We hear terms like Millennial, Generation X, Generation Z and so on thrown around a lot when it comes to lifestyle choices.

But how accurate are the characteristics of each generation for determining how they’ll respond to real-world concerns?

I’m talking about the difference between smashed avo and financial planning.

Turns out, each generation really is unique, and embodies certain characteristics determined by how and when you grew up.

IOL has published the findings of a study that looks into the generational personalities that determine how we manage our finances.

Here’s how when you were born might influence how you invest in your future:

THE SILENT GEN/ BUILDERS: born 1918-1944 (in their 70s, 80s and 90s)

The Silent Generation is known for making the greatest strides in terms of wealth, education and longevity, of any generation.

The Silent Gen typically stayed in the same job for 40 years to get  that coveted gold watch. They adopted a very disciplined approach towards their work and careers  with a high level of respect for authority. The same approach applies to their investing style: they  tend to follow the advice of “experts”, pick an investment portfolio and stick with it.

Having grown up during the Great Depression (1929 to 1933) and World War II (1939-1945), they’re known for their frugal approach to spending and traditional values like loyalty and hard work.

THE BABY BOOMERS: born 1945-1964 (in their 50s, 60s and early 70s)

Unlike other generations, Baby Boomers tend to prioritise saving for retirement. This generation places high importance on work and respect in the workplace.

Like the Silent Gen, Boomers tend to have a buy-and-hold mentality. Additionally, Boomers’ “my home is my castle” mindset means many have invested in  property.

Unfortunately, despite earning the equivalent of twice what Millennials earn now at the same age, they haven’t turned out to be the best savers, and many Baby Boomers have started side hustles to supplement their retirement savings.

 GENERATION X: born 1965-1980 (in their 40s, and early 50s) 

X-ers grew up in homes where dual incomes were becoming the norm.

With a “yes, we can” approach, this generation became synonymous  with mass consumption, Wall-Street levels of opulence and “Keeping up with the Joneses”  aspirational lifestyles.