Love and Money: Intergenerational and Intercultural Homes

A folded one hundred dollar bill shaped into a heart.

Intergenerational and intercultural households require a nuanced approach to money. Let’s choose love and harness the strengths of diversity to build generational wealth!

These householders are increasingly becoming the American norm. Per a The Hill report, multicultural Americans are projected to become the majority of the population by 2050.

As family members live longer and generations develop unique stances on economic and cultural topics, money becomes a more complex subject within households. Just as each of us has our own money love language, so does everyone else.

How we use, protect, and reinvest money varies across generations and cultures, yet it demands constant conversation. Money and wealth form the base of a family tree. By uncovering each other’s money mindset, we better understand how to nurture the family tree and grow the fruits of generational wealth.

A group of people sit around a wooden table outdoors, sharing food and laughing, while passing a dish to each other, their bonds strengthened by love and the joy of simple pleasures over wealth.

One Big Family

Historical high home prices, unpredictable job market, and student loans are only some of the factors leading to a boom that is taking America by storm: Multigenerational Housing. These households are defined by Pew Research Center as including two or more adult generations (with adults mainly ages 25 or older) or a “skipped generation,” which consists of grandparents and their grandchildren younger than 25.

In multigenerational households, we see the intersections of income, race, and culture within American society, making differences in money mindsets more apparent. Gen Z, for example, values financial security and starts financial planning early, while millennials prioritize experience spending and investing through digital platforms. In contrast, Gen X and Boomers often favor traditional savings methods and long-term financial stability, focusing on established investment vehicles like real estate and retirement funds.

With several generations potentially cohabitating under one roof, it’s important to get comfortable with money talks!

Making Intergenerational Connections
Open discussions about financial stress foster mutual understanding between generations, helping each appreciate the pressures and values that shape the other’s money habits.

Try this exercise to get the ball rolling. It’s called a Financial Story Swap. Each person writes down a significant financial decision or experience, positive or negative. After exchanging stories, discuss what you would have done differently or what you learned. This activity fosters deeper, more insightful conversations about financial values, habits, and beliefs, revealing the personal context behind each generation’s choices.

Honest money talks naturally lead to discussions about wealth—how to invest and grow it over time. Starting these conversations early helps caregivers establish strong financial foundations, setting up future generations to be #FinanciallyLIT.

💡 Looking to invest in a multi-family home and grow wealth through homeownership? Explore more about our multifamily real estate loans.

Making Intercultural Connections
Different cultural backgrounds can lead to conflicting money mindsets, with some prioritizing savings while others focus on spending. However, these cultural clashes can become opportunities for learning and innovation, helping families develop balanced financial strategies.

Diverse households become more financially resilient when they embrace open money talks, drawing strength from varied financial perspectives. The key lies in talking, openly and frequently!

Cultures that emphasize saving for the future teach us the value of patience and the importance of building a financial cushion. Cultures that prioritize sharing and collectivism highlight the power of pooling resources to achieve common financial goals. Cultures that embrace risk-taking inspire us to innovate, encouraging entrepreneurial ventures and bold financial moves.

Our unity and ability to honor each other’s heritage allows us to embrace new financial possibilities and build stronger economies.

We created the OneLove™ Card to symbolize our ability to bridge gaps by leaning into love and investing in our greatest strength…diversity! Tradition and innovation go hand in hand, enabling us to extend the financial wisdom of previous generations while adapting to technological changes.

We encourage you to embrace the beauty of generational and cultural differences. Water the roots of your family and its unique money mindsets, whether saving, spending, or investing. Where love abounds, wealth is abundant. #BankWhereYouWantToBe

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