Where’s My Money? Season 5, Episode 4
Season Five of multi-award-winning podcast Where’s My Money? is back to shed light on the common money questions New Zealanders are asking.
enable.me partners with rova to bring this podcast to life and stimulate the conversation about finances with everyday Kiwis. Where’s My Money? follows the story of Reagan – a man chasing the Kiwi Dream but feeling stuck living month-to-month – and his discussions with the experts about what he may be doing wrong and how to fix it.
One man. One million dollars of debt. One podcast to find a way out.
We often see generations pitted against each other.
Blaming ‘boomers’ for the housing crisis, criticising ‘millennials’ for their avocado-on-toast and lattes, calling ‘Gen Z’ the unmotivated TikTok generation. We see these narratives play out in the media all the time.
But how real are the differences in attitudes when it comes to one of the most contentious topics between generations: their finances?
In this episode, host Reagan White poses a series of quickfire questions to representatives from three different generations: Generation X, represented by Glenn, Generation Y (commonly referred to as ‘millennials’), represented by Ruzbeh, and Generation Z, represented by Maia.
The trio offer their perspectives on some financial hot topics – including investments, tracking their spending, retirement, and how important salary is when choosing a job. The three share their unique insights and discover they have more in common than they might have originally thought.
Starting hot: quickfire questions for each generational spokesperson
Host Reagan White opens the discussion and asks the representative of each generation to answer some quickfire questions. While less of a debate than originally thought, the on-the-spot answers quickly reveal their differences – and their commonalities.
Reagan: what’s the first thing you’d do with a thousand bucks if I gave it to you in cash right now?
Gen X: On a bill. On some sort of bill.
Gen Y: Put it into investment funds.
Gen Z: Yeah. Invest.
Reagan: Credit cards, friend or foe?
Gen X: If you’re dumb, foe. If you’re not dumb, friend.
Gen Y: Friend.
Gen Z: Friend.
Reagan: Saving for retirement. When should you start?
Gen X: As soon as you can.
Gen Y: Yeah, as soon as you can. Like KiwiSaver, yeah.
Gen Z: I’ve just learned I should be doing it now.
Reagan: Would you rather invest in crypto or property?
Gen X: Property.
Gen Y: Property.
Gen Z: Yeah, property.
Reagan: Biggest money mistake you’ve ever made?
Gen X: Property. [mine’s a long storm damage story]
Gen Y: I had a lot of lunches outside, and dinners out, takeouts, when I was 25 to 30, that zone.
Gen Z: I say just letting my money sit not doing anything or sitting idle.
Reagan: Is financial advice worth paying for?
Gen X: Yeah, I think any advice is worth paying for. So yeah, if you need some, get it. And if you’re thinking you’re doing the right thing, isn’t it nice to get confirmation, too?
Gen Y: No.
Gen Z: Yes. And not on Tik Tok.
Reagan: Do you track every dollar you spend or wing it?
Gen X: 98%. Yeah.
Gen Y: Yep.
Gen Z: No, I don’t.
Reagan: Is it okay to ask family for money if you’re struggling?
Gen X: Depends what your relationship is and what the need is.
Gen Y: Yep.
Gen Z: Yeah.
Would you rather have a high-paying job you hate or a low-paying job you love?
Gen X: Definitely low paying that I love. Absolutely. I wouldn’t crucify my life just for the dollar. Absolutely not. I don’t think it’s that important. And I think a lot of people are doing the wrong job, slaving away for a dollar and they’re miserable.
Gen Y: I would say high paying job for five years and then shift into your passion… or maybe take the high-paying job and also do the low-paying job that you love.
Gen Z: Yeah, I think meaningful employment is just too important. I would not want a high paying job and be miserable.
A weaving thread: everyone’s worried about money
An overarching theme throughout the conversations is that all three generations are equally worried about money – just in a way that is relative to their life stage.
Whether that’s starting out and figuring out the ‘right’ investments for your situation, saving up for – and buying – your first home, or juggling a mortgage and experiencing life while planning for the end of your working years.
All of these situations can cause stress in our lives, and all can be made easier by improving the relationship with our finances; seeking advice, listening to and sharing perspectives with others, and regularly revisiting our financial plan to stay on track and reduce the stress of uncertainty.
After all, it’s somewhat comforting to know that we are less different from each other than first thought – it makes advice and success stories that much easier to relate to, and make into our own.
