Now, the oldest millennial is 39, and with their numbers exceeding those of baby boomers, the millennial generation is poised to take over influential roles in business and government. But the current political environment suggests this takeover could be contentious.
Millennials and their juniors Gen Z and younger are more racially diverse than those that preceded them, with nearly half identifying as a racial or ethnic minority. There is no doubt that the COVID pandemic will most negatively impact the economic prospects of younger generations, who are bearing the brunt of outsized job losses, evictions, and—among Gen Z—disruptions in education. For older millennials, this is the second stage of a double economic whammy, as many of them never fully recovered from the to Great Recession.
The second reason for greater coalescence among these generations comes from their increased awareness and activism against systemic racism, stemming from the murder of George Floyd in May. Even in the face of a dangerous pandemic, this brutal event prompted millions of young people from all racial groups to protest against not just the racist aspects of the criminal justice system, but the many dimensions of structural racism that have kept Black Americans from achieving the education, jobs, housing, and wealth that whites have long enjoyed.
They're also not impressed by brand names. Store brands are just as good as brand names, they feel, so there's no reason to spend the extra money. Instead, money's going toward utilities up 15 percent for the younger boomers because of larger homes to heat and cool and health care costs 21 to 30 percent for those between the ages of 45 and 64, closer to 30 percent for the 45 to year-olds and 21 percent for 55 to year-olds.
They're not all sitting home, surfing the web, bored out of their skulls, though. They vacation! Even though they don't live at the beach yet? They will skimp on clothes and furniture but don't hold back much on travel. Experiences over things, right? Some Baby Boomers have already had the opportunity to retire.
Some are continuing to work in the same field, while others are beginning encore careers late in life. There's a variety of work and career situations among the Boomer crowd. In , Gallup reported based on numbers gathered in that:. According to Statista , some top leisure activities among the Baby Boomers as of included:. About half of the country's baby boomers enjoy video games , which can help with cognitive decline, says The Huffington Post. They're not playing the complicated or intense games the millennials love, necessarily, but they can enjoy puzzles, card games, trivia, and other similar games.
The U. News Baby Boomer Report says exercise is important to 67 percent of Boomers. They are working out for health reasons, because it's what they've always done, because they're divorced and dating, and to look good and maintain the ideal athletic-looking body that will serve them well, well into their 70s.
In total, the boomers have about The same report shows that Maine has the largest percentage of baby boomers making up their total population, at 36 percent. Older baby boomers are still on the job in the highest concentrations in North Dakota According to a study , Maine, New Hampshire, and Vermont have the highest concentration of Boomers per capita. Baby Boomers those ages 50 to 69 as of hold 54 percent of the country's household wealth, and they have interesting plans for their living arrangements in the future, according to a Nielsen report.
Other findings include:. The retirement expectations are widely varied among Baby Boomers. Though attempts to save have been made, not many have saved the recommended amount.
As of and according to the Insured Retirement Institute :. As of , Millennials those born between have surpassed Baby Boomers in being the largest generation, totaling in at Given that the According to the Pew survey data , a majority of Gen Z and Millennials want a more activist centered government, while Boomers are evenly divided on the issue.
According to one Pew study , "about half of Gen Zers [and] Millennials say society isn't accepting enough of people who don't identify as a man or woman" whereas only less than a fourth of Boomers believe that to be the case.
The Baby Boomers cover a wide range of preferences, whether it's staying in the workforce or retiring, vacationing in Europe or Florida, or moving to a larger home or downsizing and moving into an active community for seniors. Boomers are a dynamic group making their mark on the world well into retirement.
It is a subsidiary of The Pew Charitable Trusts. Newsletters Donate My Account. Research Topics. Share this link:. Richard Fry is a senior researcher focusing on economics and education at Pew Research Center. Facts are more important than ever. Millennials are the largest generation in the U.
Gen Z, Millennials and Gen X outvoted older generations in midterms. Are you a Faith and Flag Conservative? Bill Clinton was the first baby boomer to serve as president. George W. Bush , Barack Obama , and Donald Trump are also baby boomers. According to the Census, the baby boom began in but Howe and Strauss, authors of the groundbreaking book, "Generations: The History of America's Future," argued that the baby boom began as a social and cultural phenomenon with people who were born in Generation X.
No members of Generation X have served as president. In the presidential election, Generation X-ers and millennials made up more than half of the electorate, according to Pew. For the first time in decades, younger voters outnumbered older voters, albeit by a slight margin. Millennials and Generation-X-ers age , cast Pew Research projects that in , Generation X-ers will outnumber baby boomers.
Howe and Strauss introduced the term millennials in , the year their book, "Generations," was published. In , the number of millennials in the United States eclipsed the number of baby boomers, according to the Census Bureau.
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