Rethinking Generational Stereotypes
June 28th, 2023
This week in Ryan's Weekly Wave: A new survey examines generational attitudes toward wealth, employees get high at work, and bad self advice is challenged.
Just when you think you understand generational stereotypes, a survey comes out that shakes up the narrative. Read about the latest below in the Deep Dive Section.
In 2018, Vernon Research Group asked survey participants which stereotype about their generation bothered them the most. Here were the top three for each generation surveyed:
There appears to be a pattern. Younger generations tend to be labeled “entitled” or “lazy” by older generations.?
In the News
Less Work, Same Pay: Another 4 day work week experiment launches. This time, in Portugal. (CNBC)
Are You High: Leaders at organizations across America grapple with marijuana use during work hours. (Wall Street Journal)
Skills that are In Demand: In 2023, leadership, data analysis, and programming skills stand out as the most desired by employers. (LinkedIn)
Other News
Publicly funded private school voucher programs are on the rise in a number of states. (Stateline)
In the U.K., core inflation has reached its highest level in 30 years. (Reuters)
A Deeper Dive - Generational Stereotypes
Human beings love stereotypes. It helps us make sense of the other people who happen to roam within the world around us. Regardless of which generation you belong to, when people think of you first through the lens of your generational affiliation, it may inform their assessment of your personality.
Here are a few common generational stereotypes with some evidence-based context added:
Stereotype 1: Baby Boomers are the wealthiest
This may technically be true if net worth is the sole metric. It does makes sense. Baby Boomers are among some of the oldest living Americans and have had time to build more wealth than younger generations. Unlike the Silent Generation, they have yet to deplete much of their retirement savings.
However, a survey by Charles Schwab suggests that the reality is more complicated.
First off, the definition of wealth is subjective. According to this survey, Americans of all generations describe “well-being,” a variable that includes non-financial factors as the number one factor that characterizes wealth. In the same survey, it is Millennials, not Boomers who “feel” the wealthiest (57% compared to 40%). Among those who said they “feel” wealthy, Millennials had an impressive average net worth of $531k compared to $692k for Boomers.
Stereotype 2: Millennials and Gen Z spend money frivolously?
On the contrary, these generations have largely accepted the idea that a college education is necessary to find a decent job. Due to this life choice, which is reinforced by harsh judgments of college-track peers in the halls of US high schools, these generations strive to avoid looking like simpletons. They will pay a high premium to appear intelligent, up to and including, mortgaging their futures over to vendors like Sallie Mae.?
As a side note: Somehow, avocado toast got caught up in this stereotype. Perhaps it is this substantial debt burden which amounts to a miniature mortgage, rather than the occasional avocado toast that creates the financial strain for these generations.
As seen in Stereotype 1, Millennials have done a reasonably good job building wealth despite these obstacles.
*By the way, have you ever had avocado toast? They can be quite delicious. And there are many fun and interesting ways to prepare yours.
Stereotype 3: Millennials are lazy and entitled
As a Millennial, I can acknowledge that there is a certain level of truth to this claim. Where did these attitudes come from? We were told by our parents and the education industrial complex that getting a 4 year college degree was all that was needed for a thriving career. So what did we do? We attended any college we could get into, partied hard, got our degrees (sometimes), and expected good jobs.?
We were wrong, but could the bad advice from the adults around us be partially to blame? It is hard to deny that bad advice was not a factor here. Children and adolescents may be little rebels sometimes, but they do still tend to believe the adults around them (at least until they become adults themselves and realize that many adults are clueless too).
Stereotype 4: Millennials live at home into their late 20s.
You can say what you want about Millennials and their spending habits but they have done a reasonably good job accumulating wealth (See Stereotype 1). Many do still live at home but that could be due to Millennials average student loan debt of about $18,200. Despite being younger, Generation Z has already accumulated even more at $20,900. (St. Louis Federal Reserve)?
Many Millennials had far higher balances than this to pay off. This makes major drivers of wealth such as owning a home especially challenging.?
领英推荐
Stereotype 5: Baby Boomers and Silent Generation are not tech saavy
Well, perhaps they are not but that is because they are human. One limitation of being human is that we tend to know what we know. Conversely, we don’t know what we don’t know.?
It might just be that straightforward.?
If you rewind to the years when these older generations were in peak adulthood, wherever one would define that, they were tech saavy enough to function. Can you forgive a person over 60 for not being an expert with the latest mobile app technology? At least they are not glued to their phones.
Other Generational Notes:
Say No to Generational Warfare
In some cases, there is truth to generational stereotypes but it is nearly explainable by social trends and circumstances. If anything, the biggest factor may be the parenting style of the older generations who raised the younger ones. At the same time, youth tend to think that older generations are too set in their ways.
We would all be better off learning from each other. However, the pattern of stereotyping and complaining about each other is destined to continue. Let us all sit back and enjoy the show.
Further Reading:
What I’m Reading
Authentic Happiness: Using the New Positive Psychology to Realize Your Potential for Lasting Fulfillment ?- Martin Seligman
This book describes the science of happiness through the lens of positive psychology. One interesting finding is that humans appear to be born with a range of happiness that is based on genetics. Despite this, there are still ways to meaningfully improve our happiness. Seligman outlines several actionable approaches.
Quote of the Week
“When we take time to notice the things that go right - it means we're getting a lot of little rewards throughout the day.?
- Martin Seligman
Articles of the Week
Do you fear being alone? Here is how to embrace it instead. (Nir Eyal)
Do you want to be emotionally stable? Try implementing some of these "secrets." (Nick Wignall - Medium)
Exercise is no luxury. It is better thought of as a non-negotiable aspect of self-care. (Smart Tribes Institute)
These tips on reading are for K-12 students but they are helpful if your goal is learning. (American Federation of Teachers)
New From Deep Dive Careers: 6 Rebuttals to Bad Self-Help Advice
Other Fun Stuff
There is a new Rubik's Cube champion. (Guinness World Records)
Speaking of new things, a “new” type of dinosaur has been discovered in England. (CBS News)
Dad Joke of the Week
Dada says:?
Q: “What do you call a belt made of watches?”
A: “A big ol’ waist of time.”?
*This post may contain affiliate links. These help financially support the Deep Dive Careers platform.
Subscribe here to get this content delivered directly to your email. Be sure to share this newsletter with a friend who you think would benefit from the information.