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The UK’s Financial Conduct Authority (FCA) is launching a consultation on the differing financial challenges and regulatory issues facing three generations — baby boomers, Generation X and millennials.

The regulator published a discussion paper on Thursday to kick off a consultation on the evolving financial need of different generations. It will also be holding various events to explore these issues, culminating in a conference on July 2.

The effort is intended to spark a conversation about how both regulators and the industry should be preparing to meet consumers’ shifting financial needs in the years ahead.

“Older people are living longer as life expectancy is increasing. So Baby Boomers will need to develop new financial strategies to maintain living standards in later life,” the FCA said. “Younger people face a series of difficulties in building wealth due to the combined impact of rising house prices, unsecure employment, and student debt.”

“So-called ‘Generation X’ are likely to be financially stretched, torn between the responsibility of helping older generations in later life and providing financial support to the younger generations. This leads to being unable to set aside money for their pension or to save for emergencies – leaving them open to financial shocks,” it added.

The FCA said it wants to encourage other regulators, policymakers and the financial industry to examine how to address these different, evolving financial needs.

“‘With this paper, the FCA has a specific focus on the role the regulatory framework plays in reducing barriers to intergenerational engagement with their finances,” said Christopher Woolard, executive director of strategy and competition at the FCA.

“Now is the time to step back, consider and understand how these needs are evolving and challenge assumptions about consumer needs in the context of different intergenerational factors,” he added.