This year, not earning enough money, unexpected expenses, and personal debt are
all significantly bigger barriers preventing Affluent Americans from reaching their
financial goals in 2023, when compared to 2022. And every generation is feeling
the pressure—with 58% of all Affluent Americans believing their generation
has suffered more than others due to unforeseen financial challenges,
compared to 51% in 2022.
Strategy to Consider
Have you evaluated your clients by generation? What percentage of your clients are
Millennials, Gen X, and Baby Boomers? Have you considered the varying factors in
life stages and how generational mindsets alter financial strategies? Do you have
resources specifically designed to educate and inform each generation and their
current life stage so they can confidently work with you on investment education,
decisions, and strategy?
Opportunity: Reviewing your recommendations by generation can be informative
to see how different life stages and generational preferences are being reflected in
investment allocation. Every client still wants personalized recommendations, but
taking into account their life stage and the study's generational discoveries can yield
new insights that solidify connections.
©2023 Envestnet, Inc. and The Center for Generational Kinetics. All rights reserved. 13
