Differences are always found among generations and one is more likely to say that their generation was better off than the present one. Today, it is the millennials and the Gen Z that are emerging as the two generations who make up a large portion of the young population. What makes them different from their predecessors depends on several factors like, culture, politics, economic events, and much more. Some even dub the generation that was born between 1997 and 2012 as iGens for their use of the technological necessity, iPhone.
On the occasion of International Youth Day, let us take a look how the GenZ, born between 1997- 2012 and Millennials born between 1981-1996 are different from their seniors:
Millennials are better educated
According to Pew Research Centre, Millennials are better educated than their seniors, but there is a sharp divide between the economic gains of those who have a college education and those who do not. The number of Millennial women with a bachelor’s degree is now higher than that of men which is a stark reversal from the Silent Generation and Boomers.
Millennials appear to have accumulated less wealth
In terms of earnings, Millennials appear to have accumulated less wealth in comparison to older generations who had much more at the same age, which in turn reflects on their other economic gains.
Number of adults who have never married is increasing
It is also noticed that Millennials who are between the age of 22 to 37 are delaying or completely letting go of marriage and have been somewhat slower in acquiring their own households. According to a 2019 report, the number of adults who have never married is increasing with each successive generation. If the current pattern of not getting married continues, an estimated one-in-four of today’s young adults will have never married by the time they reach their mid-40s to early 50s, which will be a record high share.
Younger generation living at home with their parents
In terms of housing, the younger generation are more likely to be living at home with their parents, and for longer stretches, mentions a research.
Gen Z are the real digital natives
Gen Z are the real digital natives. Unlike Millennials who witnessed the best of both worlds with landline telephones to smartphones, Gen Z is a generation that actually grew up in the age of the internet. According to a Forbes report, the Gen Z population can easily adapt between platforms and technologies and pick up new software quickly. They have a better understanding and adaptability with technology.
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