4 Ways to Turn Your Generational Gripe into Greater Financial Security
Baby Boomers and Millennials need to quit sniping at each other and start working together. The traits that make each generation different may just make them uniquely qualified to help each other.


If you came across the following headlines while browsing the internet, would you be able to identify the generation for which the author was forecasting near-certain doom?
“America’s [Insert Generation] Waking Up to a Grim Financial Future” ... [answer: Millennials]
“[Insert Generation] Face Reality They Might Never Retire” ... [answer: Baby Boomers]

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
“[Insert Generation] Isn’t Financially Prepared for Retirement” ... [answer: Baby Boomers]
“[Insert Generation] & Retirement: How Bad Is It?" ... [answer: Millennials]
No matter how differently Baby Boomers and Millennials view the world, we find common ground on at least issue: our daunting financial futures. As an early-30s Certified Financial Planner™ who built a financial planning company specifically for my generation, I’m attuned to both generations’ perspectives: many of my clients have dealt with significant financial stress since they entered adulthood, and they’re concerned that they will experience the same retirement challenges as their parents.
Despite this shared plight, both groups still devote too much energy to debating each other’s faults and mistakes, from the American institutions that Millennials have killed to the self-centered economic decisions that Baby Boomers have made. No matter how well-founded some of the complaints may be, this focus just perpetuates an unproductive blame-and-complain cycle. Our parents’ generation may disagree with some of our habits and preferences, and we may feel angry about the financial system that we have inherited, but I’m inclined to believe that we’re all ready to move past this point.
The present reality feels stressful for both groups, and I imagine that almost everyone wonders when we can transition from bleak navel-gazing to proactive, hopeful strategizing. But how do we get there?
That answer starts with empowerment. My generation may be fatigued from the economic hurdles that we encountered out of the gate, but we’re still very young. If society has shifted an increasing amount of financial burden on to our shoulders, then we’ll at least need to focus for now on the circumstance we can control. We can strengthen our long-term financial security with the right combination of knowledge, skills and attitude — and this is precisely where our two distinct generations can embrace our differences.
Baby Boomers have perspective and experience that we can’t even begin to appreciate, and we’ll need that insight to make better decisions for ourselves and our own children. Our generations should focus on interacting with more mutually beneficial purpose, starting with the following four actions:
No. 1: Engage in Skill Exchanges
With each new scooter app and Kanye meme, Baby Boomers lean more heavily on younger generations for help with technology and cultural shifts. Millennials, meanwhile, need help identifying and building a unique skill set to protect themselves from wage stagnation and job insecurity. Our life stages may differ, but both groups need to constantly update their knowledge and skills to boost their financial security. We need to become more open and intentional about devoting time to developing and sharing our skills.
No. 2: Share Networks
For the Baby Boomers in leadership roles, evolving economic trends require access to qualified job candidates who can quickly fill a hiring need. For the young people who seek more control over their income and schedules, the leap from a company salary to self-employment revenue actually isn’t that huge — even if they don’t inherently think of themselves as entrepreneurs. Both generations ultimately depend on strong networks for success with these objectives. Instead of just defaulting to happy-hour networking, Millennials should ask more often for specific help, and Baby Boomers should brainstorm who among their contacts might offer relevant guidance.
No. 3: Prioritize Policies over Perks
Baby Boomer executives have graciously embraced perks like ping pong tables and free cold brew as a way to appeal to my generation. These perks are nice, but they’re a commodity now, and, frankly, were pretty trivial from the start. Research suggests that employees actually bring the most energy and focus to the office when they can count on flexible schedules, progressive parental leave, affordable child care and mandatory vacation time. We may enjoy showing off that office slide on Instagram, but my generation isn’t much different in the benefits that we prefer.
No. 4: Encourage Salary Transparency
Employers long have treated salary information as secretly as parents approach household finances with their children. As gender and racial pay disparities have drawn more attention, though, young and old generations alike have started to realize that current workplace norms are not — and shouldn’t be — sustainable. Baby Boomers who embrace salary transparency stand to generate both goodwill and better effort from younger employees, who ultimately are just seeking fair, equal pay for the tasks they complete for their employer.
Baby Boomers, think back to the goals that you had in your late 20s and early 30s. Perhaps you wanted to purchase your first house, start a family, or become an expert within a certain industry. While I assume you weren’t using terms like “FOMO,” you probably weren’t all that different from us and our desire to achieve financial security. These similarities give me hope that we soon will start to reframe the tired narratives around our generations to inspire new, more uplifting headlines.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Kevin Mahoney, CFP®, is the founder & CEO of Illumint, which offers fee-only financial guidance specifically for the Millennial generation. He specializes in navigating the new financial decisions that arise during our late 20s and 30s as we try to balance work, relationships and children. Kevin, who is married with two young boys, holds virtual meetings at off-hours so that these conversations can wait until after deadlines, date nights and bath time.
-
The $33,000 Retirement: One Man's Surprising Path to Financial Freedom at 61
Forget what society tells you, even with less than $1 million, you can be happy in retirement.
-
The Best Aerospace and Defense ETFs to Buy
The best aerospace and defense ETFs can help investors capitalize on higher government defense spending or hedge against the potential of a large-scale conflict.
-
Roth IRA Conversions in the Summer? Why Now May Be the Sweet Spot
Converting now would enable you to spread a possible tax hit over more than one payment while reducing future taxes.
-
A Financial Expert's Three Steps to Becoming Debt-Free (Even in This Economy)
If debt has you spiraling, now is the time to take a few common-sense steps to help knock it down and get it under control.
-
I'm an Insurance Expert: This Is How Your Insurance Protects You While You're on Vacation
Here are three key things to consider about your insurance (auto, property and health) when traveling within the U.S., including coverage for rental cars, personal belongings and medical emergencies.
-
Investing Professionals Agree: Discipline Beats Drama Right Now
Big portfolio adjustments can do more harm than good. Financial experts suggest making thoughtful, strategic moves that fit your long-term goals.
-
'Doing Something' Because of Volatility Can Hurt You: Portfolio Manager Recommends Doing This Instead
Yes, it's hard, but if you tune out the siren song of high-flying sectors, resist acting on impulse and focus on your goals, you and your portfolio could be much better off.
-
Social Security's First Beneficiary Lived to Be 100: Will You?
Ida May Fuller, Social Security's first beneficiary, retired in 1939 and died in 1975. Today, we should all be planning for a retirement that's as long as Ida's.
-
An Investment Strategist Demystifies Direct Indexing: Is It for You?
You've heard of mutual funds and ETFs, but direct indexing may be a new concept ... one that could offer greater flexibility and possible tax savings.
-
Q2 2025 Post-Mortem: Rebound, Risks and Generational Shifts
As the third quarter gets underway, here are some takeaways from the market's second-quarter performance to consider as you make investment decisions.