As Gen Z makes waves and paves new paths, I’ve found myself wondering “are millennials the new boomers?” But then I quickly remember all the differences (and stereotypes) that define each generation. In episode 202 of the Boom Tequila podcast, we talk about some of the stereotypes that exists for boomers, millennials & Gen Z and walk through some data the offers insight about the actual differences between these generation.
What are the Generational Differences Between Millennials, Boomers and Gen Z-ers?
- More boomer young adults married than millennials. According to Business Insider, nearly 50% of baby boomers were married between the ages of 18 to 32, while a mere 26% of millennials are married in the same age range.
- Millennials (especially women) are more educated than previous generations. There appears to be an upward trend here from generation to generations with the traditional or silent generation being the least likely to have a high school diploma and only around 15% having a post high-school degree. Around a quarter of the boomers have a post-high school degree and almost 40% of millennials do according to Pew research. Millennial women are more educated than millennial men with a 43:36% having at least a bachelor’s degree. (Side note, but if millennial women are the most educated why are we still paid less?
- Millennials are less wealthy than previous generations were when they were the same age. According to bizwomen, despite being more educated millennials earn around 20% less than boomers did when they were the same age.
- Millennials are in more debt… especially when it comes to student loan debt (pew)
- Millennials have a harder time saving for the future because:
- They have significantly higher debt.
- They don’t make as much money.
- Companies are not offering pension plans like they did for boomer generations.
Some interesting facts about millennials (born 1981 to 2000)
- Millennials are more likely to live with their parents. In 2018 this number was nearly double the numbers for other, older generations according to pew research.
- They are waiting longer to get married and have kids… if they have kids at all, as more millennials are choosing not to have children.
- Millennials are more likely to vote than older generations when they were the same age.
- Millennials lean more democratic and tend to be more progressive than older generations with the majority having a neutral to positive acceptance of same-sex marriage, interracial marriage and non-binary or gender neutral pronouns (Pew research).
- They are less wealthy than older generation. Washington Post noted that millennials own just 3.2 percent of the nation’s wealth. To catch up to Gen Xers, they’d need to triple their wealth in just four years. To reach boomers, their net worth would need a seven-fold jump.
Gen Z fun facts (born 2001 to 2020)
- Gen Z actually has a lot of similarities in common with Millennials.
- Gen Z republicans were the less likely to believe trump was doing a good job – 59%, compared to 85% of Boomer Republicans who approve of Trump. The approval rate among republicans seemed to trend downward from generation to generation.
- The majority of Gen Zers believe that gender is non-binary.
- Gen Z wants to avoid debt and is opening savings account at younger ages.
About the boomers (born 1946 to 1964)
- Boomers are the biggest consumers of traditional media like cable TV or magazines.
- They are most loyal to a company when it comes to employment, with large numbers staying 20 or 30 years according to Business Insider. (Could this be in part because they had more incentive with higher pay rates and pension plans???)
- Boomers are the most likely to be able to out of pocket an emergency of $1000 or less 60%. Unfortunately Millennials are the least likely at around 40% according to Lending Tree.
- They are the richest generation.
- A Kasasa article broke this down as such:
- Baby Boomers have an average net worth of $1,066,000 and a median net worth of $224,000.
- GenXers average net worth is around $288,700, but the median is $59,800.
- Millennials have an average net worth around $76,200, but their median net worth is only $11,100.
- A Kasasa article broke this down as such:
Let’s not forget Gen X though (born 1965 to 1980)
- This generation still likes traditional media like the boomers, but they are a little more tech savvy.
- Gen Xers spend the most time on Facebook.
- They tend to be skeptical and independent.
- They lean more progressive than the boomers, but not as progressive as millennials or Gen Z.
- Millennial data – https://www.pewsocialtrends.org/essay/millennial-life-how-young-adulthood-today-compares-with-prior-generations/
- Pew research data: https://www.pewsocialtrends.org/2019/01/17/generation-z-looks-a-lot-like-millennials-on-key-social-and-political-issues/
- What ages fall to each group: https://www.purdueglobal.edu/education-partnerships/generational-workforce-differences-infographic/
Gen Z and gender: https://hbr.org/2020/04/companies-cant-ignore-shifting-gender-norms
- Gen X, Gen Y and Gen Z: https://www.kasasa.com/articles/generations/gen-x-gen-y-gen-z
- Gen X: https://corporatefinanceinstitute.com/resources/knowledge/other/gen-x/
Erin is ambitious, sarcastic and optimistic. She values authenticity, education and personal growth. Read More…