How when you were born affects YOUR money decisions – and boomers have to make key retirement move

Scottish Sun

18-07-2025

Check how your generation tackles money, from saving to spending, in a changing world
TAKE NOTE How when you were born affects YOUR money decisions – and boomers have to make key retirement move
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WHEN you were born plays a big part in how you manage your money.
Changing views, different priorities, the cost of living and global events can all play a part.
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Here, four money experts from different generations tell MEL HUNTER about how they handle it - and tips for how to take action now.
GEN Z
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Cameron Smith, 26, said: "I don't want to work forever."
FOUR years after leaving university, Cameron Smith, 26, has bought a house, built an investment pot, started a pension – and talked money matters with the Prime Minister, Chancellor and Bank of England Governor.
He's also gained 500,000 followers on Instagram (@cazza_time) and TikTok (@cazzatime).
'I took it upon myself to learn about taxes, investments, savings and pensions, and I've shared it with others.
'None were taught at school.
'Becoming an adult at a time marked by rising living costs, high house prices, and uncertainty in the economy, has probably made me more financially aware than previous generations.
'There's a sense that if we don't take control early, we'll fall behind.'
Cameron is now working as a financial educator after leaving his job as a software engineer with BT in March.
Over the past year, he's shared his experience of buying his first home with girlfriend Georgia Pickford, 26, an account manager with a publishing company – a three-bed doer-upper on the outskirts of London that cost the couple £320,000.
They each took out a Lifetime ISA to build the £30,000 deposit.
He also invests in a stocks and shares ISA and has already built up a decent lump sum of £50,000.
'I prioritise investing – I don't want to be working forever.
'It's all automated so the emotion is taken out of my hands.'
He left university with £50,000 in student loans but it's now £70,000 because of rising interest rates.
He paid off around £1,000 a year when he was working for BT – nine per cent of his earnings over the £26,000 threshold.
'It's at the back of my mind but I see it as an additional tax for going to university.'
Cameron also prioritises having fun.
'Holidays are probably the thing I spend the most on. For my generation, taking breaks is an investment in your mental health.
'Otherwise, I don't spend a lot. I don't buy new clothes. I prefer thrifting.'
Action plan for Gen Z:
Master budgeting, balancing what you spend with the mount you have coming in.
Save into a pension and think about paying more than the auto-enrollment level.
Start building a good credit score, for when you want a loan or mortgage.
Look into starting a Lifetime ISA to help get on the property ladder.
Set out your financial goals and how you're going to get there.
MILLENNIAL
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Clare Seal, 35, said: "My generation has fallen through a crack."
CLARE Seal, 35, from Bath has paid off £27,000 debt and become a financial coach, sharing her experience with nearly 120,000 Instagram followers.
But she fears Millennials like her – aged 28 to 45 – have fallen through a 'financial crack.
Clare, who hosts the podcast 'Help Me, I'm Poor', says: 'The world we were raised for is not the world we live in.
'We were raised on cash and piggy banks, but we live in a world where money is digital and invisible.'
Clare says her generation was badly hit by the 2007 financial crash, soaring house prices and now the cost of living crisis.
She and husband, Phil, 34, had their first son, now 10, a year after university.
Clare wanted to create a perfect homelife, swayed by the mum influencers on social media.
Then, her 2017 wedding cost £18,000.
'It wasn't that expensive, but there is no room for error for my generation.
'Because we are constantly trying to make ends meet, there's no wiggle room.'
Through tracking spending, budgeting, shifting her mindset and documenting her journey on Instagram, Clare managed to pay off the £27,000 debt in 2021.
The couple who also have a seven-year-old son and daughter, two, work hard and Clare now earns around £60,000.
'We're still very squeezed even though we earn very well, are not materialistic, and manage our money.'
Clare makes 'micro investments' through the Plum app, investing £700 last year, using cashback or money from Vinted sales.
'It is a great way to feel empowered if you don't have lots to save.'
They also have an emergency fund and savings pots for unexpected bills.
She and Phil save into junior ISAs, hoping to save £20,000 for each child before their 18th birthdays.
'We involve the children so they can see it grow.
'We don't want to make the same mistake our parents did by not talking about money.'
Action plan for millennials:
Money may be tight, so try micro-investing small amounts in stocks and shares ISAs
Get to know your pension by checking it regularly online
Try to avoid lifestyle creep, where your spending increases with your earnings.
If you have children, set up savings accounts for them, make small regular payments and teach them about money.
Make sure you are getting all the benefits you are entitled to - check an online calculator.
GEN X
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SARAH-JANE Outten, 49, said: "We have one foot in the past and one in the future."
SARAH-JANE Outten, 49, a consumer expert with myvouchercodes.co.uk, says:
'My generation learnt about money from our parents, but now we have access to everything in seconds on the internet.
'We're the generation with one foot in the past and one in the future.
'Some embrace change more than others, but it's important to keep up - many deals and discounts are only available online'
Her early attitudes to money came from her parents. Dad, Steve, was in the Army, and her mum, Ann, always worked, wherever they were posted.
'My dad gave my mum housekeeping money. He worked hard and kept a roof over our heads, but my mum never relied on that. She always had a backup.
'That financial independence rubbed off on me.
'But while mum's wage provided money for fun, mine is essential to make ends meet.'
Sarah-Jane had her daughter when she was 19 and her first son when she was 22, before her marriage ended in 2007.
'I was young and naive and couldn't see anything going wrong, so I put money into a business and savings in his name, and lost it.
'I had to start again with very little. I couldn't afford to save. Every penny was accounted for.'
