Demography is the science that studies the characteristics and dynamics of human populations. This discipline allows us to better understand the economic and financial phenomena that occur in the world, since generations of people differ not only in the number of individuals that compose them, but also in their tastes and economic capacity.
For example, a generation that is born and develops in a time of abundance and economic growth will have easier access to education, the labor market, and the consumption of goods and services than a generation that is born and develops in a time of scarcity. and economic recession. This will influence the preferences, habits and demands that these generations will have throughout their lives, both individually and collectively.
Thus, by examining the demographic evolution of a country or region, we can estimate the impact that a given generation will have on society as a whole. Because the old generations are dying and leaving their legacy, and the new generations are being born and creating their own space. The old take their customs and values, and the new establish their own.
This way, demography helps us to anticipate the changes and challenges that the future holds for us, both economically and socially, culturally and politically. Demography shows us how human populations change over time and how these changes affect all aspects of life.
Financial behaviors vary according to the age and experiences of each group. For example, baby boomers (born between 1946 and 1964) are thrifty and prudent, but they also spend on travel and leisure. Millennials (born between 1981 and 1996) are more impulsive and digital, but also concerned about the environment and social responsibility. AND centennials (born after 1997) are more enterprising and creative, but also more insecure and dependent.
What generation are you? How do you manage your money? Do you identify with any of these profiles? How does your age influence your financial decisions and how can you improve your financial well-being?
Millennials and Generation Z (Centennials) share a reputation for being indebted and frustrated generations. Millennials are the poor, but Gen Z are the bottomless. According to some studies, the vast majority of them believe that the economic situation prevents them from saving and almost all of them are looking for ways to earn more money. The reason? The same as before: the 2008 crisis, inflation, rent and expensive life. The solution? Change jobs, sell crafts, or accept anything that pays them. The hope? None, unless her parents, the baby boomers, leave them a million-dollar inheritance. But that will only happen to very few of them. The rest will have to keep tightening their belts and praying for a miracle.
The preferences and work habits of generation Z, young people born after 1997, influence the development of the future labor market because they determine the demands and expectations of these professionals. Centennials don’t want to work at big tech companies like Google or Facebook, which were the dream of many millennials. According to a survey by Handshake, a career platform, students who will graduate in 2023 prefer to seek employment in more stable and higher-paying sectors, such as retail, finance or industry. What has happened to the dream of innovating and changing the world from Silicon Valley?
Some of the characteristics that define generation Z are their work flexibility, their camaraderie, their readiness for change, and their curiosity about technological development. These young people prefer to work from home, for objectives, and associate with other professionals to develop team projects. They are also used to new technologies and continuous training, which makes them more adaptable and competitive.. Generation Z seeks a balance between their personal and work lives, and values the social and environmental impact of their work. What they want is coffee with cookies.
It seems that Generation Z has other priorities: financial security, quality of life and the balance between work and play. In addition, the ‘big tech’ scandals, massive layoffs, competition from artificial intelligence and uncertainty about the future of teleworking have made them unwilling to enter this highly demanding and competitive world. Perhaps Generation Z is more realistic and pragmatic than its predecessors. Maybe they’re just waiting to start their own tech companies. Or maybe they are less prone to sacrifices than their parents.
Today’s young people want to have it all: economic and personal stability, physical and mental well-being, harmony in the workplace and family, enough money to cover their needs and whims, varied and fun leisure activities, optimal health and guaranteed longevity. They constantly complain about being poorer than their parents, but they are not willing to work as hard as they once did. In short, they want to live longer and better, working fewer hours and with less effort, like hippies or lazy people. Isn’t this an obvious and untenable contradiction?
Like everyone, I want the best. But I know that you can’t have everything without effort. Over time I have learned that life is a barter: what you win, on the one hand, you lose on the other. Success is not free. Success has a price. If you want more money, you will have to work more. If you want more time, you will have to give things up. Perfection does not exist. There will always be a problem. There will always be a leak somewhere. You can’t be Michael Jordan without going to practice. Everything requires a sacrifice.
It’s not that your age determines how you behave, because you are free to think for yourself and not follow the crowd. But each generation has its own values. And sometimes those values are contradictory. For this reason, it is worth reflecting on that attitude of a spoiled child who believes that life is like an amusement park. Where you deserve everything and you earn nothing. Where you demand rights and shy away from duties. That equation doesn’t work. Life is more complex and challenging. Peter Pan has to grow up some day.
Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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