I’m a Financial Planner: Money Resolutions for Boomers, Millennials and Gen Z
Written by
J. Arky
Edited by
Rebekah Evans
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The start of a new year means there are 365 days to do something different. Everyone has a unique idea for what that looks like and when it comes to finances, that could be very different depending on what age you are. Various generations — baby boomer, millennial or Gen Z generation-have different wants, needs and challenges, with all of them needing money to fulfill their biggest goals.
“There are a lot of good attitudes in every generation,” said to financial expert Fred Harrington, CEO of Coupon Mister. “With this in mind, it’s clear that the best way to see financial success is to take a personalized approach that considers our generational differences.”
Here are New Year’s money resolutions for boomers, millennials and Gen Z from Harrington.
Money Resolutions for Baby Boomers
For many baby boomers, retirement has already started. For some, it could happen in 2025. The important things for baby boomers to hone in on are ways to make retirement not only comfortable, but financially secure. This includes proper retirement planning, debt reduction and ensuring the stability of a financial future.
“Boomers should also review their current retirement plan, such as a 401(k) or IRA and make necessary adjustments so that they’re on track to meet their retirement goals,” Harrington said.
Creating a repayment plan and prioritizing paying off high-interest debts can free up more money for savings, easing some financial stress in the process. Reviewing life insurance and long-term car options should also be top priorities, per Harrington’s expertise, as well as starting or adding to an emergency fund for whatever the future has in store that was not on the 2025 bingo card.
Money Resolutions for Millennials
Drawing up a plan to save for homeownership might be top of the list for millennials in 2025, according to Harrington, who added that developing a manageable strategy for paying down student loan debt and investing in long term wealth are the next priorities.
“First, assess your current financial situation and determine how much you can realistically save each month for a down payment,” Harrington explained when it comes to millennials buying a home. “Research different loan options and down payment assistance programs that may be available. Creating a plan and being disciplined in your savings should help you achieve the goal of homeownership and build equity in the new year.
“Explore programs such as income-driven repayment plans, loan forgiveness or employer student loan assistance programs to ease your debt burden,” Harrington said in reference to millennials paying off student loan debt.
“Take advantage of employer-sponsored retirement plans, such as 401(k) [plans] and contribute the maximum amount possible,” Harrington explained. “Investing consistently and diversifying your portfolio can build long-term wealth and secure your financial future.”
Money Resolutions for Gen Z
As the first generation to fully grow up in the digital age, Harrington acknowledged that Gen Z has unprecedented access to information and resources that can help them achieve financial success. For 2025, Gen Z should focus on building credit, understanding the basics of investing and dive deep on financial literacy, including taxes.
Gen Z’s resolution should be to educate themselves about the basic principles of investing, such as compound interest, diversification and risk tolerance “by reading books, attending seminars or workshops or even speaking to a financial advisor,” Harrington explained.
Other methods of achieving financial success for Gen Z in 2025 include opening a credit card and making small purchases that can be paid off by the end of the month in order to build good credit. This also sets up a schedule of planned payments, which should include paying taxes. Gen Z needs to be aware of how much they are making, what their expenses are and what they are required to pay to the local and federal governments.
Conclusion
“Each generation has unique financial goals and challenges and those should be reflected in their New Year’s resolutions. Boomers, millennials and Gen Z should approach their resolutions differently in order to achieve success,” Harrington said. “All generations should make a collective effort towards developing healthy financial habits. This includes setting a budget, tracking expenses and avoiding unnecessary debt.
“Individuals can establish a strong foundation for their financial future and have the flexibility to adapt to changing circumstances and goals,” Harrington added. “Proactively improving your financial well-being and developing healthy habits will set you up for a secure and successful future.”
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