Each generation views money in its own way. If baby boomers and generation X grew up valuing savings, millennials experienced the transition to a more uncertain world and gen Z was born in a digital environment. The contexts have changed, however, the ambition is intergenerational: to guarantee financial security and autonomy.
Baby boomers, currently at or about to reach retirement age, developed their relationship with money at a time when “keeping it under the mattress” was practically literal. Many were able to buy a house early and stability represented their biggest investment, and they were also the first generation to adopt debit/credit cards. The current challenge, however, is different: protecting savings against inflation and dealing with pressure from pension systems, while adapting to new digital financial management tools.
However, generation X opted for the security of a savings account and investing in a house. Generally, they tend to maintain one or two main accounts and rarely change banks, as they prioritize predictable solutions to the detriment of the constant search for the cheapest that characterizes younger banks, as indicated by a 2023 survey by GOBankingRates.
On the other hand, millennials, who in their first years in the job market faced the post-Euro accession recession of 2002-2003, the financial crisis of 2007-2008 and the deep recession of 2012, had to learn to deal with the balance between ambition and reality. Between high rents, difficulties in accessing housing credit, salaries that do not always keep up with the cost of living, they face the complexity of reconciling independence with economic instability. In 2024, more than 65% of young Portuguese people earned less than a thousand euros net monthly, according to a study by SINLab, coordinated by the University Institute of Health Sciences (IUCS-CESPU), and more than half lived from paycheck to paycheck, according to another study, from 2025, by Deloitte.
Gen Z, in turn, grew up with a smartphone in hand and a digital wallet. Despite valuing fast, bureaucracy-free systems, having multiple accounts and comparing rates in search of the best conditions, many still do not have sufficient financial literacy to plan for the long term. Added to this is the difficulty in saving when the rent for a room consumes almost a starting salary.
Despite the differences, uncertainty is transversal to all generations. While some fear insufficient reforms, others endure debts or precarious jobs. To a greater or lesser extent, financial anxiety has become transversal.
This diversity, however, creates opportunities. It is up to the competent authorities to develop increased levels of financial literacy in society, starting, for example, with the introduction of a subject dedicated to it from basic education onwards, which, in fact, is a measure that 94% of Portuguese people support, according to the most recent study by Nickel, in partnership with Data E.
Investing in financial education from an early age prepares citizens to make more informed decisions about savings, investments and credits, as well as helping to reduce inequalities and promote a culture of economic responsibility. At the same time, it is essential to ensure that day-to-day financial management is accessible to everyone. In this sense, simple, transparent and intuitive digital solutions play a fundamental role in allowing people of different ages and levels of digital literacy to manage their money autonomously, safely and without complexity.
In the end, each generation must integrate different skills and experiences, so that each one learns from the others to better manage their financial resources, instead of just remedying past mistakes. This stance can transform instability into resilience and confidence and, thus, add value and balance to future generations.