11 Things Baby Boomers Believe About Money That Just Aren't True Anymore
Boomers grew up in a much different economic climate.
Media Home | Shutterstock Similar to how younger generations of millennials and Gen Zers today are growing up amid an entirely new socioeconomic and political landscape, baby boomers had a time of their own. The beginnings of their careers, education, financial literacy, and personal values were developed in a uniquely different climate than the one young adults are facing today. That's part of the reason why there are certain things baby boomers believe about money that just aren't true anymore.
From saving money, to adopting certain financial habits, and even investing in larger expenses like a home, the things baby boomers did to secure financial stability simply don't make sense for their younger counterparts today. In many cases, these conversations around money may even play a role in amplifying the tensions, generational differences, and misunderstandings baby boomers and their younger counterparts face.
Here are 11 things baby boomers believe about money that just aren't true anymore
1. Buying a home is always a smart investment
DavideAngelini | Shutterstock
Despite societal norms and expectations around homeownership and real estate, some experts suggest that renting can actually be the perfect way to protect financial stability — ensuring people aren't burdened with large-cost repairs, general maintenance, and a huge mortgage before they're ready to take them on.
Considering homeownership to be a non-negotiable smart investment for everyone is one of the things baby boomers believe about money that just isn't true anymore. Especially for Gen Zers and millennials who are still struggling to secure a job and afford basic necessities, it only sparks more guilt in them for things they can't control, and pressures them to sacrifice and save for a huge investment they may not actually be ready for.
2. Company loyalty is the key to building wealth
Stocklite | Shutterstock
Many boomers are inherently tied to the idea of endless company loyalty, even at the expense of their own growth, well-being, and work-life balance. However, for Gen Zers and millennials unlearning stigmas about the professional world and prioritizing their personal life more than ever, it's not surprising that they're much more likely to job hop, resign, and seek out purpose in their careers.
Especially in the face of mistreatment, stagnant wages, and lacking company growth, the idea that you should always stay loyal to one employer is one of the things baby boomers believe that just aren't true anymore. While some employees may benefit from sticking it out and staying around, most are left without a diverse array of skills, experiences, and purpose.
3. Degrees guarantee career success
Drazen Zigic | Shutterstock
According to a study from Pew Research Center, around 50% of people believe that it's less important to get a college degree in the modern world in order to get a well-paying job than it was 20 years ago. Despite that, many younger generations were pressured into higher education, taking on hundreds of thousands of dollars in student loans and financial struggles with the promise of securing a job after graduation.
However, now that they're not — struggling to even land bridge jobs, like waiting tables or working as a barista — it's not surprising that most people believe this is one of the things boomers believe about money that is just plain wrong. Clearly, degrees aren't the immediate ticket into financial wealth or security, especially with rising costs, stagnant wages, a restrictive job market, and insurmountable student debt.
4. Poor people are solely responsible for their struggles
ChameleonsEye | Shutterstock
Believing that poor people are solely responsible for their own financial situations and struggles is one of the things baby boomers believe about money that just isn't true. Of course, there are consequences to laziness or a lacking work ethic financially, but many of the things people living in poverty are judged for are ironically also habits of their wealthy counterparts.
According to a 2022 Nature study, there's a double standard of "deservingness" for people living in poverty, further deepening income gaps and exacerbating the consequences of wealth inequality. Older generations perpetuate narratives about homelessness and poverty — from "taking advantage" of already lacking social programs to laziness for stay-at-home parents — that keep people stuck in cycles of shame, guilt, and isolation.
Poor people are overly scrutinized and blamed for their financial struggles, even when they're overworking themselves, taking on multiple jobs, and turning their hobbies into side hustles to afford their basic necessities. It's clear that hard work or determination is not the answer to solving their problems, even if it was key to success for their older, more societally privileged counterparts.
5. Hard work is the path to financial wealth
Ground Picture | Shutterstock
Hard work being the key to success is one of the things baby boomers believe about money that just aren't true anymore — not because hard work and intention aren't important, but because there are a sleuth of other factors and obstacles that also play an important and pivotal role in determining financial success.
From developing the "beauty is pain" sentiment, to feeding into corporate "hustle culture," and even glamorizing the consequences of overwork and burnout, many boomers frame "hard work" in their lives in ways that sabotage their general well-being. Yes, hard work and the "bootstrap mentality" might have worked for them, but for many younger generations today and people living in less privileged situations, that's not always the case.
Especially for Gen Zers and millennials facing an entirely new job market, economic situations, and professional obstacles, it's not surprising that they've grown tired of this "hard work" narrative from their older peers. They're not reaping the fruits of the promises they were sold, whether that be a good job from a college degree, security from having a family, or career growth from being loyal to one company.
