Financial Health Runs in the Family: Intergenerational Trends and Opportunities

The U.S. is in the midst of a dramatic demographic shift. As the number of Americans over age 65 swells and wealth transfers reach record levels, we face major questions about the future of social safety nets, economic mobility, and the impact on existing economic and racial inequity.^{1, 2} 

People naturally think of these shifts through a generational lens: How will Baby Boomers navigate the significant medical expenses they’ll incur during retirement?³ What does financial health look like for Gen Xers juggling work, child-rearing, and caring for parents?⁴ Will Millennials and Gen Z enjoy the same stability as prior generations despite skyrocketing costs?⁵ 

These groupings can help us understand the financial experiences unique to each generation. But they can also create siloed thinking that overlooks the financial struggles all generations share: Less than half of each generation is Financially Healthy.^{6, 7}

This paper shares insights from research and a 2025 convening of 30 cross-sector leaders on intergenerational financial health. It offers a new lens to help providers, policymakers, and employers meet needs across life stages and build a system that works with – not against – our interdependence.

People don’t live their lives in age-defined siloes. Families always have and will always operate intergenerationally. The simple reality? To support the financial health of one generation, we must examine how their financial lives are intertwined with other generations.

People young and old share many of the same financial challenges. Many are struggling to keep up with our rapidly evolving financial, cultural, and social context – no matter their age. 

A “do-it-yourself” financial system has taken shape over the last few decades, transferring risk from institutions and governments to individuals. People of all ages are grappling with the shift away from pensions to defined contribution plans, with many guessing at the savings they need for their later years.^{12, 13} Many don’t just feel like they’re managing their finances on their own, either. 

Some generations have taboos about discussing finances openly, leaving other generations to navigate an increasingly complex landscape on their own. Gen Zers, for example, face a labor market that rewards their investments in higher education, but at a price that compromises their ability to make ends meet and save.¹⁴  On the other hand, parents of young children, often Millennials, face childcare costs topping $19,000 a year without a community of support to fall back on.¹⁵ 

Debt is also on the rise across all age groups, with total consumer household debt hitting $18 trillion.¹⁶ While previous generations saw mortgages or student loans as “good debt,” this perception may be changing – sowing shame among those unable to shake off the debt that accompanied these major milestones.¹⁷

The result? A rising sense of pessimism about the prospect of financial stability, along with nihilism about trying to be Financially Healthy when that reality feels so out of reach.¹⁸ Perhaps, then, the solution isn’t to further isolate generations by addressing them individually, but rather reconstruct our thinking of financial health entirely. 

Reorienting toward the interconnectedness of financial health, and approaching solutions holistically, has the power to strengthen all generations – not just a few. 

1. 1. 1. Design tools that help families manage money together: Families already manage money intergenerationally, from young adults relying on their parents for financial support to adult children assuming power of attorney over their aging parents’ finances. Designing tools that support intergenerational financial management while upholding privacy and security can help people of all ages navigate their finances confidently. 
      2. Offer new pathways toward security: Tools like 529 college savings accounts have long helped people build wealth from a young age. However, research has found they disproportionately benefit families who are already well off.¹⁹ Innovating to create more flexible products can help narrow the wealth gap from birth. 
      3. Foster environments that support better financial decision-making: What if people could more easily make good decisions about their day-to-day financial management? Simplifying sound saving, borrowing, spending, and planning practices at every age can pave the way to financial health for this generation and the next.
      4. Offer verified guidance via platforms people trust: As governments and other trusted sources compete with platforms like TikTok for consumer attention, delivering powerful messages through the right channels is key. Equally important is pinpointing which of the myriad financial education strategies out there actually work – and discarding those that don’t.²⁰