The County Press

HOW YOUR GENERATION DEFINES YOU

Boomer, X, Y or Z

 

 

Where do you fall in generational span?

LAPEER COUNTY — Generations in the United States are defined as social groups of people born around the same time who share similar cultural traits, values, and preferences. Today, many people readily identify themselves as Millennials, Xers, or Boomers. But these generational names are a fairly recent cultural phenomenon and they vary depending on the source.

A common source of confusion when labeling generations is their age. Generational cohorts are defined (loosely) by birth year, not current age. The reason is simple: as people age, they change life stages. For example, a member of Generation X who turned 18 in 1998 would now be nearly 40. In that time, he or she cares about vastly different issues and is receptive to a new set of marketing messages. Regardless of your age, you will always belong to the generation you were born into.

As of 2018, the breakdown by age looks something like this:

• Baby Boomers: Baby boomers were born between 1944 and 1964. They’re currently between 54-74 years old (76 million in U.S.)

• Gen X: Gen X was born between 1965- 1979 and are currently between 39-53 years old (82 million people in U.S.)

• Gen Y: Gen Y, or Millennials, were born between 1980 and 1994. They are currently between 24-38 years old.

Gen Y.1 = 24-28 years old (31 million people in U.S.)

Gen Y.2 = 28-38 (42 million peeps)

• Gen Z: Gen Z is the newest generation to be named and were born between 1995 and 2015. They are currently between 3-23 years old (nearly 74 million in U.S.)

The term “Millennial” has become the popular way to reference both segments of Gen Y.

Realistically, the name Generation Z is a place-holder for the youngest people on the planet. It is likely to morph as they leave childhood and mature into their adolescent and adult identities.

BABY BOOMERS

Years Born: 1944 to 1964

Current Ages: 54 to 74

Other Nicknames: Greatest Generation

Generation Size: 76 Million

Media Consumption: Highest consumers of traditional media like television, radio, magazines, and newspaper. However, 90 percent have a Facebook account.

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

GEN X

Years Born: 1965 to 1979

Current Ages: 39 to 53

Other Nicknames: “Latchkey” generation, MTV generation

Generation Size: 82 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.

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

What’s next on 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.

MILLENNIALS (GEN Y)

Years Born: 1980 to 1994

Current Ages: 24 to 38

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

Generation Size: 95 Million

Media Consumption: 95 percent still watch TV, but Netflix edges out traditional cable as the provider. Cord-cutting in favor of streaming services is the popular choice. This generation is extremely comfortable with mobile devices but 32 percent will still use a computer for purchases.

They typically have multiple social media accounts.

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

What’s next on 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.

GEN Z

Years Born: 1995 to 2015

Current Ages: 3 to 23

Other Nicknames: iGeneration, Post-millennials,

Homeland Generation

Generation Size: Roughly 25 percent of the population

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 at least 3 hours a day on their mobile device.

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 horizon: Learning about personal finance. They have a strong appetite for financial education and are opening savings accounts at younger ages than prior generations.

Source: Kasasa.com