One of the special skills of the Resonate team is working intergenerationally.  We are grateful to be working with three generations of many of our clients and – in some cases – with the fourth generation as well.

Here are some of the insights we have learned from our client families:

  1. Baby Boomers are feeling more secure about retirement than that did in 2010.  In fact, 15% more Boomers feel ready for retirement today than in 2010.  Many continue to choose to live well below their means.  This is true, in part, because “leaving a legacy to family and making a difference” are key values of this generation.
  2. Conversely, many Gen Xers are feeling enormous financial pressure.  Non-mortgage debt has increased 15% since 2014, leading to credit card balances carrying over from month to month.  Add the burden of student loans and we understand the stress of debt.
  3. Many Millennials feel financially confident and have already adopted positive savings habits.  Due, in part, to the uncertainly of Social Security, they also see saving for retirement a necessity.  The access to social media often leads to feelings of inadequacy about their own lifestyle, which leads to impulse spending.

Because we honor and respect all individuals, here are some ways in which we work uniquely among the generations:

  1. Working with a peer:  Understanding that each generation has its unique set of experiences and “money lessons”, Resonate offers the ability for each generation to work with a peer who has shared a common generational culture.
  2. For the Boomer: We have vast experience regarding retirement planning issues of aging and potential health care expenses, legacy, and philanthropic options.
  3. In order to reduce financial stress, we work to create “small yet important ‘wins’ with the Gen Xers. We specialize in creating new spending plans to reduce credit card and student loan debt to relieve financial pressure.
  4. Millennials appreciate creating and focusing on mid-and-long term goals as we work to eliminate FOMO (Fear of Missing Out).(The source for this email is “Talkin’ ‘Bout My Generation- Best Practices for Advising Multiple Generations Broker by Paul Kelash, World May 2018)

Regardless of your generation, we look forward to celebrating your uniqueness and working together to reach your life legacy and financial goals.

Barbara A. Culver
Resonate, Inc.
(513) 605-2500