Are you worse off than your parents?

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Apr 22, 2024

Financial journalist Iona Bain discusses the financial challenges faced by younger generations compared to their parents. Topics include shifting mindsets in personal finance, navigating inheritance and wealth transfer, digital influencers, ethical dilemmas, and redefining financial success for the younger generation.

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INSIGHT

Generational Financial Challenges

Younger generations face unique financial challenges like wage stagnation and much higher housing costs.
Unlike past generations, having family wealth or help is often necessary to afford basic assets like a home.

INSIGHT

Investing Is Practical Hope

Not engaging with the financial system is self-sabotage for millennials.
Waiting for systemic change only delays building personal wealth.

INSIGHT

The Unreliability of Inheritance

Relying on inheritance is risky as it's often delayed, uncertain, and frequently insufficient to solve financial issues.
Younger people benefit more from learning to invest early than waiting for parental wealth transfer.

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How do younger generations deal with the financial challenges they’ve been dealt? And is it really harder than it was for their parents? Iona Bain is a writer, speaker, broadcaster and author of ‘Own It: How our generation can invest our way to a better future’. She started the Young Money blog in 2011 to help young people get to grips with personal finance and is currently BBC Morning Live’s money expert.

You can get Iona’s book here: https://amzn.to/4d0b0qW

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This is not financial advice. The reason it’s not financial advice is because it’s not tailored to you. We explain the principles of building wealth but if you want personalised advice, it’s worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you and if you learn the basics then it will change your life.