How old is the baby boom

Many have even had a digital presence since before they were born, with their Millennial parents creating social media handles for their infants. Banking Habits: Although some of the oldest Alphas may have accounts such as Greenlight, they do not have defining banking habits. Based on current data, it appears that Alphas will one of the most highly educated and wealthy generations.

It is not clear if their banking habits will be influenced by their parents i. Shaping Events: Global pandemic, social justice movement, Trump-era politics, and Brexit.

They will likely first encounter money as a number on a screen and spend it through apps and other forms of ecommerce. Younger generations have often led older Americans in their adoption and use of technology, and this largely holds true today. Although Baby Boomers may trail Gen X and Millennials on native technology usage, the rate at which Boomers expand their use of technology is accelerated. Knowing generational trends is important, as they can unveil similar attitudes and behaviors among consumers who experienced world events at the same life stage as their cohorts.

After all, every generation grows up. Here's what we think. Each generation has been in the workforce for different lengths of time and accumulated varying degrees of wealth.

Gen Z's average net worth is difficult to report on since so much of the generation has no net worth or career as of yet. Each generation is preparing and saving for different life stages; be that retirement, children's college tuition, or buying a first car. Each generation grew up in different financial climates, which has informed their financial attitudes and opinions of institutions.

If you think bots are taking over the world, you might be right. And before you think that must be a terrible user experience, over half of both groups who actually used a chatbot said the experience was better than talking to a real person. However, for more complicated banking tasks, even the younger generations prefer the added assistance of a human representative.

Security still comes first, always. But each generation has their own priorities. For Generation X, digital and app services were edged out by in-person support. For Baby Boomers, banking local was more important.

The trend has long been for each new generation to adopt digital and mobile banking services more readily. That lines up closely with the start of the Baby Boomer demographic currently ages 57 to And while only time will tell how lasting this shift to digital tools and services will be, the more positive your digital experience, the more likely you are to extend your digital reach with this generation.

Today, older generations are behaving more like younger generations. Now is the time to extend your brand of great service beyond the branch.

Hear about ways that community financial institutions can differentiate their retail lending portfolios and win back the consumers in their backyard.

Help your community learn how to choose the right health insurance plan for their health needs and budget with the help of KindHealth and Kasasa Care. What if your consumers could get the health insurance they need? And you could be the one that helped them get it? It turns out now is a perfect time.

Our mission is to power a network of financial institutions in all 50 states offering products and services that are clearly beneficial for the consumer and the institutions offering them. For more information, visit www. BLOG You can help your community make the best healthcare choice.

You can make a difference in your community. This means that the elderly ages 65 and older will make up about 20 percent of the U.

Resource Library. Article Details Date April 16, Authors Kelvin Pollard Senior Demographer. Paola Scommegna Senior Writer. Focus Areas Aging U. Data from the U.

Use this tool to compare the groups on some key topics and their demographics. Pew Research Center now uses as the last birth year for Millennials in our work. President Michael Dimock explains why. About Pew Research Center Pew Research Center is a nonpartisan fact tank that informs the public about the issues, attitudes and trends shaping the world.

It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. Pew Research Center does not take policy positions. It is a subsidiary of The Pew Charitable Trusts. Newsletters Donate My Account. Research Topics. Share this link:.