Researchers use generational cohorts to identify and analyze changing views over time. A typical generation spans 15 to 18 years and when cohorts are compared, there is often great diversity of thought, experience and behavior. In The Whys and Hows of Generations Research, the Pew Research Center said an “individual’s age is one of the most common predictors of differences in attitudes and behaviors.” In the United States, generational cohorts are usually divided as follows:
| Generations | Born | Current Ages |
|---|---|---|
| Gen Z | 1997 – 2012 | 14 – 29 |
| Millennials | 1981 – 1996 | 30 – 45 |
| Gen X | 1965 – 1980 | 46 – 61 |
| Boomers II | 1955 – 1964 | 62 – 71 |
| Boomers I | 1946 – 1954 | 72 – 80 |
| Post War | 1928 – 1945 | 81 – 98 |
| WWII | 1922 – 1927 | 99 – 104 |
You might ask, why do we care? There are many reasons. First, elders typically need caregiving assistance from a younger, healthier generation. Identifying what makes this younger generation tick is complicated; a 2025 AARP study found that caregivers “are increasingly diverse across race, income, and generation.” In The New Face of Family Caregiving, Amy Goyer shared some of her story as a caregiver. She helped family with her grandmother and, later, helped her dad caregive for her mother after mom had a stroke at age 62. Goyer described being stretched to her limit, “torn between caregiving for my parents and my sister, managing work, maintaining two homes, and sustaining my relationship.”
Goyer, a Gen Xer, reports that “18% [of caregivers] are ages 18–34 (Gen Z and Millennials), 26% are ages 35–49 (Millennials and early Gen X), 33% are ages 50–64 (Gen X and tail-end Baby Boomers), 14% are ages 65–74 (Baby Boomers), and 8% are ages 75 and older (including Silent and Greatest Generation).” Unless Soylent Green is the solution, we need to understand how different generations think as we consider the future of caregiving. What is the next generation willing (and able) to do for the preceding one?
Assuming you care how the next generation spends your money, the great wealth transfer forces us to must consider generational attitudes toward wealth and debt. For example, while Baby Boomers tend to have little debt, millennials tend to have significant mortgage debt. Gen Xers tend to have significant student debt.
LGT Private Banking reports that “inheriting wealth, however, is far from simple. Heirs often face not just financial responsibilities, but also the emotional legacies tied to the family business.” Teaching the next generation how to manage money is also complicated because parenting styles have changed. For example, Filby says millenials were raised on the doctrine of do what makes you happy, while Gen Z grew up with a voice at the table. Planning for the future empowers the next generation to inherit wealth and preserve assets. In Engaging with the next generation of family wealth, Trovato says “more than three quarters of benefactors want the inheritance process to go smoothly, minimizing financial and familial discord, while 70 per cent want heirs to use their inheritance wisely.” These goals are not accomplished in a vacuum. Achieving them requires recognition of generational differences in values, goals, work ethic and appropriate financial education (and reinforcement of traditional, stable values). In some cases it might require the use of trusts to place guard rails on how inherited money is used.
Don’t assume the next generation thinks like you. They probably don’t. If you want to plan for your future and empower the next generation to succeed in theirs, you must put effort into it.
