Explaining Baby Boomers, Gen X, Gen Y (Millennials) & Gen Z

Many people have generic idea of the above terms and do not know what their exact meaning. These very things are explained in a simple manner.
Baby Boomers are the people who were born 1944-1964. Post World War II, Americans were enjoying new-found prosperity resulting in a “baby boom.” The children born were called the Baby Boomers.
Boomer Birth Years: 1944 to 1964. Current Age: 55 to 75
Media Consumption: 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 to stay in touch with family members and reconnect with friends.
Banking Habits: Boomers prefer to go into a branch to perform transactions. They prefer to use cash.
Shaping Events: Post-WWII optimism, the cold war, and the hippie movement.
Their financial horizon: This generation has most wealth and is looking to help their children. They have a belief that you should take care of your children enough to set them on the right course.
Generation X are the people who were born between 1965-1979. But this generation didn’t have a cultural identifier. In fact, the origin of the term Gen X — illustrates the undetermined characteristics they have.
Gen X Birth Years: 1965 to 1979. Current Age: 40 to 54. Other Nicknames: “Latchkey”, MTV generation.
Media Consumption: Gen X still reads newspapers, magazines, listens to the radio, and watches TV. They are digitally savvy and spend roughly 7 hours a week on Facebook!
Banking Habits: 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 have brand loyalty.
Shaping Events: End of cold war, the rise of personal computing, and feeling lost between the two huge generations.
Their financial horizon: Gen X is trying to raise a family and take care of aging parents. These demands put a high strain on their resources. They prefer to reduce debt & build a stable saving plan for future.
Generation Y – Millennial The generation following Gen X naturally became Gen Y, born 1980-1994 (give or take a few years). The term “Millennial” is credited to Neil Howe & William Strauss. The pair coined the term in 1989 when the impending turn of the millennium began.
Millennial Birth Years: 1980 to 1994 Current Age: 25 to 39 Other Nicknames: Gen Y, Gen Me, Gen We, Echo Boomers
Media Consumption: 95% still watch TV, but Netflix replaced traditional cable as the preferred provider. This generation is extremely comfortable with mobile devices but will still use a computer for purchases.
Banking Habits: Millennials have less brand loyalty than previous generations. They prefer to shop products and have little patience for inefficient or poor service. Hence, Millennials place their trust in brands with superior product history such as Apple and Google. They seek digital tools to manage their debt and see their banks as transactional as opposed to relational.
Shaping Events: The Great Recession, technological explosion of internet and social media, and 9/11.
Their financial horizon: Millennials are becoming employees with high student debt. This is delaying major events like weddings and homes. Because of this financial instability, Millennials prefer to rent than own.
Generation Z refers to babies born from the mid-2000s through today, although the term is not widely used. Many potential labels appeared – Gen Tech, post-Millennials, iGeneration, and Gen Y-Fi.
Gen Z Birth Years: 1995 to 2019 Currently Aged: 4 to 24 Other Nicknames: iGeneration, Post-millennials, Homeland Generation
Media Consumption: The average Gen Zer received their first mobile phone at age 10 years. They grew up playing with their parents’ mobile phones or tablets. Their world is hyper-connected and the smartphone is their preferred method of communication.
Banking Habits: This generation has seen the struggle of Millennials and has adopted a more conservative approach. They want to avoid debt and appreciate services that help in avoiding debt. Debit cards top their priority list followed by mobile banking.
Shaping Events: Smartphones, social media, never knowing a country not at war, and seeing the financial struggles of their parents (Gen X).
Their financial horizon: They have a strong appetite for financial education and are opening savings accounts at younger ages than prior generations.

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