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If you think of Millennials as college kids (18 - 22), then not only are you out of date - you’re thinking of a stage in life, not a generation. The reason is simple - generations get older in groups. Generational cohorts are defined (loosely) by birth year, not current age. Birthdays stay the same.Ī common source of confusion when labeling generations is their age. Unless you understand who they are and what they want, you won’t capture a dollar of their money. No matter how you slice the data, the younger generations have never been more critical to your financial institution’s future. By the year 2025 there will be nearly 2 billion members of Generation Alpha across the globe. 3Īnd coming up last but not least is Generation Alpha, the name given by social analyst Mark McCrindle to the youngest children on the planet. Generation Z isn’t far behind, projected to hit $33 trillion in income by 2030 - that’s more than a quarter of all global income - and pass Millennials in spending power the year after.
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The real frustration hits when you realize that Millennial consumers represent the highest-spending generation in 2020 - with a projected $1.4 trillion tab.Īnd though their current wealth has been dragged down by not one but two “once-in-a-lifetime” economic crises during their most impactful career years, Millennials stand to inherit over $68 trillion from Baby Boomer and early Gen X parents by the year 2030, setting them up to potentially be the most wealthy generation in U.S. If you’ve ever felt muddled by this "alphabet soup" of names - you’re not alone. It’s easy to see why there is so much confusion about generational cohorts. What separates Generation Y from X? And hey Gen Z and Gen A, welcome to the party! What’s the cutoff? How old is each generation? Are they really that different?