Client Account Access
lhornbeck@irvingfinancialgroup.com
(941) 748-5404
Retirement Read Time: 3 min

A Meal for All Generations

A Meal For All Generations. Millennials, Gen Xers, and baby boomers are often portrayed as a trio constantly at economic odds with one another. But how much of this is actually true? There's no denying that these groups are different, but they may have more in common than you might think.Millenials: Born approximately between 1982 and 1996 (1). Driven, civic-minded, inclusive, ambitious (2). Historical Experiences: Columbine, 9/11, the Internet, the Great Recession. Motivations: Responsibility, self-care, experiences, financial well-being. Roughly 83 million millennials in the United States(3). The most diverse generation in U.S. history (4). Forty-five percent of millennials have a retirement account (5). Fun fact: Millennials read 5 books a year on average (6).Generation X: Born approximately between 1965 and 1980 (7). Flexible, casual, analytical, self-reliant. Historical Experiences: The AIDs epidemic, the Fall of the Berlin Wall, the Birth of MTV, the Dot-Com Boom. Motivations: socially conscious, work-life balance, personal growth, learning (8). Roughly 50 million Gen-Xers in the United States (9). Gen Xers make up the highest percentage of startup founders at 55% (10). Gen Xers will outnumber baby boomers by 2028 (11). Fun fact: Only 41 percent of Generation X considers themselves part of Generation X (12).Baby Boomers: Born between 1946 and 1964 (13). Hopeful, focused, hardworking, team-oriented. Historical Experiences: The Vietnam War, Civil Rights Movement, Watergate, The Space Race. Motivations: loyalty, duty, travel, family (14). Roughly 73 million baby boomers in the United States (15). Baby boomer purchasing power is a staggering $2.6 trillion (16). Baby boomers spend nearly $23 billion on their pets on average, per year (17). Fun fact: Baby boomers own nearly $13.5 trillion in personal real estate (18).Sources: 1. Forbes.com, May 1, 2019; 2. PurdueGlobal.edu, 2020; 3. Forbes.com, May 1, 2019; 4. Brookings.edu, May 10, 2019; 5. BusinessInsider.com, November 11, 2019; 6. MentalFloss.com, March 17, 2020; 7. Investopedia.com, June 25, 2019; 8. PurdueGlobal.edu, 2020; 9. Investopedia.com, June 25, 2019; 10. PurdueGlobal.edu, 2020; 11. PurdueGlobal.edu, 2020; 12. Berkeley Economic Review, April 22, 2019; 13. Census.gov, December 10, 2019; 14. PurdueGlobal.edu, 2020; 15. PurdueGlobal.edu, 2020; 16. MSN.com, September 11, 2019; 17. Berkeley Economic Review, April 22, 2019; 18. Berkeley Economic Review, April 22, 2019.
Share |

Have A Question About This Topic?

Thank you! Oops!

Related Content

This Is Your Brain on Retirement

This Is Your Brain on Retirement

The brain is a powerful thing, but when it comes to preparing for something that is far in the distance like retirement, it can easily be led astray — and result in some big retirement planning mistakes.

Federal Income Tax

Federal Income Tax

Use this calculator to estimate your income tax liability along with average and marginal tax rates.

Can Group, Private Disability Policies Work Together?

Can Group, Private Disability Policies Work Together?

Loss of income from disability has the potential to cause financial hardship. Disability insurance can help.