Saturday, December 29, 2018

MILLENNIALS AND BABY BOOMERS WHO ARE MORE USEFUL IN THE SOCIETY


                                                                   
                         

Baby Boomers are quite different from Millennials. For example, they are far more conservative and less likely to speak out than Millennials are. Millennials tend to be significantly more progressive on social issues. Whereas Baby Boomers thrived on supporting the whole family unit with a married set of parents, Millennials are less focused on getting married and more likely to support gay marriage. They are also more likely to support the legalization of marijuana and are less likely to be religious.

Other differences in Millennials and Baby Boomers exist. For example, Millennials are less likely to own a home or a vehicle. They instead rely on renting and do not strive to build ownership as readily. On the other hand, Baby Boomers saw home ownership as an important part of a successful life. Millennials are also less likely to be affluent than Baby Boomers. Millennials have significantly more debt as well.

    MILLENNIAL'S
Years Born in 1980 to 1994Current Ages: 24 to 38Other Nicknames: Gen Y, Gen Me, Gen We, Echo BoomersGeneration Size: 95 MillionMedia Consumption: 95% 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% will still use a computer for purchases. They typically have multiple social media accounts.Banking Habits: Millennials have less brand loyalty than previous generations. They prefer to shop product and features first and have little patience for inefficient or poor service. Because of this, Millennials place their trust in brands with superior product history such as Apple and Google. They seek digital tools to help manage their debt and see their banks as transactional as opposed to relational.Shaping Events: The Great Recession, the technological explosion of the internet and social media, and 9/11What's next on their financial 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.Some adaptations have come about from employers accommodating Millennials. The bring-your-own device trend (BYOD), for example, is at least in part a reaction to the Millennials’ near-addiction to mobile devices. Workplace satisfaction matters more to Millennials than monetary compensation and work-life balance is often considered essential. They are less likely than previous generations to put up with an unpleasant work environment and much more likely to use social networking to broadcast their concerns. On the other hand, satisfied Millennials are often employee advocates for the organizations they work for, providing honest, free -- and convincing -- public relations (PR).Having grown up being bombarded by advertising, Millennials tend to be skeptical about promotional material of any kind. Whether buying products and services or considering employment, Millennials are more likely to listen to their friends than to be affected by marketing or public relations material. This characteristic makes both conventional marketing and employee recruitment practices often ineffective for Millennials.
                

BABY BOOMERS
Years Born: 1944 to 1964
Current Ages: 54 to 74
Generation Size: 76 Million
Media Consumption: Highest consumers of traditional media like television, radio, magazines, and newspaper. However, 90% have a Facebook account.
Banking Habits: Prefer to go into a branch to do transactions.
Shaping Events: Post WWII optimism, the cold war, and the hippie movement.
What's next on their financial horizon: Unexpectedly, this generation is experiencing the highest growth in student loan debt. They have a belief that you should take care of your children enough to set them on the right course but don't plan on leaving any inheritance.


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