3/2/2018
PONTE VEDRA, Fla. —
Pick one. Millennials are:
1. Entitled
2. Lazy
3. Powerful
2. Lazy
3. Powerful
If you were
compelled to pick one or two, most likely you are a boomer or Gen Xer. Again,
pick one. Boomers and Gen Xers are:
1. Inefficient
2. Unbalanced
3. Precious snowflakes of wonder
2. Unbalanced
3. Precious snowflakes of wonder
If you picked
three, you just might be a boomer or Gen Xer.
Obviously, to quote
from a favorite boomer movie, “What we have here is a failure to communicate.”
That’s according to
Kim Lear, author and researcher on demographic issues speaking Thursday at
LIMRA’s Distribution Conference for Financial Services. Although her
presentation was called “Building Stand Out Client Experiences in the Age of
Empowerment,” she focused most of her discussion on defining boomers, Gen Xers,
millennials and Gen Zers.
Boomers (born
1946-1964)
They may be more
gray than tie-dyed, but boomers still have a bit of the flower child mindset.
Despite the craziness of the past 50 years, they have retained a glimmer of
hope.
“They are still more
receptive to positive messages rather than fear,” Lear said. “There are agents
out there selling by fear: ‘you could die and what will happen to your family?’
It’s more about generosity. It’s more about legacy and care-giving.”
The most stark
illustration of the difference in perspective can be found in their views of
NASA. The most significant memory of NASA for boomers was the moon landing. It
taught that generation that anything was possible. The horizon was limitless.
For Gen Xers, it
was the Challenger disaster. That event taught that generation to trust no one.
If mighty NASA can mess up that badly, anyone can.
Boomers’ formative
years were marked by competition for resources in a world not prepared for
their numbers.
Schools were not
big enough. Jobs were not plentiful enough when they went to work. Soon, they
learned to work harder for longer hours because they knew a long line of people
were waiting to take their place.
Although they
retained some of the idealism from their hopeful era, other generations are not
as impressed with their legacy.
Others see a
promise unfulfilled, Lear said. “ ‘You were supposed to change the world and
you let us down.’"
Gen Xers (born
1965-1979)
The “slacker”
generation before millennials came along, Gen Xers got the worst of both
worlds.
Their early years
were shaped by economic disasters and terrorism. They came into the work force
often into a recession punctuated by meltdowns such as the 1987 crash, tech
bubble and the 2008 collapse. The Oklahoma City bombing, Columbine High School
shooting and 9/11 were key events in their early lives.
Some of them saw
President Richard Nixon topple from a throne of lies and all of them remember
who President Bill Clinton said he did not have sexual relations with.
They inherited the
drive to work long and hard from the boomers, but not the glow of hope.
Skepticism is the coin of that realm. They are blunt and direct.
Skepticism is the coin of that realm. They are blunt and direct.
Lear recounted he
first job working for a Gen X boss she admired. When she brought up a series of
ideas during a meeting within two weeks of her starting, the boss was
merciless.
“‘I wouldn’t call
these ideas but more like words you know that you put together,’” she said was
his mortifying response.
Gen Xers grew up in
two-earner households with distracted parents, so they learned independence.
They are not
looking for consensus and constant contact. When they work, they want the
expectations, parameters and to be left alone to do the job.
“‘I am going to go
away to do this,’” Lear said of Gen Xers responding to boomer bosses.
“‘Hopefully, you will, too.”
Millennials (born
1980-1994)
Often maligned as
malingerers, millennials are seeking the work/life balance that boomers learned
to regret not having.
They see their
elders putting in 70 to 80 hour work weeks, but rather than feeling respect, millennials
shake their heads.
“‘Do they not know
how to use tech?’” is the typical response, Lear said.
Boomers are saying
in their 50s and 60s that they want to find meaning. Millennials aren’t
waiting. They want to do their work and then live an actual life.
What might look
like a lack of assertiveness or ambition is more likely to be risk-aversion.
Their childhoods were shaped by catastrophe, such as 9/11 and the subsequent
never-ending war.
Their parents and
life prospects were slammed by the 2008 crash. Their story is playing out
against a backdrop of fear.
Given all this,
they might even have more in common with the silent generation of their
grandparents who were formed by The Depression and World War II more than the
succeeding generations.
They are more
receptive to the social proof of endorsements not only from family and friends,
but from the social media they grew up using. So, they may not be the remote,
digital-only crowd that others expect them to be.
Many still live
with their parents or as singles, which means even though they are young, they
have greater buying power. That helps explain the obsession that marketers seem
to have with them.
“They have the
wallet and mind of an adult without the adult responsibility,” Lear said.
Gen Z (born 1995-2010)
The key to Gen Z is
their parents, the blunt and brutally honest Gen Xers. They inherited the thick
skin of Gen X but also the desire for meaning from the millennials.
They are much
closer to their parents than preceding generations were. Lear noticed that with
parents in their 40s and their teenage kids.
“The clothes that
they were wearing and the music they were listening to were not that
different,” she said. “Fifty-eight percent of teens think their parents are
their best friends.”
They are less rebellious
and influential with their parents as much as their parents are on them.
All Together Now
The first Gen Zers
are graduating college this year and bringing a mix of the preceding
generations to the labor market.
Lear said she hopes
they can go into world where each generation is valued for their unique
characteristics rather than disparaged.
“Every generation
brings something great to the work place and market place,“ Lear said. “It
brings a sense of competition and will breathe new life into our workplaces.”
Steven A. Morelli
is editor-in-chief for InsuranceNewsNet. He has more than 25 years of
experience as a reporter and editor for newspapers, magazines and insurance
periodicals. He was also vice president of communications for an insurance
agents’ association. Steve can be reached
at smorelli@insurancenewsnet.com.
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