20s and younger -- Members of Generation Y are entering the work force and now comprise the largest consumer group in American history. Fortunately, a recent survey by Diversified Investment Advisors found that more than a third of Generation Y expect to start saving for retirement before they reach 25. Unfortunately, there is evidence that Generation Y can expect to struggle with student loan and credit card debt. If you are in your 20s, set yourself up for financial success by using credit responsibly.

30s -- Generation X is sometimes referred to as Generation Debt. According to the Federal Reserve, credit card debt for 25- to 34-year-olds nearly tripled between 1983 and 2001. Coupled with student loan debt and increased housing costs, many 30-somethings have difficult conditions to deal with. If you are in your 30s, make sure not to acquire more mortgage debt than you can afford and make a concentrated effort to repay education loans.

40s -- Your 40s should be a good time, financially. Workers in their 40s are likely entering their peak earning years, making this the ideal time to secure their financial footing. If you are in your 40s, paying down debt is imperative. Do not be tempted to take on a lengthy mortgage loan that will haunt you in the future.

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