Since marrying her current husband Dave, 49, and having another son, now 13, she's kept their finances separate.
'I am still very frugal with things like my food shop so I can have some fun with my family at the weekend.
'I always check I've got the best deal. I recently saved £60 a month by ditching my TV package and buying a Roku box, so I can stream channels through my TV.
'Searching out deals is time consuming, but essential.'
When it comes to future planning, Sarah-Jane isn't sure when she will retire.
'I don't know how long I will have to work for, but luckily I enjoy my job.'
Action plan for Gen X
Check if your retirement plans are on track and if not, take action.
Track down any lost pensions or dormant bank accounts.
Make sure you have a safety net, with money set aside for emergencies and protection in place in case you can't work.
If you're earning more, maximise your savings and use ISA allowances.
Talk money matters with older and younger generations.
BOOMER
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Kevin Mountford, 64, said: "We have to be careful people don't get left behind."
KEVIN Mountford, 64, co-founder of Raisin UK, a platform where people can manage different savings accounts, 'lives and breathes' finance, but understands others may not have the same awareness.
'My attitude to money started with my parents.
'My dad, Mervyn, a bricklayer, always wanted to do his best for the family, striving to buy his own home.
'That attitude rubbed off on me and my sisters, Angela and Karen, and from my first paper round, I've always worked hard.'
In his 20s, Kevin began working for Royal Mail, starting as a postman. He went on to jobs with the Bank of Scotland and then comparison site MoneySuperMarket.
'I had to practice what I preached.
'I've always lived within my means, and been conscious of putting a little bit aside.
'I took advantage of ISAs, both cash and stocks and shares, as well as savings and bonds.
'I've been quite risk averse. Maybe too much at times - because my dad was.'
While he set up Raisin, a 'fintech' firm, using the latest technology, Kevin and wife Michelle also have more traditional saving methods
'We save all our loose change in a huge whisky jar. When we empty it, there's usually £400 to £500 pounds.'
He's also saved the new style £5 notes since 2016. He saves up £500 at a time and then uses the money to buy something for his home.
He's a fan of doing a 'financial spring clean' to check spending.
'Instead of letting my wife's car insurance roll over, we compared prices and saved £200.
'I move my savings around and I took out an American Express BA card to build up points for hotels, although I set reminders for myself to pay it off.'
He transferred his workplace pensions into a SIPP (Self-Invested Personal Pension), mainly to help Michelle, 10 years his junior, access a greater share.
Kevin bought his first home, a townhouse in Stoke on Trent for £34,000 in the late 1980s. The average first time buyer now spends around £310,000.
He says he's enjoyed a 'golden era' and that it's hard for young people to get on the housing ladder today.
While he loves the benefits of financial technology, he says we have to be 'careful that people are not getting left behind.'
Kevin will get access to his state pension at 66 but isn't planning to retire soon.
'There's a tendency to stereotype everyone over 50, but you can't do that anymore, when people live and work in different ways.'
Action plan for Boomers
Make a clear financial plan for retirement and seek help if you feel overwhelmed.
Make sure your will is up to date and you have power of attorney in place, so that others can look after your money matters if you're not able to.
Look after yourself financially before stepping in to help family out.
Talk about later life and ignore possible care costs.
NATWEST CUTS
NatWest customers have been urged to check their account after the banking giant made a flurry of interest rate cuts this week.
The bank slashed rates on three adult savings accounts and one kids savings account on Tuesday.
Affected accounts are: the First Saver; Adapt Account; First Reserve; Primary Savings.
Those with a First Saver or Adapt Account saw rates drop from 2.25 per cent to 2.05 per cent, while those with a First Reserve account saw rates drop from 1.25 per cent to 1.15 per cent.
Those with a Primary Savings account will see rates drop to between 1.15 per cent to 2.55 per cent, depending on how much you have saved.
Savings rates usually tumble soon after a Bank of England base rate cut - and a cut took place last month from 4.25 per cent to 4.5 per cent.
NatWest isn't the only bank who has lowered savings rates recently.
Nationwide cut interest rates on over 60 savings accounts on June 1, while Newcastle cut rates on 37 accounts on June 5.
See if you can get a better rate on your savings by switching providers.
The best rate for savers with £1,000 in their account is offered by West Brom Building Society at 4.55 per cent.
It's vital to make sure your savings rate beats inflation, which has jumped to 18-month high of 3.6 per cent.
SAM WALKER
SHOPPERS SLAM NECTAR SHAKE-UP
SAINSBURY'S shoppers have slammed a new Nectar card rule saying it 'makes it harder to use discounts'.
Nectar customers currently get ten personalised deals per week based on items they usually buy when shopping on the app, website or when using the SmartShop app or handset in-store.
This week it announced customers will be able to access these so-called 'Your Nectar Prices' at tills from Friday.
Sainsbury's said the changes will save shoppers over £150 a year.
But they will need to 'unlock' offers by selecting them on the website or app before going to the supermarket.
Your Nectar Prices are in addition to Sainsbury's Nectar Prices, which are discounts for Nectar customers on hundreds of products.
These are similar to Clubcard Prices or Boots Advantage Card offers, where you only get a discount if you have a loyalty card.
Customers have slammed the changes.
One said on X.com: 'What I can't abide us having to do homework before I shop.'
Another added: 'I… feel shopping is already a chore without having to log into another app to manually 'unlock' Nectar savings as well!? No explanation. Feeling devalued as a long term customer.'
A third said: 'Why something else to remember. Time to shop elsewhere.'
A fourth fumed: 'Hey this new rule is terrible… why can't it just be automatic.'
A Nectar spokesperson said: "This small step gives customers a clearer view of the savings available to them each week, helping them plan their shop and make the most of their personalised offers.
"It also helps us better understand which offers matter most, so we can keep tailoring Your Nectar Prices to offer customers great value on products they know, love and buy most often."
HARRIET COOKE