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Many Humble Dollar readers, including myself, are on the older side – approaching retirement or already retired. Readership tends to be relatively affluent and educated. Our financial and social perspective may at times be influenced by a generational outlook. At the risk of overgeneralizing, here are some possible baby boomer versus Under 40 year old viewpoints:
Artificial Intelligence
Baby boomer: A new development with many unknowns and exciting possibilities. AI could play a dangerous role in future scams targeting them.
Under 40: A helpful resource for day-to-day usage. AI could pose a threat to their jobs and future career path.
Social Security
Baby boomer: A dependable economic safety net which hopefully will not change.
Under 40: An employment tax which may or may not provide benefits by the time they retire.
Homeownership
Baby boomer: A foundational investment which provides a major source of savings and wealth.
Under 40: Limited inventory and priced out of certain markets. It could feel unattainable without some parental support.
Work / Life Balance
Baby boomer: An entitlement after a lifetime of hard work.
Under 40: Why should they have to wait until they are older to enjoy life? Will working even harder matter anyway?
Economics of Family
Baby boomer: Having a family has been part of traditional planning.
Under 40: When is the right time (if at all) for children given financial challenges?
Have you noticed any differing perspectives between generations which may be interesting to explore?
The younger generation faces considerable educational challenges due to the rapid pace of change plus AI. Adaptability and continuous updating of educational skills have become crucial.
I will say one place where the younger generation has shined is the value they place on education, which has been a bedrock of our country’s success for many, many years. Millennials and Gen Z have a much larger share of people with college degrees, and most would say that their education is an essential factor of their success. Despite college being just a little more expensive than a summer’s wages these days, many still see and pursue the value of higher ed.
Generally very true, but I’d like to see a comparison between the types of degrees earned between then and now.
Most popular majors from 1970-2013
https://flowingdata.com/2016/12/07/fields-of-study-ranked-over-past-few-decades/
Business is up from 3rd in 1970 to 1st since 1980. Health professionals are up from 9th to 2nd.