5<\/p>\n Here, four money<\/a> experts from different generations tell MEL HUNTER about how they handle it – and tips for how to take action now.\u00a0<\/p>\n GEN Z 5<\/p>\n Cameron Smith, 26, said: “I don\u2019t want to work forever.”<\/p>\n FOUR years after leaving university, Cameron Smith<\/a>, 26, has bought a house, built an investment pot, started a pension \u2013 and talked money matters with the Prime Minister, Chancellor and Bank of England<\/a> Governor.<\/p>\n He\u2019s also gained 500,000 followers on Instagram<\/a> (@cazza_time) and TikTok<\/a> (@cazzatime).<\/p>\n \u201cI took it upon myself to learn about taxes, investments, savings and pensions<\/a>, and I\u2019ve shared it with others.<\/p>\n \u201cNone were taught at school.<\/p>\n \u201cBecoming an adult at a time marked by rising living costs, high house prices<\/a>, and uncertainty in the economy, has probably made me more financially aware than previous generations.<\/p>\n \u201cThere’s a sense that if we don\u2019t take control early, we\u2019ll fall behind.\u201d<\/p>\n Cameron is now working as a financial educator after leaving his job as a software engineer with BT in March.<\/p>\n Over the past year, he\u2019s shared his experience of buying his first home with girlfriend Georgia Pickford, 26, an account manager with a publishing company\u00a0 \u2013 a three-bed doer-upper on the outskirts of London<\/a> that cost the couple \u00a3320,000.<\/p>\n They each took out a Lifetime ISA to build the \u00a330,000 deposit.<\/p>\n He also invests in a stocks and shares ISA and has already built up a decent lump sum of \u00a350,000.\u00a0<\/p>\n \u201cI prioritise investing<\/a> \u2013 I don\u2019t want to be working forever.<\/p>\n \u201cIt\u2019s all automated so the emotion is taken out of my hands.\u201d<\/p>\n He left university with \u00a350,000 in student loans but it\u2019s now \u00a370,000 because of rising interest rates.<\/p>\n He paid off around \u00a31,000 a year when he was working for BT \u2013 nine per cent of his earnings over the \u00a326,000 threshold.<\/p>\n \u201cIt\u2019s at the back of my mind but I see it as an additional tax for going to university.\u201d<\/p>\n Cameron also prioritises having fun.<\/p>\n \u201cHolidays are probably the thing I spend the most on. For my generation, taking breaks is an investment in your mental health<\/a>.<\/p>\n \u201cOtherwise, I don\u2019t spend a lot. I don\u2019t buy new clothes. I prefer thrifting<\/a>.\u201d<\/p>\n Action plan for Gen Z:<\/p>\n Master budgeting, balancing what you spend with the mount you have coming in.<\/p>\n Save into a pension and think about paying more than the auto-enrollment level.<\/p>\n Start building a good credit score, for when you want a loan or mortgage.<\/p>\n Look into starting a Lifetime ISA to help get on the property ladder.<\/p>\n Set out your financial goals and how you\u2019re going to get there.<\/p>\n MILLENNIAL 5<\/p>\n Clare Seal, 35, said: “My generation has fallen through a crack.”<\/p>\n CLARE Seal, 35, from Bath has paid off \u00a327,000 debt and become a financial coach, sharing her experience with nearly 120,000 Instagram followers.<\/p>\n But she fears Millennials like her \u2013 aged 28 to 45 \u2013 have fallen through a \u2018financial crack.<\/p>\n Clare, who hosts the podcast \u2018Help Me, I\u2019m Poor\u2019, says: \u201cThe world we were raised for is not the world we live in.<\/p>\n \u201cWe were raised on cash and piggy banks, but we live in a world where money is digital and invisible.\u201d<\/p>\n Clare says her generation was badly hit by the 2007 financial crash, soaring house prices and now the cost of living crisis.<\/p>\n She and husband, Phil, 34, had their first son, now 10, a year after university.<\/p>\n Clare wanted to create a perfect homelife, swayed by the mum influencers<\/a> on social media.<\/p>\n Then, her 2017 wedding cost \u00a318,000.<\/p>\n \u201cIt wasn\u2019t that expensive, but there is no room for error for my generation.<\/p>\n \u201cBecause we are constantly trying to make ends meet, there\u2019s no wiggle room.\u201d<\/p>\n Through tracking spending, budgeting, shifting her mindset and documenting her journey on Instagram, Clare managed to pay off the \u00a327,000 debt in 2021.