Financial well-being in generations X, Y and Z in Poland

Financial well-being is one of the most important criteria used to evaluate quality of life and social progress by the OECD. It can be measured both on the basis of objective criteria, e.g. income,expenditure/income ratio, and on the basis of a subjective assessment by consumers. Empirical research confirms that age cohorts differ in their financial behaviour – in terms of spending and saving moneyand the use of credit. The main objective of this article is to determine the level of financial well-being for consumers in generations X, Y and Z, and to identify the factors that influence it. To achieve this,a CAWI survey was conducted using the Consumer Financial Protection Bureau scale. The results of the F-test show that belonging to a generation does not statistically significantly differentiate financialwell-being. However, in generations Y and Z, the perceived subjective assessment of financial well-being is differentiated by gender and income. It is higher for males and increases significantly with income. The impact on financial well-being of a variable ‘the assessment of change in financial situation in the last 12 months’ was also analysed. The results of the F-test confirm that this variable differentiatesfinancial well-being in all generations.