Health insurance appears to be one battleground where baby boomers are losing out to the younger generations.
Research by Canstar Blue has found the average millennial is paying less than a third of what those over 55 pay.
While baby boomers shelled out an average of $3765 a year, gen Yers paid just $983.
Canstar New Zealand managing director Jose George said the big disparity could partly be explained by the extra health risks associated with a rise in age.
"At first glance, our older generation is paying more in terms of premiums despite making a similar number of claims as the younger age groups per year.
"However, the claims they make are three times more likely to be for serious illness.
"This may also explain why baby boomers are three times more likely to stay with their insurer due to pre-existing conditions," George said.
But the rising cost was also forcing people to down-size their cover.
Nearly a third of baby boomers had reduced their cover to keep the costs of premiums down and 45 per cent said they had restricted cover because full cover was too expensive.
That compared to an overall customer average of 18 per cent and 29 per cent respectively.
"There is no doubt that baby boomers are feeling the pinch when it comes to the rising cost of health insurance," George said.
"Although an overwhelming majority of our older generation liked the peace of mind health insurance provides, unfortunately two in five of them will sacrifice spending in other areas in order to be able to pay their premiums."
Men were also more likely to be paying more for health insurance than women with the average policy for men costing $2396 and for women $1995.
George said peace of mind was one of the main reasons people took out health insurance with 62 per cent of those it surveyed citing it.
Last year a record $1.136 billion was paid out in health insurance claims, and the total number of people with a health insurance policy now exceeds 1.3 million; more than a quarter of the population.
George said those who were concerned about the cost of their insurance should research the market and shop around.