Research: Managing the Gap: Achieving success with intergenerational teams

Employers must understand the different attitudes and mindsets different age groups have towards finance and savings, according to a new research report from workplace savings company, Punter Southall Aspire.

Comparing potential attitudinal differences towards savings from under 45 year-olds (what it calls ‘Digital workers’) and those over 45 (dubbed ‘Analog workers’), it found 48% of analogs said their biggest fear is not having enough money in retirement.

However, some 64% of digitals admitted they didn’t even know if they were saving enough for their retirement.

 It also finds:

• Digital workers are more likely to be indecisive about financial issues than analog workers: Some 11% of digitals think saving is a waste of time; whilst only 4% of analogs agree
• Nearly three quarters of digitals want to improve their lifestyle, whereas analogs are more likely to be focused on maintaining their existing lifestyle rather than improving it: some 42% of digitals spend on ‘nice to haves,’ such as the latest trainers or mobile phones, compared to just 23% of analog workers
• Digitals and analogs also respond to communications about pensions differently: Some 39% of digitals will respond to pensions communications if it makes them feel guilty; compared to 26% of analogs. Equally, 45% of digitals will respond if the communications make them feel scared, as opposed to just 32% of analogs