Advice firms need to challenge stereotyping, says Unbiased, after its latest research showed that nearly half of financial articles comparing older and younger generations encourage conflict and inaction.
Unbiased warned that the negative impact of generational stereotypes in personal finance can lead to consumer inertia or consumers blindly following assumptions based on age.
Its research, which analysed over 2,500 articles in mainstream personal finance media in partnership with UCL researchers, found 53% of personal finance conversations in the media portray Baby Boomers negatively, often as ‘selfish’ or ‘greedy villains.’
In contrast, 57% cast millennials as victims, describing them as hapless and disadvantaged. Meanwhile, Generation X are presented as irrelevant, appearing in just 5% of articles despite representing 20% of the population.
The analysis found that almost half of articles (48%) comparing Boomers to other generations were considered antagonistic, promoting conflict over shared experiences, with this figure rising to 56% when comparing Boomers and millennials.
Unbiased has urged advisers to take steps to challenge common narratives and foster more inclusive conversations. These include recognising how generational labels drive inertia around personal finances and discourage people from seeking advice and being mindful of the language used in financial discussions, avoiding terms that reinforce negative stereotypes.
In addition, Unbiased said advisers should tailor their advice based on individual circumstances not broad generational labels and work to dismantle stereotypes to ensure advice remains accessible and effective for all clients, regardless of age.
According to the research, less than a quarter (24%) of the articles it analysed targeting generations provided specific financial guidance; most focused on generational tensions and the economic landscape. A large number of articles (44%) also provided extremely general recommendations, rather than addressing the nuances of individual financial circumstances.
Karen Barrett, CEO and founder of Unbiased, said: “The biggest challenges facing the financial advice sector are not merely AI or tech adoption. The real existential challenge lies in making sure advice is accessible to everyone who needs it. Generational labels could be undermining our efforts to close that advice gap, driving inertia and misleading advice.
“As an adviser, your words must always be fair, clear and not misleading. Because if you get it wrong, the consequences could be significant for your clients. You exist to help them, empower them and your words play a key role.”
