Baby boomers have the highest household net worth of any US generation. Defined by the Federal Reserve as being born between 1946 and 1964 (currently in the ages between 59 and 77), baby boomers are in often in the sunset of their career or early into retirement.
Baby Boomers own half of Australia's wealth, despite being just one-fifth of the population.
Baby boomers, born during the revolutionary two decades that followed the end of the Second World War, are currently the richest generation on the planet, with the average Boomer being worth $1.2 million, according to Fortune.
Millennials overtook baby boomers as America's largest generation in 2020, according to Pew Research.
A CM Group consumer research effort that polled 1,000 consumers found Gen Z consumers are better educated, more practical, more ambitious and more skeptical than Millennials.
9/9/2022. It is estimated that by 2030, Generation Z (born between 1997 and 2012) will surpass Millennials (born between 1981 to 1995) and represent the largest group of real estate renters on the market.
Over 50 million workers said goodbye last year, and it's a trend that's shown no signs of slowing, based on the latest months' data. The Great Resignation was increasingly dominated by Gen Z.
Gen Z has experienced exceptionally high poverty rates — greater than those of millennials, Gen Xers and baby boomers during 2010 to 2021 (the years available on the KIDS COUNT Data Center).
A groundbreaking 20-year study conducted by wealth consultancy, The Williams Group, involved over 3,200 families and found that seven in 10 families tend to lose their fortune by the second generation, while nine in 10 lose it by the third generation. However, there are ways to be at the odds.
As the first social generation to have grown up with access to the Internet and portable digital technology from a young age, members of Generation Z, even if not necessarily digitally literate, have been dubbed "digital natives".
More than 4 in 10 (44%) Americans believe they'll be wealthy one day. For Gen Zers (ages 18 to 25), that percentage skyrockets to 72% — making them the most financially optimistic generation. Meanwhile, older consumers are more pessimistic.
Increasing income was the most completed financial goal in 2022. 45.1% of Gen Zers have a homeownership-related goal for 2023. 42.6% of Gen Zers have spent more than they earned. 69.1% are currently saving money.
The highest average American net worth belongs to those in the age group of 55 to 64 at $1,175,900. Americans 65 to 74 years old have the second highest average net worth at $1,217,700 . The oldest age group of 75 and older have an average net worth of $977,600.
Born between 1997 and 2012 – meaning they're aged from around 11 to 26 in 2023 – Gen Z is the largest generation ever. Its members comprise around 20% of Australia's population and almost 30% of the world's population.
The valuations of Gina Rinehart ($37.41 billion) and Andrew Forrest ($33.29 billion), the richest and second-richest Australians for the fourth year in a row, surged 10 per cent and 8 per cent respectively as listed-market analysts re-rated their outlook for red Pilbara dirt.
It found that, while there are similar rates of happiness across the older three generations, Gen Z is by far the least happy at work. Twenty-six percent of Gen Zers were unhappy in their jobs, and 17% were actively thinking about quitting.
Consumer spending by generation: silent and Generation Z
The silent generation (defined as those born in 1945 or earlier) and Generation Z (those born in 1997 or later) have the lowest annual expenditures, at $44,683 and $41,636, respectively.
Gen Z also faces an unprecedented behavioral health crisis: US Gen Zers surveyed by McKinsey report the least positive outlook and the highest prevalence of mental illness of any generation, and European respondents report struggling with self-stigma.
Gen Z is also the smartest and best educated generation. Having an unlimited wealth of information at our disposal has not gone to waste. In America, 57 percent of Gen Z is reported to have enrolled in a two-year or four-year college, compared to 52 percent of Millenials and 43 percent of Gen X.
Gen Z has been called the 'most depressed generation' with the least positive outlook and diminished emotional and social well-being. They have more unmet social needs than any other generation. The statistics for their behavioural-health issues – mental and substance disorders – are alarming.
LinkedIn's research found that pay was the main reason why Gen Z are quitting (30% in the UK). However, their high quit rate isn't just linked with salaries.
Generation Z students are on track to become the most educated generation. They have higher high school graduation rates and lower dropout rates than those who came before. In 2018, 57% of 18 to 21-year olds were in college, compared with 52% of Millennials, and 43% of Gen Xers at similar ages.
They put more emphasis on being the "perfect mom" compared to Millennials, and they strive to reach more parenting ideals, from keeping kids busy to owning the scheduling for the entire family.
The average life expectancy of baby boomers, Gen X, Millennials, and Gen Z are different. Compared to the 70-year life expectancy of baby boomers and the 85-year life expectancy of Gen X, Gen Z is predicted to have a life expectancy of over 100 years.