The Fundamental Difference in Money For Each Generation

Baby Boomer 

• Values:Baby Boomers represent the children of our World War II veterans. They did not go through the economic hard times as their parents did. They had the good life and their parents, the Traditionalists, wanted them to have the best and as a result, the "Me" decade arrived.
• Competition: Boomers value peer competition.
• Change: Boomers thrive on possibilities and constant change.
• Hard Work: Boomers started the "workaholic" trend. Where Traditionalists see hard work as the right thing to do, Boomers see it as a way to get to the next level of success.
• Success: Boomers are committed to climbing the ladder of success.
• Teamwork: This group embraces a team based approach to business. They do not depend on the command and control style of the Traditionalist.
• Anti Rules and Regulations: They were the “Hippies.” They don't need to conform to the rules and they will challenge the system.
• Inclusion: This generation will accept people who will perform to their standards.
• Fight for a Cause: While they don't seek out problems, if you give them a cause they will fight for it.

Generation X

•  Values:Generation Xers are economically conservative.  They remember double-digit inflation and the stress faced by their parents dealing with times on and off unemployment. As a result, they do not rely on institutions for their long-term security like their predecessors did.

• Entrepreneurship: Xers believe in investing in their own development rather than in their organization's. They are cautious about investing in relationships with employers because experience has shown that these relationships are not reliable.
• Loyalty: To an Xer, loyalty may mean two-weeks notice. (If you want loyalty, get a dog, may be their attitude.)
• Independence: Xers have clear goals and prefer managing their own time and solving their own problems rather by a supervision.
• Information: They want access to information and love plenty of it.
• Feedback: This group needs lots of feedback and they use feedback to adapt to new situations.
• Quality of Work-life: This generation will work hard, but they would rather find quicker more efficient ways of working so they can have more free time. They will work hard to move up the ladder, to have more personal time for themselves and family.
• Communication: Xers like quick “sound bites.” Email is preferred over long meetings and letters.

Generation Y

• Values:Generation Y represents people who grew up during the high-tech revolution. A world with high-tech video games, ATMs and high-speed access is what their generation is used to. Providing frequent and systematic feedback in real time (as it happens) is critical when working with members of this generation.
• Positive Reinforcement: This “cyber generation” values positive reinforcement at accelerated rates.
• Autonomy: Nexters want more input into how they are doing and want to work with a good deal of independence.
• Positive Attitudes: Growing up during peace times, they have a very optimistic outlook on life in general.
• Diversity: Through community and media coverage this group has grown up with more diversity than their predecessors.
• Money: Generation Y is used to making and spending money.
• Technology: Technology is their valued tool for multi-tasking.
• Action: Generation Y likes action, accepts challenges and looks for the challenge of opportunity.