KNOW: Fifty-three percent of Gen Ys say they are living paycheck to paycheck, more than any other generation, according to a new MetLife study. Many are unhappy with the disability and life insurance coverage provided by their employers.

DO: When counseling young adults, recognize how the Gen Y psychology has changed. The Ys are cutting spending and saving. They’re more concerned about security right now than making it rich. Help them build their personal safety net.

KNOW: A large percentage of Baby Boomer households have become caregivers for elderly parents. Not only does that commitment consume time, it costs the caregivers surveyed by Caring.com an average of $5,500 a year. Many caregivers say they will save less for retirement as a result.

DO: Inquire into your client’s family dynamics. Depending on their caregiving obligations, Boomer households with the same level of income may be situated very differently to save and invest. You need to know those obligations in order to map out realistic goals.

KNOW: Like other generations Gen Ys are cutting back their spending. But they’re saddled with less debt than Boomers and Gen Xers, so more of them are saving — and have money to invest.

DO: Cultivate Gen Ys as clients, even if they have less income than the Boomers and Gen Xers. Many of them are in a better position to start investing. And they need advice on where to put their money just like everybody else.

KNOW: “Longevity risk” is the term the financial industry assigns to the chances that a client will outlive his or her income. Stephen Mitchell, COO of the Retirement Income Industry Association, finds the term unnecessarily negative. Living long is a good thing, right? He suggests the phrase, “Longevity opportunity.”

DO: Use Mitchell’s recommended phrase with the optimistic Boomers; we think they will respond favorably. And so will the Silent Generation, though to a lesser degree. Stick with the traditional phrase, “longevity risk” when addressing the skeptical Generation X. The phrase will appeal to the Xers’ more pragmatic nature.

KNOW: Generation X, ages 27-44 in 2009, are getting married, buying homes, raising families. Their strong independent orientation means they will research, fact-check and question you at every turn. In the end, they will hold themselves accountable.

DO: Do your homework before making specific recommendations to Gen X clients. Take the time to “google” key products, funds, carriers, firms and even terms you propose or use. See what your Gen X clients might learn when they do the same, so you can address it in advance. Even “google” yourself and your firm, too.

KNOW: Among Boomers, “typical” households are the exception — husband, wife, two teen-age kids. Fully one in three Boomers are unmarried — divorced/separated, widowed or never married. Another third live in blended family households — multiple marriages, stepkids, half-siblings, and so forth.

DO: Make sure you understand the current household composition and family dynamics as you work with your Boomer clients. A prudent approach is to avoid getting entangled — just deliver fact-based advice on finances, retirement, insurance, wills and estates.

KNOW: Your clients and prospects will read today’s “Journal Report” from The Wall Street Journal about the questions clients should ask when choosing the right Financial Advisor. Be aware that each generation will process the “report” through different lenses.

DO: Read the report yourself, and understand your answers will not connect equally across the different generations. For example, Silent Generation clients are more trusting of authority figures and experts than Boomers or Gen Xers are. In general, the younger the client, the more you have to demonstrate your trustworthiness by including them in all decisions.

KNOW: In contrast to financial advisors, half of investment-age Americans see no significant connection between stock market performance and general economic health. Presumably, they rely upon more personal indicators for gauging economic well-being.

DO: Talk to your clients and find out which camp they’re in. Frame your discussions with them accordingly, using sign posts that they find meaningful.

KNOW: Boomers, commonly called the “Sandwich” generation, sometimes find themselves busy raising school-aged children and providing care for elderly parents or relatives at the same time. When they are thrust into that new role they are more receptive to putting together their own financial or retirement plan.

DO: Ask your Boomer clients about their caregiving situation. It is a new and difficult life stage for most, and a real eye-opener about the need for a long-term financial plan.

KNOW: Generation X, ages 26-44 in 2009, have a generational disposition to be independent and self-reliant. When it comes to financial advice, they prefer knowing all the options available, and they want instant access to their full account information, over the Web, on their phone, at their convenience.

DO: When working with Gen Xers, be sure to tell them about specific products and services you may have considered and rejected as their advisor. They want to participate in the decision (and feel good about the choices you’re making on their behalf). Point them to online resources you use and trust, so they can dig deeper on their time.