Millennials and Boomer: Mind the Generation Gap

The birth years for Boomers (there are variations plus or minus a few years depending on what author you are consulting) 1946-1964 and Millennials are 1981-1997. As of this year, Millennials trump Boomers as the largest living generation in America.

William Frey, columnist for USA Today claims Boomers 70-79-year-old age group will increase by more than 50% during the next ten years and this will magnify unique demographic changes that Boomers bring due to their ground breaking history of expanding racial diversity, advancing women's status, creating more varied households and gaining new access to education and wealth. He concludes that this older generation provides a much "greater opportunity for connecting with today's more diverse youth than in the past." With a Boomer turning 50 every seven seconds, this "Silver Tsunami" is redefining aging. Living longer and working longer has introduced us all to the second act for Boomers who have witnessed everything from the first moon landing to today's social networks. Lambeth Hochwald, summarizes what we know about Boomers:

• Boomers love working. Boomers 51 to 61 expect to delay retirement. As I always say, "retire" rhymes with "expire."
  
  
• Boomers are forever young. Some research claims that old age will begin at 74. Medical advances and work ethic seem to be the catalyst.
  
  
• Boomers are tech savvy. Boomers own as many smart phones as younger generations and they are far more likely to have home computers. Believe it or not, 85% text and send an average of 80 messages a month.

Millennials are digital natives. They constantly need to be in contact and are highly social. They have only known a world where everything from technology to social circles to jobs is fluid and consequently, have become graceful adaptors by nature.

• Millennials are in no hurry. They faced a tough job market and greater economic pressure than their Boomer parents. They take longer to "find themselves."
• Millennials want more than money. A survey revealed that 60% would rather work for $40,000 at a job they love than $100,000 at one they dislike. They want flexibility to work when they want in order to achieve more balance. Many will take a decrease in salary or a promotion to achieve this.
• Millennials are falling behind. They rank below their global peers in math, literacy and an important 21st century skill: problem solving in technology-rich environments.