Your life savings are for real life

Whether you want to start saving to support your children or just want to put something away for a rainy day, that’s what real life savings are for.

Every generation has many life experiences to look forward to in their future and below we take a look at the priorities for each one. We’re here support you in making good choices for your real life savings. There's a lot to look forward to.

Make the most of your savings with tips, tools and guidance from both experts and customers like you.

Baby boomers

Age 53 and over

Congratulations. You are a Baby Boomer, the envy of all other generations. We swung in the 60s, we were hippies in the 70s. You can keep your reality tv, the Apollo Moon landing graced our screens as children.

We are the people who have created new ways of living in later life. I’m not old, I’m 65 years young. We’ve enjoyed life for the most part. We’ve owned our own homes. We’ve accumulated a little pot of money which gives us options, like travel and new experiences. We kick started the trend in holidaying... abroad. We are the digital adopters. We love our mobile phones and tablets and sat navs – except when they don’t cooperate. Some of us lucky ducks even retired on generous final salary pension schemes.

Oh yes, you can see why people look at us Baby Boomers and think in awe, “never has a generation had it so good”. And there’s a lot to look forward to yet...

We will live longer than we might think. Oh yes, advancements in medicine mean we have a lot of life left to enjoy. And we’ll enjoy it to the max; spending more time with family and friends, starting businesses, becoming coaches, mentors, consultants, volunteers. We have so much experience to share with the younger generations and so much to give back. We might not have to worry about driving later in life with driverless cars now on the horizon.

It’s not all plain sailing at the top though. We face challenges like adjusting to retired life and many of us want more support in managing our money, inheritance planning, downsizing and how we’ll invest our millions if we finally win the lottery.

No matter how the world changes there are some choices that will make a difference to our futures. Choices like when to start spending our hard earned life savings and who can help us with our money.

Standard Life. There’s a lot to look forward to

Generation X

Age 37-52

Welcome to generation X.

Aged between 37 and 52, we were children in the 70s and 80s enjoying the delights of Dallas, Blue Peter and The Generation Game. Who shot JR? What a drama! We stayed up late to watch Live Aid uniting behind a cause on a global scale.

We are the generation that holds everyone together. We are juggling family life, demanding jobs and caring for older relatives.

We are digital pioneers despite having a lot on our plates. We continue to navigate unknown territory and keep up with the pace of change. We have adapted to the introduction of PCs at work, gigantic mobile phones and the death of VHS and blockbuster. We held firm to our beloved vinyl knowing they’d someday make a comeback.

We have led the way breaking down barriers such as making higher education accessible for all, prioritising our careers over a job for life. We are good citizens, we contribute to society, we care about the environment, we look after ourselves mentally and physically – even if we do say so ourselves.

We are always on and the other generations often wonder “How do they do it?”. Do you know what? We do it because we are strong.

And our future looks strong too. We will live longer than we expect. Good to know when we have so much to do.

We won’t stop moving and changing, although we’ll change the way we do it. We will work on a range of projects paid and voluntary. We will keep learning new skills and finding new ways to stay healthy. Genetic screening will help us predict future ill health and take action to prevent it.

Just as well we will be busy, because we won’t get much peace at home with up to 3 generations living under one roof – probably our roof.

Our generation has already lived through so much change, and you can be sure there’s so much more to come. We’re on the road to an exciting future. No matter how the world changes there are some choices that will make a difference. Choices like how much to save and who will help you with your money.

Standard Life. There’s a lot to look forward to.

Generation Y

Age 22-36

Welcome to Generation Y. Born between 1981 and 1995, we’re tucked into a unique place in history, between the Walkman and the foundation of Google. We know what we want, what we really really want. We cheered as grown men stood up from high chairs for a key change. We took sides in the Brit Pop Battle, and we’re still trekking to festivals near and far to see our heroes.

We are the digital natives – well of course we are, weren’t we half reared on games consoles. We were at the centre of the social media revolution; uploading photos to Bebo while our parents thought we were doing our homework.

We continue to share our lives online, filling ‘our stories’ with smashed avocado brunch, letting people know who we’re with and where we are in the world.

But there’s much much more to us than all that digital stuff. We hugely value face-to-face interactions – sure, we’ll do a bit of research online and read a few blogs, but when it comes to the important stuff like financial advice or a good pair of boots for this cold snap, we want to talk to an expert!

We’re a self-regarding generation. We do things our way. We’ll have kids and get married if and when we want. We’ll have many jobs, many occupations, many careers over our lifetimes. Some of us will own houses, some of us can’t contemplate ever owning one. We’ll start saving a bit later than our parents’ generations because we tend to live in the here and now rather than thinking of the long term.

We are Generation Y. We’re the Millennials. We’re the Global Influencers. The adventurers. And we have a lot to look forward to.

We’ll work flexibly. We’ll be the start ups and the freelancers, working on things we love. We’ll use our voice to influence online. We’ll experience living in different counties, renting as we go. We will live longer than we expect. Artificial intelligence and organ regeneration will be part of our medical futures. The things we order online will be delivered by drones. As the world continues to change, we’ll keep pace.

No matter how individual we are or how the world continues to change, there are some choices that will make a difference for us all. Choices like when we start saving for our futures, how much and where to put our money.

Standard Life. There’s a lot to look forward to.

Generation Z

Age 18-21

Rachel: Welcome to Generation Z.

Born after ’95, we are the Change Makers, and we’re going to change the world for the better.

Beth: We are always-on, multi-taskers. We’re the mobile generation. We’ve had smart phones since we were about 12 – decades before other generations. They’re an extension of ourselves, in a good way.

Rachel: The ultimate compliment for us is how many likes we get on a picture.

Beth: We don’t need formal education and training for lots of things. We learn online, fast. YouTube is our teacher.

Rachel: We’ve been exposed to global content from a very early age, so our awareness of what’s happening in the world has shaped our values and beliefs. We have a massive influence with our peers online that other generations can’t comprehend.

Beth: We’re the kids that grew up with MSN, so instant messaging is our thing… Unless you’re phoning your granny, of course.

Rachel: We care about the environment and our communities - we have a deep rooted passion to contribute and improve them. We want to have an impact on the world and our futures.

Because our futures look bright

Beth: especially with the right filter

Rachel: and we’ve got a lot to look forward to.

Beth: Our generation will live through experiences that still sound like “sci fi” today. We’ll learn new skills from avatars; we’ll practice medicine on virtual bodies or tinker with virtual Boeing engines in our kitchens. We will have flexible careers; moving seamlessly between big organisations and “pop ups”. We will drive social movements and influence change.

Rachel: In our futures, we’ll take nano-computing, 3D printing and driverless cars for granted. We may touch friends and family across the globe using 4D Augmented Reality. We’ll attend concerts and events past and present from our own homes.

Beth: And when we say “homes” we mean “artificially-intelligent-homes”, of course!

Our generation has the opportunity to change the world and that starts with the choices we make right now. Choices like when to start saving and who will help us with our money.. All the things that will help us achieve our future goals

Rachel: #goals

Standard Life. There’s a lot to look forward to.

Your future, your choices

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For advisers

Take a look at how the changing world could impact your clients’ financial planning needs.

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For employers

Understand how you might need to support your multi-generational workforce's changing savings needs.

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