2020 has been “interesting” to say the least. The burden placed on many of us has been overwhelming at times, and a recent study highlighted just how people of different generations have dealt with COVID19 challenges.
While older generations are more susceptible to complications from the virus, it is younger people who are the most concerned about someone in their home falling ill. But if you watch enough of the news, you might get the impression that it’s actually the Boomers who are taking this situation seriously, while Millennials are out partying and throwing caution to the wind.
The truth of the matter is that it’s actually not Millennials who are guilty of throwing “COVID parties” but rather Generation Z. Age-wise, Generation Z begins with birth dates in 1995, making the oldest of that group 25 this year. Technically Millennials stop being Millennials and cross over into Gen-Z in 1994/1995.
So one might be inclined to give Millennials a break and look at them with some sense of, “Aw, you’re all grown up!” Traditionally, Boomers don’t often take advice from Millennials, least of all advice that has to do with health or money. There is a tendency of older “wiser” folk to dismiss the views of a younger generation. However, Millennials may be able to teach Boomers some interesting lessons about how to navigate a pandemic, as well as managing money.
While it’s never a good idea to generalize when describing groups of people (which are in truth made up of individuals who have individual reactions and motivations), certain trends can be seen over the past year when it comes to generational differences and how they are dealing with the multitude of obstacles being thrown our way.
There is a difference in how younger and older investors approach their investing, even during pre-pandemic days. Technology plays a large role here. Nowadays, a person can hop on the internet and do research, which can make Millennials (a generation far more “plugged in” than their older counterparts) more engaged in the process of saving, planning for retirement, or investing in the stock market — something which has been volatile in recent times.
There is no shortage of apps and websites devoted to money management and wealth creation. However, unlike Millennials, Boomers may be hesitant to use these resources. While Boomers may wait for someone to explain how technology is used, Millennials are willing to jump in and learn from experience.
Boomers may not be ready to take advice from 20 and 30-somethings, but those who are able to adjust to a youthful way of thinking may find they come out financially ahead in the end.
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