Every few months, a familiar debate resurfaces over dinner tables, in the media, or online. “Boomers had it easy.” “Millennials are locked out of the housing market.” “Gen Z will never retire.”
It’s a tempting narrative. We compare incomes, house prices, and interest rates and conclude that one generation had it better than another. But prosperity isn’t a single number. It’s a mix of financial, social, and lifestyle factors. The truth is far more nuanced.
To explore this more meaningfully, I’ve put together a generational scorecard using a simple 5-star rating system. These are my ratings, not exact, and shouldn’t be taken as hard data. It’s just a broad way to reflect the general landscape and highlight the kind of trade-offs people face across different generations.
Economic Foundations
Prosperity begins with the basics: the stability of the economy and how far your income extends. Boomers lived through high inflation, but everyday costs were low, and housing was affordable. Gen X saw inflation settle and wages rise, but house prices began climbing. Millennials and Gen Z face the highest cost pressures, especially when it comes to buying a home. It’s still early days for Gen Z, and their long-term financial outcomes will depend heavily on how they navigate rising costs, career opportunities, and global shifts.
Mobility & Access
Global mobility and digital access have exploded for younger generations. Boomers had limited travel and connectivity, while Gen Z is the most mobile and connected. The ability to work abroad, stay digitally connected, and travel freely has become a significant part of how younger people experience prosperity.
Wellbeing, Inclusion & Opportunity
Prosperity isn’t just about money or mobility. It’s also about how we live, connect, and grow. Boomers often enjoyed strong mental well-being and low stress, but had fewer opportunities for global education or inclusive workplaces. Gen X saw improvements in healthcare and inclusion. Millennials and Gen Z benefit from flexible work, digital access, and global mobility, though they also face rising anxiety and burnout.
What This Tells Us
No generation had it easy across the board. Boomers had low housing debt and living costs, but fewer opportunities to travel or earn globally. Gen X saw inflation settle and wages grow, but faced rising house prices. Millennials gained flexibility and mobility, but dealt with high debt and slower wage growth. Gen Z is the most mobile and digitally connected generation, but they’re also navigating the steepest cost pressures, with incomes that often fall short of rising living expenses.
These are broad trends, not personal judgments. Everyone’s situation is unique, and prosperity holds different meanings for different people. The scorecard is simply a way to understand the environment in which people are making decisions, not to define their success or struggles.
Putting It in Perspective
Financial planning is about helping people make informed decisions within the context they’re living in. Some trade-offs are easy to spot, like choosing between buying a home or travelling. Others are harder to measure. Would you trade lower house prices for less freedom to work overseas? Would you give up digital access for a simpler, less connected life?
There’s no right answer. That’s why advice matters. Whether you’re just starting out or thinking about retirement, the goal is the same: make the most of what you’ve got and build a future that works for you.
While this article focuses on New Zealand, many of these themes, such as housing affordability, cost of living, digital access, and mental well-being, are showing up in other countries. If you’re reading this from elsewhere, I’d be curious to hear how closely this reflects your experience or what you think might be missing.
Prosperity looks different for everyone. And that’s why thoughtful, personalised advice makes a difference.