Financial Control Across Generations

Financial Planning

Exploring the impact of insufficient financial control.

Key Takeaways

  • Almost 9 in 10 Millennials and Gen Zers had delayed at least one life milestone due to insufficient finances.
  • Nearly half of Millennials said a lack of control over their finances had prevented them from buying a home.
  • Millennials and Gen Zers were almost twice as likely as older generations to say income inequality was reducing their control over personal finances.

As society evolves, new challenges emerge for everyday people. Paying bills while still maintaining some semblance of a work-life balance has become increasingly difficult [1], and the consequences of this change are shaping the way an entire generation views financial independence and security.

How has this rapid change impacted generational finances, and how does insufficient financial control affect younger generations? We surveyed more than 1,000 Australians and Americans in order to better understand the current state of finances across different age groups. If you are interested in learning about how financial control has ebbed and waned over the decades, this study is for you.

Perceptions of Financial Control

Finances are a regular concern for most people, but how do these concerns line up across different generations? This section of our study examined the sense of financial control felt across various age groups.

Infographic about level of control felt over personal finances by generation.

Infographic Transcript

Level of Control Felt Over Personal Finances

Gen Z:

  • High = 11% 
  • Moderate = 27% 
  • Limited = 33%
  • Low or none at all = 29%


  • High = 14%
  • Moderate = 33%
  • Limited = 26%
  • Low or none at all = 27%

Gen X:

  • High = 24%
  • Moderate = 29%
  • Limited = 28%
  • Low or none at all = 19%

Baby Boomers

  • High = 34%
  • Moderate = 27%
  • Limited = 23%,
  • Low or none at all = 16%

Additional monetary amount needed to feel moderately in control among respondents who felt a limited level of control or less.

  • Monthly Income: $1,600
  • Savings: $50,000
  • Retirement account: $375,000

Additional monetary amount needed to feel moderately in control by generation.

Gen Z:

  • Monthly Income: $1,312
  • Savings: $54,463
  • Retirement account: $277,40


  • Monthly Income: $1,707
  • Savings: $45,127
  • Retirement account: $273,803

Gen X:

  • Monthly Income: $1,769
  • Savings: $56,080
  • Retirement account: $427,621

Baby Boomers:

  • Monthly Income: $1,391
  • Savings: $36,167
  • Retirement account: $464,444


Our study showed that financial control is a significant problem for Millennials and Gen Zers, with almost half indicating that housing costs were a concern that impacted their financial security. This was in stark contrast to older generations, among whom less than 1 in 4 said the same. Only 14% of Millennials felt they had a high level of control over their finances, while 27% admitted they felt little or no control. Student loan debt and stagnant wages, for example, are common issues faced by Millennials [2]. For Gen Zers, the challenge is less student loan debt and more paying everyday bills, especially during the upheaval of the pandemic.

These figures are distinctly worse than those for both Gen Xers and Baby Boomers. Among Baby Boomers, 34% felt a high level of control over their personal finances, with just 16% reporting little to no control over them. Meanwhile, 24% of Gen Xers indicated their finances were highly under control, versus 19% who reported little to no control.

We asked struggling respondents how much more money they would need to feel at least moderately in control of their finances. Overall, answers indicated that

an extra $1,600 a month would improve financial security. Most respondents reported that an extra $50,000 in their savings account and at least $375,000 more in their retirement account would be ideal. These findings reflect a widespread difficulty saving money, with roughly 70% of Millennials living paycheck to paycheck [3] and about 65% of Gen Zers reporting the same [4].

Of Money and Milestones

Another enlightening piece of information gleaned from our survey was the number of people delaying milestones because of financial concerns.

Infographic of milestones delayed by money woes for each generation,

Infographic Transcript

Milestones Delayed by Money Woes

Average savings needed to feel comfortable achieving each milestone

Having a child

  • Gen Z: $46,010
  • Millennials: $39,521

Buying a home

  • Gen Z: $124,280
  • Millennials: $98,102

88% of GenZers and 86% of Millennials had delayed a life milestone due to insufficient finances.

