No matter your age, you can always learn from previous generations' money mistakes to help you make more prudent financial decisions.
Generation Z typically does not save early to benefit from the power of compounding interest, millennials tend to take on too much credit card debt, Generation X delays saving for retirement and Baby Boomers are said to be highly risk-averse, experts say.
An overwhelming 85 per cent of Americans admitted to having made mistakes with their finances over the past 10 years, according to a 2020 survey by bank comparison website DepositAccounts.com. Respondents said their worst financial mistake over the past 10 years was racking up credit card debt (23 per cent), followed by not saving enough for retirement (16 per cent) and spending beyond their means (16 per cent).
All generations agreed that racking up credit card debt was a major financial mistake, the survey found. About 26 per cent of Baby Boomers said their biggest financial regret of the past decade was not saving enough for retirement, while millennials admitted they were spending beyond their means, the study revealed.
“Some financial advice is not one size fits all,” says Vijay Valecha, chief investment officer at Century Financial.
“The best money moves for someone who has just got their first job won’t be the same as for someone who is ready to buy their first home or for one who is approaching retirement.”
We spoke to people representing Generation Z, millennials, Generation X and Baby Boomers to find out what they think are each generations' biggest money mistakes, while financial experts weigh in with their advice.
Generation Z
Zuha Khan, 17, an Indian student in the UAE, believes one of the biggest financial mistakes committed by millennials is being careless with credit cards.
“A majority of millennials struggle with credit card debt that they’re unable to pay at the end of the month,” she says. “Not only do the unpaid balances accumulate, but the interest charges incurred also make their situation worse. I would like to ensure that I pay my credit card bills in full each month and build a good credit score.”
Some millennials tend to fall into the trap of living in the moment and do not plan for the future, Ms Khan says. Other mistakes millennials make are not investing their money, falling for get-rich-quick schemes and making risky investments, the teenager says.
“It is very important that people save for emergency funds. Most millennials ignore its importance and end up in debt or having to pull from other savings accounts in the event of economic downturn or job loss,” she says.
Gen Z tends to procrastinate financially
Vijay Valecha,
chief investment officer, Century Financial
What the financial experts say
Financial advisers say that Generation Z can be easily influenced by social media and some base their investment decisions on unqualified advice. Meme stocks and hashtags such as #FinTok on social media video platform TikTok are gaining in popularity among this generation.
“In the world of meme stocks with aggravated volatility, it is easy to act on advice that appears catchy, but the information provided may not always be accurate and may be painted with a rosy brush,” Mr Valecha says.
Members of Generation Z – widely referred to as Zoomers – also adopt a carefree approach to money and find themselves having to fix bad habits or play catch-up later when they peak in their career, according to experts.
“Gen Z tends to procrastinate financially. When they’re starting out in their careers and don’t have much money available, they tend to think waiting a few years when they’re older and have a higher earning potential would make saving less painful,” Mr Valecha says.
However, Francois Farjallah, head of Middle East and Turkey at private banking group EFG International, believes Generation Z is the most financially savvy of all generations, but they want everything.
“They want to have a business, income-generating real estate, cryptocurrencies and shares, among others. Wanting it all might actually be their mistake,” he says.
Millennials
Generation X did not have a lot of savings, but instead were keen to invest in land and property for sentimental reasons, says Diana D’Souza, 40, a millennial who lives in Dubai.
“My parents always believed in living for the present day. They thought fixed deposits were the best way to save, whereas I believe the better way to save money is to live within one’s means,” Ms D’Souza says.
Generation X also did not understand the concept of having an emergency fund and saving for their children’s future education, she says.
“The life of Gen X was very simple while millennials are more ambitious and live in a competitive environment. So we have a bigger financial burden than our predecessors,” Ms D'Souza says.
What the financial experts say
EFG International's Mr Farjallah believes millennials ask for too much advice and support from Generation X.