<\/p>\n The couple who also have a seven-year-old son and daughter, two, work hard and Clare now earns around \u00a360,000.<\/p>\n \u201cWe’re still very squeezed even though we earn very well, are not materialistic, and manage our money.\u201d<\/p>\n Clare makes \u2018micro investments\u2019 through the Plum app, investing \u00a3700 last year, using cashback or money from Vinted<\/a> sales.<\/p>\n \u201cIt is a great way to feel empowered if you don\u2019t have lots to save.\u201d<\/p>\n They also have an emergency fund and savings pots for unexpected bills<\/a>.<\/p>\n She and Phil save into junior ISAs, hoping to save \u00a320,000 for each child before their 18th\u00a0birthdays.<\/p>\n \u201cWe involve the children so they can see it grow.<\/p>\n \u201cWe don\u2019t want to make the same mistake our parents did by not talking about money.\u201d<\/p>\n Action plan for millennials:<\/p>\n Money may be tight, so try micro-investing small amounts in stocks and shares ISAs<\/p>\n Get to know your pension by checking it regularly online<\/p>\n Try to avoid lifestyle creep, where your spending increases with your earnings.\u00a0<\/p>\n If you have children, set up savings accounts for them, make small regular payments and teach them about money.<\/p>\n Make sure you are getting all the benefits<\/a> you are entitled to – check an online calculator.<\/p>\n GEN X 5<\/p>\n SARAH-JANE Outten, 49, said: “We have one foot in the past and one in the future.”<\/p>\n SARAH-JANE Outten, 49, a consumer expert with\u00a0myvouchercodes.co.uk<\/a>, says:\u00a0<\/p>\n \u201cMy generation learnt about money from our parents, but now we have access to everything in seconds on the internet.<\/p>\n \u201cWe\u2019re the generation with one foot in the past and one in the future.<\/p>\n \u201cSome embrace change more than others, but it\u2019s important to keep up – many deals and discounts are only available online\u201d<\/p>\n Her early attitudes to money came from her parents. Dad, Steve, was in the Army, and her mum, Ann, always worked, wherever they were posted.<\/p>\n \u201cMy dad gave my mum housekeeping money. He worked hard and kept a roof over our heads, but my mum never relied on that. She always had a backup.<\/p>\n \u201cThat financial independence rubbed off on me.<\/p>\n \u201cBut while mum\u2019s wage provided money for fun, mine is essential to make ends meet.\u201d<\/p>\n Sarah-Jane had her daughter when she was 19 and her first son when she was 22, before her marriage<\/a> ended in 2007.<\/p>\n \u201cI was young and naive and couldn\u2019t see anything going wrong, so I put money into a business<\/a> and savings in his name, and lost it.<\/p>\n \u201cI had to start again with very little. I couldn\u2019t afford to save. Every penny was accounted for.\u201d<\/p>\n Since marrying her current husband Dave, 49, and having another son, now 13, she\u2019s kept their finances separate.<\/p>\n \u201cI am still very frugal with things like my food shop so I can have some fun with my family at the weekend.<\/p>\n \u201cI always check I\u2019ve got the best deal. I recently saved \u00a360 a month by ditching my TV package and buying a Roku<\/a> box, so I can stream channels through my TV.<\/p>\n \u201cSearching out deals is time consuming, but essential.\u201d<\/p>\n When it comes to future planning, Sarah-Jane isn\u2019t sure when she will retire.<\/p>\n \u201cI don\u2019t know how long I will have to work for, but luckily I enjoy my job.\u201d<\/p>\n Action plan for Gen X<\/p>\n Check if your retirement plans are on track and if not, take action.<\/p>\n Track down any lost pensions or dormant bank accounts.<\/p>\n Make sure you have a safety net, with money set aside for emergencies and protection in place in case you can\u2019t work.<\/p>\n If you\u2019re earning more, maximise your savings and use ISA allowances.<\/p>\n Talk money matters with older and younger generations.<\/p>\n BOOMER 5<\/p>\n Kevin Mountford, 64, said: “We have to be careful people don\u2019t get left behind.”<\/p>\n KEVIN Mountford, 64, co-founder of Raisin UK, a platform where people can manage different savings accounts, \u2018lives and breathes\u2019 finance, but understands others may not have the same awareness.<\/p>\n \u201cMy attitude to money started with my parents.