For the first time in decades, younger voters outnumbered older voters, albeit by a slight margin. Millennials and Generation-X-ers age , cast Pew Research projects that in , Generation X-ers will outnumber baby boomers.
Howe and Strauss introduced the term millennials in , the year their book, "Generations," was published. In , the number of millennials in the United States eclipsed the number of baby boomers, according to the Census Bureau. The Census counted approximately Millennials represented one quarter of the nation's population.
The Census also reported that millennials are more diverse than previous generations, as Millennials without a college education had lower earnings that prior generations. Fewer members of older generations lived at home with their parents between the ages of Education factors into the percentage of millennials living at home. Generation Z or Gen Z sometimes called post-millennials. In effect, all the elements that help to define a cohort were violated by the broad span of years originally included in the concept of the Baby Boomers.
Boomers I were in or protested the War. Boomers 2 or the Jones Generation missed the whole thing. Boomers I had good economic opportunities and were largely optimistic about the potential for America and their own lives, the Vietnam War notwithstanding. This first post-Watergate generation lost much of its trust in government and optimistic views the Boomers I maintained. The youngest members of the Boomer II generation in fact did not have the benefits of the Boomer I class as many of the best jobs, opportunities, housing etc.
And, with that education and a growing maturity they are starting to form families with a higher level of caution and pragmatism than their parents demonstrated. Concerns run high over avoiding broken homes, kids growing up without a parent around and financial planning. The largest cohort since the Baby Boomers, their high numbers reflect their births as that of their parent generation. Gen Y members are much more racially and ethnically diverse and they are much more segmented as an audience aided by the rapid expansion in Cable TV channels, satellite radio, the Internet, e-zines, etc.
This generation has begun to adopt more technology in order to stay in touch with family members and reconnect with old friends. While this might seem counterintuitive, it can be explained by the fact that this generation has the most wealth and is looking to help their children with their student debt.
They have a belief that you should take care of your children enough to set them on the right course and don't plan on leaving any inheritance.
With more Americans outliving their retirement fund, declining pensions, and social security in jeopardy, ensuring you can successfully fund retirement is a major concern for Boomers. However, they are also digitally savvy and spend roughly 7 hours a week on Facebook the highest of any generational cohort. They believe banking is a person-to-person business and demonstrate brand loyalty. These demands put a high strain on their resources.
They are looking to reduce their debt while building a stable saving plan for the future. Cord-cutting in favor of streaming services is the popular choice. They typically have multiple social media accounts. They prefer to shop products and features first, and have little patience for inefficient or poor service. Because of this, Millennials place their trust in brands with superior product history such as Apple and Google.
This is delaying major purchases like weddings and homes. Because of this financial instability, Millennials choose access over ownership, which can be seen through their preference for on-demand services.
They want partners that will help guide them to their big purchases. Many of them grew up playing with their parents' mobile phones or tablets. They have grown up in a hyper-connected world and the smartphone is their preferred method of communication. On average, they spend 3 hours a day on their mobile device. They want to avoid debt and appreciate accounts or services that aid in that endeavor.
Debit cards top their priority list, followed by mobile banking. They have a strong appetite for financial education and are opening savings accounts at younger ages than prior generations.
Other Nicknames: None that have stuck. Often the nickname centers on a defining event or characteristic. Media Consumption: Alphas are being raised in homes with smart speakers and devices everywhere; technology is built into everyday items. Many of them attended school virtually thanks to the global pandemic and are gravitating toward online learning with programs such as Khan Academy, Prodigy, and IXL.
Many have even had a digital presence since before they were born, with their Millennial parents creating social media handles for their infants.
Banking Habits: Although some of the oldest Alphas may have accounts such as Greenlight, they do not have defining banking habits. Table of Contents Expand. Understanding Generation X. Gen X vs. Boomers and Millennials. Gen X's Financial Situation. Retirement Savings. Effects of Market Timing on Gen X. Other Challenges Faced by Gen X. Reinventing Retirement for Gen X. Financial Planning for Gen X. Key Takeaways Generation X, or Gen X, refers to the generation of Americans born between the mids and the earlys.
Gen Xers, which fall between baby boomers and millennials, number around 65 million. Members of this group are approaching the middle of their working careers and potential peak-earning years. The generation is on track to become the first generation to be worse off in terms of being prepared for retirement than their parents.
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Related Terms Generation Gap: What You Should Know A generation gap is the differences in actions, beliefs, and tastes of members of younger generations versus older ones.
Sandwich Generation The sandwich generation refers to middle-aged individuals who are pressured to support both aging parents and growing children. Baby Boomer A baby boomer is a person who was born between and and belongs to a generational group that has had a significant impact on the economy.
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