Millennials’ biggest mistake is asking too much advice and support from Gen X
Francois Farjallah,
head of Middle East and Turkey, EFG International
Aman Moti, meanwhile, a wealth adviser at Holborn Assets, says many millennials do not have an emergency fund in place. “It is of paramount importance to have at least six months’ worth of expenses in your bank account to account for unforeseen expenses or sudden loss of income,” he says.
Millennials are less likely than older generations to review their insurance coverage annually to ensure their health and life insurance is adequate if they face an unexpected situation, Mr Moti says.
They also tend to misuse credit cards and prefer risky investing, according to Mr Valecha.
“New apps and investment options are causing millennials to be impulsive about their investing,” Mr Valecha says.
“While a new app or up-and-coming cryptocurrency might sound promising, they could open you up to more risk than you can comfortably tolerate. Before putting money in the next big thing, figure out how much risk you’re willing to take on.”
Generation X
David Bell, 43, a British sales specialist at Microsoft, says one of the biggest financial mistakes made by Baby Boomers was putting too much cash in the bank. It is safe, but all the time that it is in there, it is losing value, says Mr Bell, who believes it is better to invest wisely in a diversified portfolio.
Another common error noticed by Mr Bell is that Baby Boomers tend to invest 100 per cent of their savings in real estate. “Property can be a good investment as a portion of your portfolio, but don’t put all your money into real estate,” he says. “Property investment in mature markets such as the UK and US can bring reasonable returns, however, there is the risk that it can be outpaced by inflation. In addition, markets can be volatile, remember the price crashes in the 1990s and 2000s.”
Other financial mistakes include relying on government pensions for income and not accounting for where they will retire and how that will affect their income, he says.
“Many governments are no longer in a position to pay pensions that would resemble a living wage as the cost of living has risen faster than governments have raised pension pay-outs. Many Boomers find themselves having to supplement their incomes through part-time jobs or rely on younger family members.”
Other typical financial mistakes made by Boomers include relying on state/government pensions for income
David Bell,
Gen Xer in Dubai
What the financial experts say
Generation X’s biggest mistake is worrying too much about providing a good financial future for their millennial and Generation Z kids, when in reality they are most likely to make more money faster than their parents, Mr Farjallah says.
“To a certain extent, Gen X were also slow in accepting environmental, social and governance-driven investments.”
Generation X has a tendency to delay saving for their retirement, Mr Valecha says. “Gen X investors are so caught up building a secure future for their children or building a second home that they usually haven’t saved sufficiently for their retirement and start making catch-up contributions to their retirement accounts that often becomes a financial burden to accumulate large amounts in a limited time period.”
This generation is also not prepared for the unexpected, he says. Generation X investors have worked hard to build a smart saving and investing strategy, but unexpected events such as an illness or job loss can derail their future if they are not prepared.
“They usually make little effort to protect their assets with the right insurance coverage and tend to have a lower cash reserve to give flexibility to handle whatever comes their way,” Mr Valecha says.
Baby Boomers
The biggest mistake of the Silent Generation, those born from 1928 to 1945, was not to save for their children’s education, according to Arun Mamtani, a 63-year-old Baby Boomer.
“My granddaughter is only two years and I am already planning to secure her financial future until she is in her mid-20s,” says the chief financial officer of a UAE-based business conglomerate.
“I could not go for higher studies because my father never prioritised saving for my higher education. Their main priority was to invest in property to settle in after retirement. For our generation, children’s education is the first priority,” the Indian expat says.
The Silent Generation did not know the concept of an emergency fund and mostly took out loans against their provident funds (government-managed retirement savings scheme) in case of a fund crunch, he says.
What the financial experts say
“Baby Boomers’ biggest mistake is failing to understand and invest in blockchain and cryptocurrencies,” Mr Farjallah says.
Baby Boomers also tend to be more laid back about checking their asset allocation and withdrawal strategy regularly after retirement, according to Mr Valecha.
“With equity markets continuing to post new records, there is a good chance their equity-to-fixed-income ratio is improper. It is important to rebalance to an appropriate allocation based on their risk tolerance and financial goals,” he says.
