Money makes the world go round – or does it? Younger & older generations tell all to ŠKODA

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New research by ŠKODA has revealed the nation’s views on what leads to a rich and happy life, comparing views and experiences of young adults (18 – 30) and the ‘older’ generation (over 60).

The research shows that when it comes to looking at the things in life that we most value, opinions of millennials and baby boomers are fairly similar, with both stating family (78 per cent / 81 per cent), good health (49 per cent / 74 per cent) and friends (45 per cent / 48 per cent) are among the main necessities needed to lead a rich and fulfilling life.

However, when it comes to regrets and worries, opinions start to differ. Money worries are at the top younger people’s worries, with two fifths (42 per cent) saying their biggest regret is not saving enough; this is followed by worrying too much over their appearance (25 per cent). In stark contrast, the over 60’s most regret not having travelled enough (26 per cent), followed by not spending enough time with loved ones (16 per cent).

Money makes the world go round – or does it?

Kirsten Stagg, Head of Marketing for ŠKODA UK, said;

“We set out to uncover the importance and value of wealth across different generations. Interestingly, we found that the perception of value isn’t universal; money is more of an influencing factor for millennials, while baby boomers place greater value on life experiences.

“What is also apparent is that as we get older, rarely do we look back and think ‘I wish I’d spent more money’ on something – it’s spending time with the people we love that fulfils us.”

Nearly a quarter (24 per cent) of young people say money is what makes them happiest, compared to 9 per cent of those aged 60 and over.

Baby boomers say having family (65 per cent) tops the list when it comes to making them happy, followed by love (36 per cent) and travelling (31 per cent).

Both generations wish they spent more time with their loved ones; the majority of younger people wish they spent more time with their mums (33 per cent) and friends (30 per cent), while the majority of the older people wish they spent it with their children (32 per cent) and dads (29 per cent).

The research from ŠKODA coincides with the brand’s launch of its Alternative Rich List, which celebrates people who are rich in ways other than monetary wealth.

What do you think about this new research from ŠKODA? Are both generations poles apart or closer than it may seem on the surface? We would love to hear your thoughts – join in the conversation on Twitter @RosedaleLeasing and Facebook!

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