned money rules, while younger people tend to ignore those concepts entirely.
The outdated money rules boomers & Gen X still live by that younger generations ignore:
1. Never talking about money
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Older generations were raised to never bring up money, whether it was their salary or any financial concerns. But younger people are changing this.
A study from the Bank of America found that 60% of Gen Zers talk openly about money, and 75% try to save money while going out with their friends. Because Gen Z and millennials try to promote honesty, as they don't want to repeat the same mistakes of their parents and grandparents, it's not strange to discuss finances with others.
2. Writing checks instead of using credit cards
Before credit cards and electronic payment options became popular, writing a check was how people paid for things, aside from using cash. But today, writing checks is not something people do often. That is, of course, except for older generations who still abide by outdated money rules.
In 2023, only 15% of American adults say they wrote a check that year, and now, many retailers no longer accept checks as payment. For younger generations, they likely don't even know how to write one, as there's simply no need for it anymore.
3. Putting too much importance on saving
Boomers and Gen X place a lot of importance on saving money because that's how they grew up. They were taught that in order to be successful, they had to stash away as much as they could.
Although younger generations do believe that saving is also important, they also believe in spending money on experiences that make them happy and create core memories. However, younger generations are often forced to spend instead of save, which is called "survival spending." So, instead of spending on fast food and clothes, they're spending on rent and gas money.
4. Never using credit cards
Many older folks were raised to believe that credit cards can't be trusted. While using cards is important to building credit, many boomers don't find credit scores all that important.
In fact, older people prefer to pay in cash or with checks. Boomers and Gen Xers believe that using credit cards for small purchases will just lead to debt and less control over their finances.
5. Saving their receipts
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Many people are so used to clicking "no receipt" when making a purchase that they forget how normal it is for older generations to save them. Gen Xers and boomers learned that it's important to keep track of their spending by keeping receipts or a paper checkbook.
However, younger generations just use their phones and have gone paperless. Even wallets are becoming less popular, because everything they need is on their phone and one click away.
6. Always doing their banking in person
Remote options are becoming increasingly popular among young people today, which includes banking. They prefer to do all their transactions through their bank's app, rather than going to the bank in person.
The same can't be said for Gen Xers and boomers. They frequently drive to the bank to make routine deposits or withdrawals. They likely may not even use an ATM to take out cash, choosing instead to fill out a slip and interact with the bank teller.
According to a survey from AARP, 85% of people over 50 years old are more likely to use a bank or credit union in person. But for Gen Zers and millennials, it's so much easier to just do everything online.
Sophie Bagheri is a writer with a bachelor's degree in English and theatre who covers lifestyle topics.