Baby Boomers are also considered too risk averse. While it is recommended that Baby Boomers should invest more conservatively because they have less time to recover from market downturns, they can consider shifting their investment portfolio so that inflation does not dent their future purchasing power, Mr Valecha says.
“Growing life expectancies means retirement could last 30 to 40 years. Baby Boomers do not consider maintaining some exposure to growth-oriented investments to help their money last longer,” he says.
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
ENGLAND SQUAD
Goalkeepers Henderson, Pickford, Pope.
Defenders Alexander-Arnold, Chilwell, Coady, Dier, Gomez, Keane, Maguire, Maitland-Niles, Mings, Saka, Trippier, Walker.
Midfielders Henderson, Mount, Phillips, Rice, Ward-Prowse, Winks.
Forwards Abraham, Barnes, Calvert-Lewin, Grealish, Ings, Kane, Rashford, Sancho, Sterling.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Scoreline
UAE 2-1 Saudi Arabia
UAE Mabkhout 21’, Khalil 59’
Saudi Al Abed (pen) 20’
Man of the match Ahmed Khalil (UAE)
The Book of Collateral Damage
Sinan Antoon
(Yale University Press)
RESULTS
5pm: Maiden | Dh80,000 | 1,600m
Winner: AF Al Moreeb, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Handicap | Dh80,000 | 1,600m
Winner: AF Makerah, Adrie de Vries, Ernst Oertel
6pm: Handicap | Dh80,000 | 2,200m
Winner: Hazeme, Richard Mullen, Jean de Roualle
6.30pm: Handicap | Dh85,000 | 2,200m
Winner: AF Yatroq, Brett Doyle, Ernst Oertel
7pm: Shadwell Farm for Private Owners Handicap | Dh70,000 | 2,200m
Winner: Nawwaf KB, Patrick Cosgrave, Helal Al Alawi
7.30pm: Handicap (TB) | Dh100,000 | 1,600m
Winner: Treasured Times, Bernardo Pinheiro, Rashed Bouresly
Important questions to consider
1. Where on the plane does my pet travel?
There are different types of travel available for pets:
- Manifest cargo
- Excess luggage in the hold
- Excess luggage in the cabin
Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.
2. What is the difference between my pet traveling as manifest cargo or as excess luggage?
If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.
If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.
3. What happens when my pet arrives in the country they are traveling to?
As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.
If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty.
If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport.
4. How long does the travel paperwork and other travel preparations take?
This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.
In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.
5. What vaccinations does my pet need to travel?
Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.
Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.
Source: Pawsome Pets UAE
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
'Brazen'
Director: Monika Mitchell
Starring: Alyssa Milano, Sam Page, Colleen Wheeler
Rating: 3/5
UAE currency: the story behind the money in your pockets
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Off-roading in the UAE: How to checklist
Company%20profile
%3Cp%3ECompany%20name%3A%20Shipsy%3Cbr%3EYear%20of%20inception%3A%202015%3Cbr%3EFounders%3A%20Soham%20Chokshi%2C%20Dhruv%20Agrawal%2C%20Harsh%20Kumar%20and%20Himanshu%20Gupta%3Cbr%3EBased%3A%20India%2C%20UAE%20and%20Indonesia%3Cbr%3ESector%3A%20logistics%3Cbr%3ESize%3A%20more%20than%20350%20employees%3Cbr%3EFunding%20received%20so%20far%3A%20%2431%20million%20in%20series%20A%20and%20B%20rounds%3Cbr%3EInvestors%3A%20Info%20Edge%2C%20Sequoia%20Capital%E2%80%99s%20Surge%2C%20A91%20Partners%20and%20Z3%20Partners%3C%2Fp%3E%0A
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
JAPANESE GRAND PRIX INFO
Schedule (All times UAE)
First practice: Friday, 5-6.30am
Second practice: Friday, 9-10.30am
Third practice: Saturday, 7-8am
Qualifying: Saturday, 10-11am
Race: Sunday, 9am-midday
Race venue: Suzuka International Racing Course
Circuit Length: 5.807km
Number of Laps: 53
Watch live: beIN Sports HD
Ready Player One
Dir: Steven Spielberg
Starring: Tye Sheridan, Olivia Cooke, Ben Mendelsohn, Mark Rylance
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
BUNDESLIGA FIXTURES
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.3-litre%204cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E299hp%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E420Nm%20at%202%2C750rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E10-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E12.4L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh157%2C395%20(XLS)%3B%20Dh199%2C395%20(Limited)%3C%2Fp%3E%0A
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
Stuck in a job without a pay rise? Here's what to do
Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.
