The core values of Baby Boomers include optimism, team orientation, personal gratification, health and wellness, personal growth, youthfulness, work, and involvement. When a workplace environment supports their values Baby Boomers are more satisfied with their jobs.
As seen in the presented Table, according to the Baby Boomers generation, the main values in life were family security, tranquility, and a sense of accomplishment. However, such values as true friendship, equality, and pleasurable and leisured life were seen as rather insignificant.
Baby boomers value relationships.
As they grew up, there was a growing belief in the value of spending time with family and friends. This belief was in part due to economic growth and increasing labor laws, which led to more free time.
A common stereotype regarding Baby Boomers is that they're fear-driven, which experts believe could be due to having childhoods so close to the war era. They're also commonly referred to as “stubborn” and resistant to any sort of change.
Their higher net worth is expected: with most baby boomers financially planning for at least a few more decades, they benefit from wealth earned from long careers and have more robust retirement accounts than the silent generation, who have dipped further into retirement savings.
Silent Generation billionaires are the wealthiest on average across generations. With CEO of Berkshire Hathaway Warren Buffett and Zara founder Amancio Ortega among its ranks, Silent Generation billionaires are most likely to be in finance, fashion, and real estate industries.
And data does back up these aphorisms. 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.
Millennials ARE the poorest generation: People born between 1981 and 1996 had less average wealth.
It was interesting. The webinar was about the fact that the people born between 1946 and 1964, known as the Baby Boomer generation, are the wealthiest generation in Australian history. According to the ABS, about 5.7 million Baby Boomers in Australia make up about 22% of the population.
"A study shows that millennials will hold five times as much wealth as they have today and the group is anticipated to inherit over $68 trillion from their baby boomer elders by the year 2030," Morley Winograd, author of three books on the millennial generation, told Newsweek, quoting a 2019 research by Coldwell Banker ...
Baby boomers often aim to work as long as it takes to reach their goals and try to differentiate themselves by attaining the promotion, raise or acknowledgment they want. This generation has experienced the benefits of hard work and dedication, which is something they expect from their employer.
While the birth span for other generational cohorts is estimated and can vary from source to source, baby boomers are unique in that their cohort is visibly measurable through census data, which shows an above-average, sustained rise in birth rates starting in mid-1946 and ending in mid-1964.
According to a recent survey of 1,300 managers, three out of four agree that Gen Z is harder to work with than other generations — so much so that 65% of employers said they have to fire them more often.
Competition and Loyalty: Boomers have had to compete throughout their entire lives due to their large population as a cohort. Their propensity to compete drives their need to differentiate themselves from others, and working long hours was one way to differentiate themselves, and for many becoming the norm.
Common Characteristics of Baby Boomers
Since they sacrificed a great deal to get where they are in their career, this workaholic generation believes that Generation X and Generation Y should pay their dues and conform to a culture of overwork.
As of 2019, the average net worth of the age group 55-64 (Baby Boomers) was $1,175,900. This statistic is a telling indication of the financial success of Baby Boomers.
The average millionaire is 57 years old. As of 2013, 42% of millionaires are baby boomers (between 57 and 75 years of age), the majority of any age group. As of 2013, 19% of millionaires are millennials (between 18 and 31 years of age).
Boomers are handing down the lion's share of the wealth — $53 trillion or 63% of all transfers. The Silent Generation will hand down $15.8 trillion, mostly over the coming decade. Ultra-high-net-worth households in the top 1.5% will account for 42% of the Great Wealth Transfer — about $35.8 trillion.
Baby Boomers own half of Australia's wealth, despite being just one-fifth of the population.
Household wealth
Research has found that couples aged between 50 and 70 years have the highest median net worth (nearly $900,000), while singles aged between 30 and 40 years have the lowest median net worth ($50,000).
Baby Boomers have a higher level of education than any previous generation, with 88.8% having completed high school and 28.5% holding a bachelor's degree or higher. 78% of Baby Boomers embrace technology by devices, showing that older Americans are not necessarily disconnected from modern technology.