If you’d told me in my early 20s that by my 30s I’d still be stressing about money, I probably would’ve smiled politely and assumed you were just being negative. But now? As a mum in her 30s with four kids and a diary full of school runs, birthday parties, and endless snack demands – I get it.
Life doesn’t magically get easier as you get older, especially when it comes to money. In fact, the pressure sometimes feels heavier.
That’s why I found the Generational Gap of Finances campaign by MoneyPlus so interesting. They spoke to three age groups; Generation Z (18-28), Millennials (29-44 that’s me!), and Generation X (45-60), to find out how we all manage our money when it comes to holidays, retirement, lifestyle, and debt. And let me tell you – the results hit home.
Holidays: Not Always a Given
Apparently, over 60% of people surveyed have had to give up a holiday due to finances and honestly, I’m not surprised. We’ve definitely had times where a summer break looked lovely in theory, but once we added up travel, food, and trying to keep four kids entertained, the numbers just didn’t add up.
What really struck me was that even Generation X – the age group I always think of as being “sorted” are still feeling the pinch. Over half of them have had to skip holidays too. That made me realise it’s not just us younger parents finding things tight. Financial pressure doesn’t just vanish as you get older.
And it’s not just the family trips that cost. The number of milestone celebrations; hen dos, baby showers, fancy birthdays, seems to grow every year, and the cost can be overwhelming. According to Aviva, the average UK hen or stag do now costs £779. Abroad? That can jump to over £1,200! That’s a whole lot of nappies and packed lunches.
Social media doesn’t help either. As Anel Andrew from MoneyPlus put it: “Social media makes it easy to compare yourself to others, but what we don’t see is the credit card debt or financial stress behind the luxury lifestyles.” Too true. I’ve definitely felt the pressure to join in, even when my bank balance is telling me a very different story.
Retirement Still Feels Like a Distant Blur
Now, I’ll admit retirement isn’t something I think about every day. Between making packed lunches and trying to finish a cup of coffee before it goes cold, the idea of not working sounds dreamy. But it also feels miles away.
That said, the MoneyPlus survey found that 62% of people in my age group (Millennials) are already worried about retirement and I’m starting to understand why. It’s hard to imagine how I’ll ever afford to stop working when everything’s so expensive now. And with pensions, property prices, and job security all feeling a bit uncertain, it’s no wonder so many of us are crossing our fingers for a miracle.
Everyday Life, The Juggle Is Real
So many of us are just trying to stay afloat day to day. According to the survey, nearly 60% of Generation X say they’re uncomfortable with their current finances, but even in our 30s, a lot of us feel the same way.
I’ve got friends helping their parents with care costs while still paying for childcare themselves. That “sandwich generation” feeling is creeping in younger and younger. And as for savings? We try. According to the report, 63% of Millennials have an emergency fund, which is reassuring but even with that, there’s always a new expense popping up.
Debt Is a Reality for Many of Us
MoneyPlus found that over half of Millennials have debt. Whether it’s credit cards, overdrafts, or Buy Now Pay Later (BNPL) schemes like Klarna, it’s part of everyday life now. I’ve used BNPL before for school uniforms and last-minute costs, it helps in the moment, but it’s not a long-term fix.
The thing is, debt doesn’t always look how we think it does. It’s not reckless spending, it’s the cost of living, especially when you’re trying to give your kids a decent life without feeling like you’re constantly saying “no.”
You’re Not Alone And Help Is Out There
What really stood out in this campaign is that money worries don’t magically disappear with age. Whether you’re in your 20s just starting out or heading into retirement, financial stress is something so many of us are dealing with – quietly, and often alone.
But you don’t have to be alone. MoneyPlus offer debt advice and support, including things like IVAs or Debt Management Plans if you’re feeling really stuck. Or if you’d prefer something impartial, MoneyHelper offers free guidance too.
So if you’re sat there, cup of coffee going cold (again), wondering how on earth you’re supposed to afford everything, know that you’re not the only one. And there is support out there when you need it.
*Written in collaboration with MoneyPlus.
