What are Gen X vs Gen Z’s most frequently asked financial questions?

When it comes to their personal finances, everyone has questions, no matter their age. Inquiries about saving and debt management are not only common, but also common ground for both Generation X, people born between 1965 and 1980, and Generation Z, those born between 1997 and 2012.

But when comparing the financial questions of X vs. Z, there are key distinctions. Not surprisingly, Gen X and Gen Z have different questions and anxieties about retirement planning. The biggest disparities? There is a generational gap between Gen X and Gen Z about what they expect from their financial institution, specifically their credit union.

Let’s take a deeper look.

What you’ll learn

• Financial FAQs: Gen Z vs. Gen X
• What are Gen X’s frequently asked questions about credit unions like Alliant?
• What are Gen Z’s frequently asked questions about credit unions like Alliant?

Financial FAQs: Gen Z vs. Gen X

Regarding retirement

Alliant’s experts answer many questions about saving for retirement. Members of Gen Z tend to ask when they should begin saving for retirement, while Gen X wants to know how much they’ll need. Older Gen Xers are approaching age 60, so it’s no wonder that retiring comfortably is not only top of mind but possibly a top priority.

• Gen Z asks, “When is best time to begin saving for retirement?”
• Gen X asks, “Will l have enough money to retire comfortably?”

If these are your questions: Whatever your age, concerns or questions, Alliant Retirement and Investment Services (ARIS)^* can provide answers specific to your situation.

Managing debt

When it comes to the topic of managing revolving credit card balances and other debt, Gen Z asks if it’s smarter to first build up their savings or pay down their debt. Gen X also asks this, but they want to know if they should prioritize retirement saving specifically.

• Gen Z asks, “Should I prioritize saving or paying off debt?”
• Gen X asks, “Should I prioritize retirement saving or paying off debt?”

If these are your questions: Visit one of Alliant’s most popular Money Mentor posts for the answers to Should you grow emergency savings or pay off debt first? Then check Alliant’s rates for ways to do either faster.

Emergency savings

Common ground across all generations is ongoing worry about having enough emergency savings. Specifically, how much should you have in savings to meet unexpected expenses like medical emergencies, car or home repairs or job loss.

• Gen Z or X – “How much should I have in savings for emergencies?”

If this is your question: Aim for six-to-eight months’ salary in your emergency fund, i.e., similar to the length of the average job search in your industry or profession. If you’re self-employed, build even more of a cushion. You can build faster than low-rate bank accounts by shifting your emergency fund into an Alliant High-Rate Savings account.

What are Gen X’s frequently asked questions about credit unions like Alliant?

With children and aging parents dependent on them, Gen X needs financial answers from someone they can depend on. This dependability is just one of the reasons Gen X likes credit unions. Their top financial questions are below, plus we’re including Alliant’s experts’ responses to these questions to help reveal even more.

“What are interest rates and fees at credit unions?”

Gen X has faced significant financial ups and downs throughout their lives, including the 1990s dotcom bust and the 2008 financial crisis, plus learning to be money-smart from older relatives. So, Gen Xers want a credit union to be transparent and show them that its savings rates are higher than banks and its loan rates lower than banks, a key credit-union benefit they’ve heard about.

If this is your question: As a not-for-profit financial institution focused on our members’ best interests instead of shareholders or investors, credit unions like Alliant can reward their members with high savings rates and low loan rates while not gouging you with fees and hidden charges like banks. Compare our rates.

“Do credit unions offer convenient online and mobile banking?”

While they didn’t grow up with technology like Gen Z, Gen X has become digitally savvy and embraces how convenient online and mobile banking can be. They expect their financial institution to show them how digital conveniences will improve their daily lives, and to keep the innovations coming.

If this is your question: Alliant is the first 100% digital credit union, proud to make banking more accessible and less complicated for our 900,000+ members. Yet we boast a 90+-year heritage of meeting the financial needs of generations of families, too, which appeals to Gen Xers who tend to exhibit high brand loyalty.

“Are credit unions safe and secure?”

At credit unions, member’s deposits are federally insured up to $250,000 by the National Credit Union Administration (NCUA), also a branch of the federal government. At banks, your deposits are insured by the Federal Deposit Insurance Corporation (FDIC), a branch of the federal government, up to $250,000.

If this is your question: Rest assured, Gen X, your deposits in a credit union are insured by the federal government for the same amount as a bank.

What are Gen Z’s frequently asked questions about credit unions like Alliant?

Gen Zers are of the age where they are flexing their financial independence. They are also asking financial questions, with the ones below being among their most frequent. Gen Z has grown up with technology as a huge part of their daily lives so they are used to finding quick responses to their questions, so we’re including how experts at Alliant would answer Gen Z’s top inquiries.

“Are credit unions keeping up digitally?”

Gen Z expects their financial institution to embrace digital transformation like they have. That makes Gen Z a powerful influence within today’s financial landscape. Banks and credit unions need to provide an intuitive digital experience that will change with new technology to win over Gen Z and retain them as customers.

If this is your question: Alliant was the first 100% digital credit union and continues to innovate through an award-winning mobile app, digital account opening, AI and more. Compare us digitally to any big bank.

“Do credit unions make a positive social impact?”

Acutely tuned-into a company’s social responsibility and community engagement, Gen Z places importance on a financial institution matching their values. Gen Z is pleasantly surprised when they learn credit unions are famous for their dedication to community development and support. Unlike large banks, which tend to focus more on profit margins than community needs, credit unions have a more personal way of giving back. Gen Z notices when credit unions provide financial education and resources to underserved communities or sponsor local events and charities.

If this is your question: Gen Z believes everyone should have digital access; we do, too. Alliant’s foundation supports programs providing reliable broadband and technology to underserved populations. Learn more—or get involved.

“What are benefits of Alliant versus a bank?”

Gen Z does their digital research before acting, especially when it comes to their money. So in case they haven’t already thought “TL;DR” (that’s “too long; didn’t read” for you Gen Xers 😊), we’ll reiterate that credit unions act solely to benefit those who use their services, not for shareholders or investors like banks. That’s why credit unions like Alliant won’t gouge you with fees and hidden charges and can reward its members with high savings rates and low loan rates.

Why Alliant specifically?

We are unlike any other financial institution, a digital credit union that wows our members. We’re boldly disrupting banking norms to do good for our members, employees and communities. And unlike our competitors, we offer fee-free access to more than 80,000 ATM nationwide.

If this is your question: Beyond the answers to the frequently asked questions above, explore Alliant versus any other financial institution, bank or credit union. Then apply to become a member to experience the differences first-hand.