Generational Wealth Gap: Boomers Thrive on Financial Security, While Gen Z Struggles to Meet Higher Standards

A survey by U.S. Bank comparing the wealth-building priorities and attitudes of baby boomers and Gen Z found that boomers largely define wealth as financial security, while Gen Z is more split on what it means. Boomers prioritize financial security (61%), followed by good health (33%) and affording what they want (28%). Gen Z defines wealth as having a better quality of life (38%), followed by financial security (36%) and living life how they want (28%). However, younger generations face challenges in building wealth due to factors like inflation, high interest rates, and rising costs of education and housing. They are also more prone to comparing themselves to others and going into debt to keep up with their peers.