Percentage delayed each milestone due to insufficient finances

  • Buying a home - Gen Z: 31% Millennials 48%
  • Living independently - Gen Z: 51% Millennials 26%
  • Moving away from home - Gen Z: 51% Millennials 25%
  • Moving out of state - Gen Z: 37% Millennials 21%
  • Attending or returning to university - Gen Z: 24% Millennials 26%
  • Having children - Gen Z: 22% Millennials 27%
  • Getting married - Gen Z: 17% Millennials 20%


While only 48% of Boomers reported delaying milestones due to insufficient funds, 88% of Gen Zers said the same. Just over half of our Generation Z respondents reported waiting to live independently and move away from home, compared to roughly 25% of Millennials. Meanwhile, nearly half of our Millennial respondents reported having to delay buying their own home due to financial concerns, with more Millennials struggling to afford a home than any previous generation [5].

Having and raising children highlights another milestone missed by younger generations, with over a quarter of the Millennials in our study delaying starting a family due to financial insecurity. Nearly 3 out of 5 childless Millennials say that they do not have children because raising them is too expensive [6]. While this concern existed before the pandemic, COVID-19-related uncertainty has only compounded this generation’s reluctance to have children [7].

Catalysts for Losing Control

That younger generations are experiencing increased financial insecurity and decreased feelings of financial control is clear, but what has led to this dramatic and troubling change?

Infographic of causes for lost financial control.

Infographic Transcript

Causes for Lost Financial Control

Common reasons for Reduced Financial Control Overall

  • Rising costs: 73%
  • Unexpected expenses: 44%
  • Low income: 36%
  • Insufficient wealth: 35%
  • Housing costs: 34%
  • Health care costs 30%
  • COVID-19: 28%
  • Student loads: 21%
  • Debt: 20%
  • Income inequality: 18%

Most harmful factors for GenZers and Millennials by percentage increase over older generations

  • Student loans: 121%
  • Income inequality: 94%
  • Housing costs: 76%
  • Low income: 53%
  • COVID-19: 45%
  • By Percentage Impacted by Each factor
  • Gen Z - Student loans: 38%, Income inequality: 27%, Housing costs: 44%, Low income: 48%, COVID-19: 41%
  • Millennials - Student loans: 29%, Income inequality: 26%, Housing costs: 50%, Low income: 44%, COVID-19: 30%
  • Gen X - Student loans: 12%, Income inequality: 12%, Housing costs: 25%, Low income: 29%, COVID-19: 22%
  • Baby Boomers: Student loans: 4%, Income inequality: 7%, Housing costs: 17%, Low income: 24%, COVID-19: 20%


Our survey found that overall, the number one factor causing a feeling of reduced financial control among our respondents was the rising cost of living [8]. Seventy-three percent of our respondents indicated this as the reason for their concern, compared with 44% who indicated unexpected expenses, the next highest response.

The numbers above do not tell the whole story, however, as the situation becomes even more striking when compared across generations. Younger generations reported a 121% increase over Gen X and Baby Boomer respondents

when it came to student loan concerns; a 94% increase for income inequality concerns; 76% for housing costs; 53% for low income; and 45% for COVID-19-related concerns.

The rising costs of education and housing along with the difficulty of finding well-paying jobs were therefore some of the most harmful factors to Millennial and Gen Zer feelings of financial control.

Going for Growth

While not all of the issues discussed above are easily fixable, there are a few ways in which people across all generations can improve their financial situation.

Infographic of goals for financial growth by generation.

Infographic Transcript

Goals for Financial Growth

Most challenging aspects of personal finance by generation

Gen Z

  • Controlling spending: 81%
  • Saving money: 49%
  • Earning money: 42%
  • Managing debt: 21%
  • Paying bills: 21%


  • Controlling spending: 71%
  • Saving money: 50%
  • Earning money: 37%
  • Managing debt: 30%
  • Paying bills: 20%

Gen X

  • Controlling spending: 53%
  • Saving money: 44%
  • Earning money: 34%
  • Managing debt: 20%
  • Paying bills: 16%

Baby Boomers

  • Controlling spending: 55%
  • Saving money: 39%
  • Earning money: 26%
  • Managing debt: 17%
  • Paying bills: 13%

Top ways respondents believe they can increase their financial control overall

  • Increase income: 46%
  • Reduce spending: 35%
  • Follow a budget: 32%
  • Review and assess finances: 23%
  • Set financial goals: 22%

By generation

Gen Z

  • Increase income: 80%
  • Reduce spending: 54%
  • Follow a budget: 67%
  • Review and assess finances: 61%
  • Set financial goals: 56%


