Financial vs Psychological Wellbeing of Generations X, Y, and Z Consumers in Poland

Empirical research confirms that the financial behaviour of consumers differs from generation to generation – in terms of saving, spending money and also the use of credit. The main objective of this article is to determine the level of financial wellbeing and the relation between psychological wellbeing and financial wellbeing across three consumer age cohorts – generations X, Y and Z in Poland. To achieve this, a CAWI survey was conducted using the Consumer Financial Protection Bureau scale and the Ryff’s Psychological Wellbeing Scale. The results of the F-test show that although generational belonging does not statistically significantly differentiate financial wellbeing, generations X, Y and Z differ in terms of the assessment of their psychological wellbeing. The results of the correlation analysis indicate that the relationship between each dimension of psychological wellbeing and the financial wellbeing indicator is relatively weakest for Generation X and strongest for Millennials.