5 things to know about the generations

We dig into the realities behind the myths surrounding Generation Z, Millennials, Generation X and Baby Boomers.

People of all ages are often flattened into easily digestible stereotypes — Gen Zers won't get off their phones, Boomers don't know how to use their phones — but, of course, there's much more to every generation than meets the eye.

The new Ipsos Generations Report 2024 takes a dive deep into the lives of everyone from fresh-faced students to seasoned seniors, as well as the impact of big demographic changes that are just over the horizon.

Here's five top takeaways from our recent report:

1. One is the loneliest number. From small-town Iowa to big-city India, Gen Zers are able to virtually interact with people all over the world, but that doesn't mean they're feeling connected IRL.

The COVID-19 pandemic kept younger people from socializing in person for school, for work and just for fun at a critical time in their development. Now many Millennials and Gen Zers say while they want to make more friends they're finding it more difficult to connect with people compared to pre-pandemic times.

2. What's in a name? Baby Boomers grew up in the shadow of World War II, but of course the post-war reality was vastly different with people in some countries, such as the U.S., enjoying population and economic growth (a.k.a. the Baby Boomer era) while other countries were still significantly struggling.

Take Nigeria, for example, which was under British rule until 1960. Since then, the African country has grown and is now set to overtake the U.S. in terms of population in less than three decades time, with the United Nations predicting China, India and Nigeria will emerge as the three most populous countries in the world by 2050. It's worth reminding ourselves that not all countries had baby booms at the same time as the U.S.

3. American Boomers doing more than OK. Over the course of their working lives some have accumulated substantial assets (such as investments, real estate and pensions), with Boomers at or near retirement in the U.S. estimated by the Federal Reserve to hold US$76.17 trillion in wealth.

Yet, our polling across 15 countries finds that despite Boomers' substantial cumulative spending power most say they like to keep their lives simple as far as possessions are concerned.

4. Through the (intersectional) looking glass. Generation is just one lens to see things with. Views on social topics are influenced by when and where one matures but also by many other factors, including gender identity.

For example, males across the generations (on average across 31 countries) are significantly more likely than their female peers to agree that we have gone so far in promoting women’s equality that we are now discriminating against men.

5. Bust after the boom. Several countries are currently grappling with falling fertility rates as some Millennials and Gen Zers are having fewer children than previous generations due to everything from physiological reasons to financial factors. At the same time, governments are grappling with the ballooning cost of caring for aging Boomers and Gen Xers.

And the ratio of those who are of working age versus those who are old-age dependents is only expected to worsen in some places by 2075, finds the Organisation for Economic Co-operation and Development.

For more interesting insights about generations around the globe, check out the full Ipsos Generations 2024 Report here: https://ipsos-insight-llc.foleon.com/ipsos-thinks/generations-2024/