  • Increase income: 74%
  • Reduce spending: 54%
  • Follow a budget: 49%
  • Review and assess finances: 40%
  • Set financial goals: 36%

Gen X

  • Increase income: 62%
  • Reduce spending: 42%
  • Follow a budget: 37%
  • Review and assess finances: 26%
  • Set financial goals: 27%

Baby Boomers

  • Increase income: 50%
  • Reduce spending: 42%
  • Follow a budget: 33%
  • Review and assess finances: 24%
  • Set financial goals: 21%


Controlling spending was the top challenge for all of the generations surveyed. Eighty-one percent of Gen Zers, 71% of Millennials, 53% of Gen Xers, and 55% of Boomers found it challenging to keep their spending under control. Saving money was the second most significant challenge for all age groups.

Earning money, managing debt and paying bills were all challenges that affected different generations to a varying degree. Eighty percent of Gen Zers reported that earning more money would improve their financial control, compared to just 62% Gen Xers and 50% of Boomers. This explains why many Millennials and Gen Z workers are seeking careers and employers that respect their employees by paying a livable wage [9].

Interestingly, while Millennials were the most concerned of all generations about managing debt (30%), Gen Zers were more in line with Gen Xers and Boomers on this topic. Roughly 20% of respondents across these three generations found debt management to be a challenge.

Concern about paying bills grew steadily as the generations got younger. These worries reflect the increased price of essential items such as housing, utilities, food and petrol, which has increased by nearly 8% over the past 12 months [10].

When asked which basic financial health tools could help improve their financial control, we found that Gen Zers showed the highest level of confidence in each of the actions suggested. Sixty-seven percent thought following a budget would improve their financial situation; 61% believed reviewing and assessing finances would be beneficial; and 56% reported faith in setting financial goals.

Taking Back Financial Control

We found the results of our study to be concerning, but not surprising. They reinforced the findings about generational financial wellness and control that have become a common topic of discussion in mainstream media. A rapidly changing world shaped by the unprecedented effects of the COVID-19 pandemic has led to an increasingly untenable financial situation for Millennials and Gen Zers in particular, especially as the cost of living continues to rise.

Plan for success with VU Online’s Master of Financial Planning

Everyone needs a financial plan. For some, it’s to achievethe dreams of tomorrow. For others, it’s to make the mostof what they’ve got, today.

Trusted financial planners are essential for advice and support through the good times — and the bad — to ensure that a client’s hard earned money works even harder than they do.

Gain the advanced skills and necessary qualifications you need to help clients achieve financial security and success with our 100% online Master of Financial Planning. Find out more by reaching out to our Student Enrolment Advisors on 1300 682 051 or email

Methodology and Limitations

We surveyed 1,001 people from Australia and the United States to explore the sense of financial control felt across age groups ranging from Gen Zers to baby boomers. The number of respondents was fairly equally distributed across the four generations of focus in our study: Gen Zers (218), millennials (292), Gen Xers (249), and baby boomers (238) as well as four respondents from the silent generation. Among these 1,001 respondents, 283 were women, 701 were men, and 17 reported as nonconforming or nonbinary.

Our study relied on self-reporting with associated concerns, including selective memory, exaggeration, and telescoping.

We removed outliers from short, open-ended questions and required our participants to identify and complete an attention-check question.

Fair Use Statement

Looking to help others improve their financial control? Feel free to share this study, as long as it’s for noncommercial purposes and a link back to this page is provided.


[1] MayoClinic: Work-Life Balance: Tips to Reclaim Control

[2] New America: Millennials and Student Loans

[3] Business Insider: 70% of Millennials are Living Paycheck to Paycheck

[4] Business Insider: More and More Gen Zers Feel Like They're Living Paycheck to Paycheck

[5] Sydney Morning Herald: One Graph That Shows Why it's Harder for Millennials to Buy a House

[6] Morning Consult: Millennials Were Already Putting Off Having Children. Then the Pandemic Hit.

[7] CNBC: Older Millennials Have Lived Through 2 Economics Crises - And It's Affecting Their Decisions Around Having Kids

[8] The Guardian: Rising Cost of Living Puts Pressure on People Already Struggling

[9] Forbes: 2022 Career Predictions You Need to Know About

[10] The Hill: Annual Inflation Hits 7.9 Percent