“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”
Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.
Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.
“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”
For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.
“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”
MATCH INFO
Real Madrid 3 (Kroos 4', Ramos 30', Marcelo 37')
Eibar 1 (Bigas 60')
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
Results
Stage 7:
1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29
2. Sam Bennett (IRL) Deceuninck-QuickStep - same time
3. Phil Bauhaus (GER) Bahrain Victorious
4. Michael Morkov (DEN) Deceuninck-QuickStep
5. Cees Bol (NED) Team DSM
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28
2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35
3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02
4. Chris Harper (AUS) Jumbo-Visma - 0:01:42
5. Neilson Powless (USA) EF Education-Nippo - 0:01:45
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Gully Boy
Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi
Rating: 4/5 stars
Sholto Byrnes on Myanmar politics
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
The biog
Favourite book: Animal Farm by George Orwell
Favourite music: Classical
Hobbies: Reading and writing
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2-litre%204-cylinder%20petrol%20(V%20Class)%3B%20electric%20motor%20with%2060kW%20or%2090kW%20powerpack%20(EQV)%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20233hp%20(V%20Class%2C%20best%20option)%3B%20204hp%20(EQV%2C%20best%20option)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20350Nm%20(V%20Class%2C%20best%20option)%3B%20TBA%20(EQV)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EMid-2024%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3ETBA%0D%3C%2Fp%3E%0A
'Nope'
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Jordan%20Peele%0D%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Daniel%20Kaluuya%2C%20Keke%20Palmer%2C%20Brandon%20Perea%2C%20Steven%20Yeun%0D%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
2018 ICC World Twenty20 Asian Western Sub Regional Qualifier
Event info: The tournament in Kuwait this month is the first phase of the qualifying process for sides from Asia for the 2020 World T20 in Australia. The UAE must finish within the top three teams out of the six at the competition to advance to the Asia regional finals. Success at regional finals would mean progression to the World T20 Qualifier.
UAE’s fixtures: Fri Apr 20, UAE v Qatar; Sat Apr 21, UAE v Saudi Arabia; Mon Apr 23, UAE v Bahrain; Tue Apr 24, UAE v Maldives; Thu Apr 26, UAE v Kuwait
World T20 2020 Qualifying process:
- Sixteen teams will play at the World T20 in two years’ time.
- Australia have already qualified as hosts
- Nine places are available to the top nine ranked sides in the ICC’s T20i standings, not including Australia, on Dec 31, 2018.
- The final six teams will be decided by a 14-team World T20 Qualifier.
World T20 standings: 1 Pakistan; 2 Australia; 3 India; 4 New Zealand; 5 England; 6 South Africa; 7 West Indies; 8 Sri Lanka; 9 Afghanistan; 10 Bangladesh; 11 Scotland; 12 Zimbabwe; 13 UAE; 14 Netherlands; 15 Hong Kong; 16 Papua New Guinea; 17 Oman; 18 Ireland
Continental champions
Best Asian Player: Massaki Todokoro (Japan)
Best European Player: Adam Wardzinski (Poland)
Best North & Central American Player: DJ Jackson (United States)
Best African Player: Walter Dos Santos (Angola)
Best Oceanian Player: Lee Ting (Australia)
Best South American Player: Gabriel De Sousa (Brazil)
Best Asian Federation: Saudi Jiu-Jitsu Federation
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
