And this means that, over the course of a lifetime, these factors will change, along with your investment choices.

After all, if you are in your twenties and investing for your retirement, you have a good four decades to ride out the ups and downs of the stock market. If you are in your sixties, there is less time to recover from a market sell-off.

So, as we head into the final couple of weeks of ISA season, we take a look at some investment ideas for each generation.

Generation Alpha and Generation Z

These two generations encompass anyone under the age of 24 – from newborn babies to those in higher education or just starting out in their careers. At this age, you can afford to take a lot of risk for potentially greater rewards.

LF Montanaro Better World

This is a global equities fund looking for medium and small sized businesses whose products or services are making a positive impact on the world. The portfolio will consistent of around 50 high quality, growing businesses with good management teams.

BMO Global Smaller Companies

This investment trust also invests in smaller companies from around the world. Having recently celebrated its 130th anniversary, the trust is one of the oldest in the market – it has also successfully produced 50 years’ worth of dividend growth for investors.

Millennials

Ranging from their mid-20s to the big 4-0, this generation is likely to have varying priorities. Some will still be early in their careers and single with fewer responsibilities. Others may be saving for a house deposit while others may have children of their own.

Either way, when it comes to long-term goals like retirement they still have a twenty to forty years to invest.

Baring Europe Select

This fund invests in small and medium-sized European companies. The team has a detailed and thorough process, looking at both the growth and quality aspects of a company before making a bespoke valuation for each based on a five year outlook.

Rowe Price US Smaller Companies Equity

The manager of this fund looks for both growth and value opportunities in the small and mid-cap space. He will also allow his winners to run. As such, the portfolio is likely to have more of a mid-cap bias than its peers and it will also invest in areas such as biotech, which other generalist funds often avoid.

Generation X

This generation is likely to be enjoying peak earnings, with a bit more spare cash to enjoy.

While retirement is probably a subject they are now planning for more meaningfully, there are still one to two decades left on their time horizon – plenty of time to maximise contributions and still take some risk.

Brown Advisory Global Leaders

This high conviction portfolio of 30-40 stocks, invests in businesses from around the world that deliver exceptional outcomes for their customers. The managers invest for the long-term in companies which can compound their returns for many years to come.

Stewart Investors Asia Pacific Leaders Sustainability

This fund invests in the shares of large and medium-sized companies that are either based, or have significant operations, in the Asia Pacific region. Specific consideration is given to companies that are positioned to benefit from, and contribute to, the sustainable development of the countries in which they operate.

Baby Boomers

Some of this generation may be lucky enough to have taken early retirement or are retired already. Others will still be working. But as people live longer in retirement, making the pot of money work hard for you, even when you have stopped contributing, will be a priority.

Fidelity Global Dividend

This is a core global income fund that invests in companies which offer a healthy and sustainable dividend yield. It aims to pay a regular and growing income itself, while preserving capital. It is unconstrained and may avoid some countries or sectors altogether.

Nomura Global Dynamic Bond

This strategic bond fund focuses on total returns and can invest in any type of bond. The manager studies the state of the global economy and identifies which sectors and investment themes look most attractive. He then undertakes fundamental analysis, to populate his preferred areas with ideas.

Past performance is not a reliable guide to future returns. You may not get back the amount originally invested, and tax rules can change over time. Juliet’s views are her own and do not constitute financial advice.

Juliet Schooling Latter is research director at FundCalibre