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Blog Author: Sandy Blomstrom
In years past the Baby Boomer Generation controlled the major buying market but as they have aged the Millennials are catching up. The Baby Boomer Generation spans the years from 1946 – 1964. The Millennials span is 1980's to 2000. Naturally, there is a difference in what each generation faced which has greatly influenced what they purchased.
Baby Boomers were born in a less technical generation. They grew up in a more serious era than did the Millennials due to the Viet Nam War. The Boomers left home earlier, married earlier and bore children earlier than Millennials. In addition, the push for college was much less than it is for the Millennials, (possibly due to all the blue collar jobs available at that time.) and though it is true college cost much less back in the day than it did during the Millennials era pay was much lower. The conclusion is college was never inexpensive and each generation has its own set of problems.
Today you have the Baby Boomers facing retirement based on income earned from a generation of low pay making the social security return much lower than it would be now. This leaves the Boomers wondering if social security will be enough. Many have had to continue to work way past retirement time to make ends meet.
The Millennials are facing Student loan debt so high, in reality, they may have to use some of their retirement money to repay the loans. As for generation Z, Most have to have a full scholarship, work to help pay for college, or incur college debt the size almost equal to the National Debt! The answer for all three of these generations not simple but imperative and that is to do their best to find extra income.
Three different generations with three different issues but one problem.