What is the birth year of each generation and what are the differences between them?

If you keep up with the general string of events around, it is likely that you might have heard about the generations and how they correlated with our lives. Millennial is a word that the majority of us are now used to hearing, but what we fail to understand is the significance behind the same. With such categorization, your date of birth can distinguish you into specific generations that you yourself had no clue about.

How does your birthday signify which generation you are from?

As we did mention before, our birth years are the signifying character that distinguishes which specific generation that we will fall under. If you had a generalized thought that the college-going students nowadays are the ones that we should be calling millennial, you are mistaken.

Each generation has its own age cohort that distinguishes its places across.

To help ease your confusion, we have tabulated them into specific sections. Let us take a look at them individually, shall we?

 

We definitely hope this was enough to alert you through with what the generations are and how much of a difference in the age cohort each one of them has.

When we come to think of everything in the realistic terms, it is believed that Generation Z is the age group who are considered the youngest in the frame on this planet now. They are possibly the age group who are just blooming into their sheens of adulthood.

But, what it is that makes each of these generations different?

Difference between each generation

Coming round to the difference between each one of the generation is how we will be able to pinpoint the problems associated. For the most part, every single one of the generation come along with their own mindset, ideals, and goals.

What a person might have dreamt of 50 years back might actually be a reality now. With these, priorities do change as well. This is one of the reasons why it is important that you have a fair share of knowledge when it comes round to the kind of difference each one of these generations has.

To get a better idea into the same, it is quite important that one has a better idea of each of the generations separately.

Let us start along with that.

Before we start, just known for a general knowledge that the general years mentioned might be disputed around but for the most part, does match up well. This should more or less provide you with a good enough idea as to which generation you are part of.

Baby Boomers

Starting out with the oldest of the generation which often does comprise of around 76 million people from across the world. Their current ages are likely to vary but, for the most part, this is what the standard age cohort suggests.

When it comes round to the traditional media consumption, it is believed that they are the ones that consume traditional media like that of the television, radio, newspapers, etc. the most. But, with the growing popularity of the technology around, it is suggested that around 90% of the baby boomers now do have their Facebook accounts, which, nobody would have thought of a decade or so back.

The generation is currently molding itself with sync to the latest technology and that is what influences their fast-paced growth with the current generation. The main reason why they feel the need to keep themselves updated with the technology is to stay in close touch with their friends and family.

Unlike the other generations, when it comes to banking needs, they do prefer going to the branches itself to get the job done rather than opting for the online means.

When it comes down to the financial strata in the coming few years, it suggests that they are the ones who are taking out the maximum of the financial debt, mainly because of the kind of assets that they have.

Generation X

Coming round to the next generation or the one that deduces that of the ones in their 40s to 50s. They are often also named as the Latchkey or the MTV generation and comprises of over 82 million people from across the world.

If you thought that the baby boomers are the only consumer of the traditional media, you were mistaken. Even Gen X read newspapers and watch television and such. Radio isn’t always the first choice in this case though. With all of this, they are also all digitally well informed and equipped so you don’t have to drag them when they aren’t able to update their profile picture.

Statistics do suggest that they spend around 7 hours on Facebook every single day. When it comes round to the financial management, even they, for the most part, rely on the branching works but given that they are technically sound, they do invest their time researching about the involved financial prospects too.

They believe that the purpose of banking is more into the person to person business which is why they prefer visiting the branches to get their job done.

Gen X does have a lot of workload on them, mainly because they are juggling a lot of things around. Not only are they handling their family expenses, but they are also paying off debts and even taking care of their parents. These activities have been found to directly reflect on the resources available for them.

The generation is working day in and day out to make it to the end and get rid of all the debts that have been piling around on their shoulder. For the most part, they take on one day at a time.

Generation Y – Millennials

Coming round to possibly the most popular generation right now – the Millennials. They account for around 95 million of the world’s population and are all well equipped with all the latest information and message that they need to keep an account of. They are possibly the one with the massive student debts over their heads which often ends up delaying the kind of big-budget purchases that they have been planning around in their lives.

When talking about media consumption, this is the generation which is mostly inclined towards television and doesn’t do well with a lot of the other traditional media outlets. Apart from that, online streaming is also an integral part of their existence. The millennials tend to give more importance to the features of a product rather than the product itself.

This is one of the primary reasons why they go with the goodwill and name of the brand as that of Google and Apple. They also incoherently rely on online media to get their job done for the most part. This is where all the prospects lie.

When it comes to banking and finances, the Gen Y does rely on the online means owing to the kind of fast-paced life that they lead. Often times, they also actively seek partners who will help them financially and support them through the process which is pretty sincere and smart as well.

Generation Z

The youngest ones, the baby ones in the generation list has to be the Gen Z. They are also suggested as the iGeneration and the ones that live in a virtual world as they are brought into a world which is driven by the maximum influence of the technology.

They account for around 25% of the world’s population and are more driven by the prospect of their smartphones and such. On average, a person from Generation Z is most likely to receive their phone by an average age of 10.3 years.

When it comes to banking and finances, they are very badly reliant on the debit cards as well as the online banking which is where they spent the majority of their time. They are the ones who are the most technologically savvy now and know what is best around to use and which ones aren’t.

Apart from smartphones, the influence of social media is the maximum on them and is one of the most redefining factors of their lives. In the coming days, they are more likely to learn better and more about the prospects of financial independence and how the same can be achieved along the way.

It is true that every generation is different in their own way. What might work for one might not be a potent way to work for the other. This is the primary reason why it is necessary to perceive each generation just as they are and let them propel forward in their own pace because chances are that otherwise it can end up creating a riot in each other’s mind followed by the confusion.