6. Credit cards are bad
Inside Creative House | Shutterstock
Many baby boomers believe that using credit cards and accumulating some form of debt is inherently wrong, but this is also one of the things they believe that's just not true anymore.
In fact, many boomers may be missing out on the benefits a responsible credit card user reaps simply by putting their daily expenses on a card.
From loyalty programs, to discounts and coupons, and even cash back, sometimes, using a credit card and paying it off every month is a much better financial decision than budgeting with cash alone. Research also shows that many baby boomers don't believe their credit scores are all that important, so using and building from physical cards feels like a waste.
Of course, this is one of the things baby boomers believe about money that just isn't true anymore — not only are credit scores largely important for all adults, there are great perks to leveraging the right cards.
7. Paying with cash is better
Krakenimages.com | Shutterstock
Baby boomers tend to "lead the pack," according to an Empower survey, when it comes to making cash purchases, compared to younger generations that almost exclusively use mobile wallets and physical cards. It's a familiar practice — one that they've grown accustomed to, both for budgeting purposes and simply for ease of use in daily life.
Of course, this also means that baby boomers frequent in-person bank branches more than other generations, like the American Bankers Association argues, spending more time and money traveling there every month than many people would spend in an entire year to get their cash.
While it may be helpful to budget with cash for people who don't have the discipline or financial literacy to leverage a credit card responsibly, for the most part, believing that cash is better than other forms of payment is one of the things baby boomers believe about money that just aren't true anymore.
8. Investing is for the rich
Roman Samborskyi | Shutterstock
Despite understanding some of the conceptual ideas associated with investments, the average American doesn't really grasp the basics of how to invest their money, according to a Motley Fool survey. In fact, many still operate under the misguided and outdated assumption that making investments is only realistically feasible for people who already have a certain level of wealth.
However, this belief is one of the things baby boomers believe about money that just isn't true anymore. With the right knowledge, support, and habits, everyone can benefit from investments — even if the scale, targets, and outcomes look different depending on income level.
9. Talking about money is tacky
Chay_Tee | Shutterstock
Many people still find conversations about money and finances to be incredibly taboo — dealing with internalized shame and societal stigmas that make openness a challenge, even in personal relationships. However, being open about financial habits, money situations, and spending can actually help to bolster stability, both with money and in relationships.
Currently, money is the primary driver of relationship conflict, according to a study from the Journal of Social and Personal Relationships, largely influenced by generations of shame, insecurity, and discomfort around finances. For baby boomers, talking about money was tacky, insincere, and wrong — even between marital partners and their families — but for younger generations challenging these stigmas and talking about their struggles, it's empowering and educational.
Everyone benefits from talking about money, seeking knowledge and information, asking for help, and destigmatizing financial struggle, which is why avoiding these conversations is one of the things baby boomers believe is healthy, but just isn't true anymore.
10. Every hobby should be a side hustle
Suney munintrangkul | Shutterstock
Many of the millennials and Gen Xers who are now burnt out adults grew up with boomer parents who held them to unrealistic expectations around work ethic, pushing them into "hustle culture" in ways that overlooked their personal needs and rest, like Harvard psychologist Natalie Christine Dattilo suggests.
They overwork themselves in the office, despite being largely underpaid, take on additional jobs, prioritize success and money over little joys, and even transform their once-loved hobbies into draining side hustles for a few extra bucks. There are benefits to indulging in hobbies and spending time alone, but when these activities are commodified and monetized, they can become more stressful than relaxing.
That's why the belief that additional income is always better than personal well-being, rest, and creative hobbies is one of the things baby boomers believe about money that just aren't true anymore. People perform better and are more productive when they have time to be themselves, rather than a worker or provider.
11. Sacrifice is the solution to saving money
SrideeStudio | Shutterstock
Sacrifice being the key to saving money or securing wealth is one of the things baby boomers believe about money that just aren't true anymore. Of course, being too flippant about spending and leaning into the comfort of impulsive financial habits can leave people dealing with long-term struggles with their money, like a study from the Journal of Behavioral Decision Making argues, but being overly rigid and making constant "sacrifices" can do the same.
People who frame finances around sacrifice and deprivation are more likely to spend to cope with the consequences this mentality sparks. Not only does it place people in a "survival" or "scarcity" mode that's entirely unnecessary, it encourages them to deprive themselves of the basic joys in life that harm their overall quality of life, mental health, and financial security.
Zayda Slabbekoorn is a staff writer with a bachelor's degree in social relations & policy and gender studies who focuses on psychology, relationships, self-help, and human interest stories.
