The Five Generations: To What Generation Do You Belong?

 The Five Generations

I have heard often times of the terms Millennials, Baby Boomers, and Generation X, Y and Z in the news.

I am sometimes confused of the above terms so I did some Google search and here's a summary of what I learned.

The terms are based on the breakdown of age differences as follows:

• Baby Boomers: Baby boomers were born between 1946 and 1964. They're currently between 56-74 years old (71.6 million in U.S.)

• Gen X: Gen X was born between 1965 and 1979/80 and are currently between 40-55 years old (65.2 million people in U.S.)

• Gen Y: Gen Y, or Millennials, were born between 1981 and 1994/6. They are currently between 24-39 years old (72.1 million in the U.S.)

  • Gen Y.1 = 25-29 years old (around 31 million people in U.S.)

  • Gen Y.2 = 29-39 (around 42 million people in U.S.)

• Gen Z: Gen Z is the newest generation to be named and were born between 1997 and 2012/15. They are currently between 8-23 years old (nearly 68 million in U.S.)

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• Boomer Birth Years: 1946 to 1964

• Current Age: 56 to 74

• Generation Size: 71.6 million

• Media Consumption: Baby boomers are the biggest consumers of traditional media like television, radio, magazines, and newspaper. Despite being so traditional 90% of baby boomers have a Facebook account. This generation has begun to adopt more technology in order to stay in touch with family members and reconnect with old friends.

• Banking Habits: Boomers prefer to go into a branch to perform transactions. This generational cohort still prefers to use cash, especially for purchases under $5.

• Shaping Events: Post-WWII optimism, the cold war, and the hippie movement.

• What's next on their financial horizon: This generation is experiencing the highest growth in student loan debt. While this might seem counter intuitive, 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.

Generation X

• Gen X Birth Years: 1965 to 1979/80

• Current Age: 40 to 55

• Other Nicknames: "Latchkey" generation, MTV generation

• Generation Size: 65.2 million

• Media Consumption: Gen X still reads newspapers, magazines, listens to the radio, and watches TV (about 165 hours' worth of TV a month). However, they are also digitally savvy and spend roughly 7 hours a week on Facebook (the highest of any generational cohort).

• Banking Habits: Since they are digitally savvy, Gen X will do some research and financial management online, but still prefer to do transactions in person. They believe banking is a person-to-person business and demonstrate brand loyalty.

• Shaping Events: End of the cold war, the rise of personal computing, and feeling lost between the two huge generations.

• What's next on Gen X's financial horizon: Gen X is trying to raise a family, pay off student debt, and take care of aging parents. These demands put a high strain on their resources. The average Gen Xer carries $142,000 in debt, though most of this is in their mortgage. They are looking to reduce their debt while building a stable saving plan for the future.

Millennials (Gen Y)

• Millennial Birth Years: 1980 to 1994/6

• Current Age: 24 to 39

• Other Nicknames: Gen Y, Gen Me, Gen We, Echo Boomers

• Generation Size: 72.1 million

• Media Consumption: 95% still watch TV, but Netflix edges out traditional cable as the preferred provider. Cord-cutting in favor of streaming services is the popular choice. This generation is extremely comfortable with mobile devices but 32% will still use a computer for purchases. They typically have multiple social media accounts.

• Banking Habits: Millennials have less brand loyalty than previous generations. They prefer to shop product 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. They seek digital tools to help manage their debt and see their banks as transactional as opposed to relational.

• Shaping Events: The Great Recession, the technological explosion of the internet and social media, and 9/11

• What's next on their financial horizon: Millennials are entering the workforce with high amounts of student debt. This is delaying major purchases like weddings and homes. Because of this financial instability, Millennials prefer 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.

 Generation Z

• Gen Z Birth Years: 1996/7 to 2012/15

• Currently Aged: 8 to 23

• Other Nicknames: iGeneration, Post-millennials, Homeland Generation

• Generation Size: 68 million

• Media Consumption: The average Gen Zer received their first mobile phone at age 10.3 years. 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.

• Banking Habits: This generation has seen the struggle of Millennials and has adopted a more fiscally conservative approach. 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. Over 50% have not entered a bank branch in at least 3 months.

• Shaping Events: Smartphones, social media, never knowing a country not at war, and seeing the financial struggles of their parents (Gen X).

• What's next on Gen Z's financial horizon: Learning about personal finance. They have a strong appetite for financial education and are opening savings accounts at younger ages than prior generations.

 

An excellent video an Inter Generational Mutual Mentorship

From the Page of a FB friend:  I am Generation X. Anyone who was BORN between 1965 & 1979, we are the last generation that played outside until dark. We are the FIRST to play video games & the LAST to record songs off the radio onto a cassette tape, we loved roller skating on Friday and Saturday nights. We survived the 80’s with big hair and the era of extravagant everything. We took walks with friends without worry of being taken, we watched cartoons on Saturday mornings while eating a bowl of cereal... we programmed the VCR before anyone else... we remember learning how to use a computer for the first time, we played Atari & Nintendo. We are the generation of Soul Train, Gilligan’s Island, Dukes of Hazard, Scooby-Doo, Charlie’s Angels, Wonder Woman, Little House on the Prairie, Happy Days, & Good Times... We traveled in cars w/o seat belts or airbags, rode in the backs of pick ups & lived without cell phones. We did not have flat screens, surround sound, I-Pads, Facebook and Twitter...But we had a GREAT time All the time with each other!  For more details visit:

https://www.kasasa.com/articles/generations/gen-x-gen-y-gen-z 

* Can anyone give me a reason why Ages 74 to 91 are called the Silent Generation -the age group where I belong ? Do you identify with Generation X comments above? Will be glad to hear from you.

Meanwhile, enjoy this photo from my collection

My Pineapple Plants still growing in the Winter Chills of Northern California

Personal Note: It is good to know that I belong to the Silent Generation*