Generational Divide: Financial Planning and Independence for Boomers, Gen X, Millennials, and Gen Z.

Many Gen Zers and millennials are delaying making financial plans because they're time-consuming and complicated, according to a survey conducted by Charles Schwab. The survey found that younger generations were considerably more likely than others to be put off from creating financial plans because of the amount of time, money, and perceived effort involved. Despite their lack of financial planning, younger generations appear to place more value on wealth than older ones, and comparisons with their friends and family influence how they perceive their wealth.