<\/p>\n \u201cMy dad, Mervyn, a bricklayer, always wanted to do his best for the family, striving to buy his own home.<\/p>\n \u201cThat attitude rubbed off on me and my sisters, Angela and Karen, and from my first paper round, I\u2019ve always worked hard.\u201d<\/p>\n In his 20s, Kevin began working for Royal Mail<\/a>, starting as a postman. He went on to jobs<\/a> with the Bank of Scotland<\/a> and then comparison site MoneySuperMarket.<\/p>\n \u201cI had to practice what I preached.<\/p>\n \u201cI\u2019ve always lived within my means, and been conscious of putting a little bit aside.<\/p>\n \u201cI took advantage of ISAs, both cash and stocks and shares, as well as savings and bonds.<\/p>\n \u201cI’ve been quite risk averse. Maybe too much at times – because my dad was.\u201d<\/p>\n While he set up Raisin, a \u2018fintech\u2019 firm, using the latest technology<\/a>, Kevin and wife Michelle also have more traditional saving methods<\/p>\n \u201cWe save all our loose change in a huge whisky<\/a> jar. When we empty it, there\u2019s usually \u00a3400 to \u00a3500 pounds.\u201d<\/p>\n He\u2019s also saved the new style \u00a35 notes since 2016. He saves up \u00a3500 at a time and then uses the money to buy something for his home.<\/p>\n He\u2019s a fan of doing a \u2018financial spring<\/a> clean\u2019 to check spending.<\/p>\n \u201cInstead of letting my wife\u2019s car insurance<\/a> roll over, we compared prices and saved \u00a3200.<\/p>\n \u201cI move my savings around and I took out an American Express BA card to build up points for hotels<\/a>, although I set reminders for myself to pay it off.\u201d<\/p>\n He transferred his workplace pensions into a SIPP (Self-Invested Personal Pension), mainly to help Michelle, 10 years his junior, access a greater share.<\/p>\n Kevin bought his first home, a townhouse in Stoke on Trent for \u00a334,000 in the late 1980s.\u00a0The average first time buyer now spends around\u00a0\u00a3310,000.<\/p>\n He says he\u2019s enjoyed a \u2018golden era\u2019 and that it\u2019s hard for young people to get on the housing ladder today.<\/p>\n While he loves the benefits of\u00a0 financial technology, he says we have to be \u2018careful that people are not getting left behind.\u2019<\/p>\n Kevin will get access to his state pension<\/a> at 66 but isn\u2019t planning to retire soon.<\/p>\n \u201cThere\u2019s a tendency to stereotype everyone over 50, but you can\u2019t do that anymore, when people live and work in different ways.\u201d<\/p>\n Action plan for Boomers<\/p>\n Make a clear financial plan for retirement and seek help if you feel overwhelmed.<\/p>\n Make sure your will is up to date and you have power of attorney in place, so that others can look after your money matters if you\u2019re not able to.<\/p>\n Look after yourself financially before stepping in to help family out.<\/p>\n Talk about later life and ignore possible care costs.<\/p>\n NATWEST CUTS<\/p>\n NatWest customers have been urged to check their account after the banking giant made a flurry of interest rate cuts this week.<\/p>\n The bank slashed rates on three adult savings accounts and one kids savings account on Tuesday.\u00a0<\/p>\n Affected accounts are: the First Saver; Adapt Account; First Reserve; Primary Savings.<\/p>\n Those with a First Saver or Adapt Account saw rates drop from 2.25 per cent to 2.05 per cent, while those with a First Reserve account saw rates drop from 1.25 per cent to 1.15 per cent.<\/p>\n Those with a Primary Savings account will see rates drop to between 1.15 per cent to 2.55 per cent, depending on how much you have saved.<\/p>\n Savings rates usually tumble soon after a Bank of England<\/a> base rate cut – and a cut took place last month from 4.25 per cent to 4.5 per cent.<\/p>\n NatWest isn\u2019t the only bank who has lowered savings rates recently.<\/p>\n Nationwide<\/a> cut interest rates on over 60 savings accounts on June 1, while Newcastle<\/a> cut rates on 37 accounts on June 5.<\/p>\n See if you can get a better rate on your savings by switching providers.<\/p>\n The best rate for savers with \u00a31,000 in their account is offered by West Brom Building Society at 4.55 per cent.<\/p>\n![\"Collage](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/07\/TOB-money-decisions_COMP.jpg\")
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