Key takeaways
Property investors, business leaders, and simply members of society need to understand what's behind the various generational labels.
Generational research is the study of how people born around the same time tend to share common attitudes and behaviours, influenced by the events, technologies, and societal norms of their formative years. It can help identify broad trends, but it can't lock people into rigid categories.
To truly understand generational differences, we need to look at the factors that shape them. For example, the geopolitical environment can influence how generations view the world.
A common mistake is confusing generational traits with life-stage traits. While generational research offers insights into collective behaviours, life stages play an equally important role in shaping how people act at different times in their lives.
Generational research can help bridge divides by fostering a deeper understanding of why each generation thinks and acts the way it does.
By looking beyond the stereotypes and embracing the complexity of generational dynamics, we can create more inclusive, adaptable, and forward-thinking strategies for the future.
We constantly hear labels like Boomers, Gen X, Millennials, and Gen Z.
They’re used to describe everything from political leanings to buying habits, with sweeping statements about how each generation views the world.
But as property investors, business leaders, or simply members of society, it’s not only interesting but crucial to dig deeper into generational research to truly understand what’s behind these labels.
Generational research is much more than just buzzwords.
It offers insights into how shared experiences shape collective values and behaviours.
But it’s also frequently misunderstood or oversimplified, leading to stereotypes and assumptions that don’t always hold up under scrutiny.
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What is generational research really about?
At its core, generational research is the study of how people born around the same time tend to share common attitudes and behaviours, influenced by the events, technologies, and societal norms of their formative years.
These shared experiences create a generational "personality" that researchers attempt to define and analyse.
The concept suggests that individuals born within a specific time frame—typically spanning around 18 years—are shaped by the world they grew up in.
Factors like major geopolitical events, economic conditions, and technological advancements all play a role in forming their worldview.
For instance, Baby Boomers, born in the aftermath of World War II, experienced a long period of economic growth and stability.
As a result, they often value job security, homeownership, and long-term financial planning.
Millennials, on the other hand, came of age during the Global Financial Crisis and now face a challenging housing market and different employment conditions, which leads to delayed homeownership and a focus on flexibility in both work and life.
But here’s the thing: while these generalisations can help identify broad trends, they’re not the whole story.
Not everyone in a generation fits the mold, and the boundaries between generations are often blurred.
The value of generational research lies in the patterns it reveals, not in locking people into rigid categories.
The key elements shaping generations
To truly understand generational differences, we need to look at the factors that shape them:
- Geopolitical environment: Major events like wars, global recessions, and pandemics create a significant impact on how generations view the world. For example, those who grew up during the Cold War era likely have a very different outlook on global security compared to those who came of age post-9/11.
- Economic conditions: Generations are shaped by the economic landscape they enter as young adults. The job market, homeownership opportunities, and even consumer confidence during their formative years can permanently affect their values and behaviours.
Millennials, for instance, are sometimes criticised for being financially conservative, but that’s largely due to starting their careers during the Global Financial Crisis, which has left a lasting impact. - Technological shifts: Technological advancements often define a generation. Baby Boomers experienced the rise of television, while Millennials grew up during the birth of the internet and social media. Generation Z, having never known a world without smartphones and constant connectivity, interacts with the world—and their peers—in a completely different way.
- Cultural Movements: Social and cultural movements also leave a lasting imprint. Issues such as civil rights, environmentalism, and gender equality can significantly shape a generation’s values. For instance, Gen Z is highly attuned to climate change, which has become one of their defining causes, largely because of the global focus on environmental sustainability during their upbringing.
Why stereotypes fall short
While these factors help explain why generations may develop different worldviews, relying too heavily on labels can lead to misconceptions.
One of the biggest problems with generational research is the tendency to overgeneralize, painting entire age groups with the same brush.
For example:
- Boomers are often portrayed as wealthy, out of touch, and resistant to change.
- Millennials are seen as entitled, lazy, and obsessed with avocado toast.
- Gen Z is depicted as a generation of digital natives with short attention spans.
These stereotypes are catchy but flawed.
Generational boundaries aren’t clear-cut.
There’s no magical change that happens when someone born in 1963 becomes a Boomer while someone born in 1964 is suddenly Gen X.
These transitions are gradual, and within each generation, there are vast differences based on culture, geography, and individual life experiences.
Life stage vs. generational traits
Another common mistake is confusing generational traits with life-stage traits.
Many behaviours attributed to a generation are more about where they are in life.
Every generation goes through predictable life stages: youth, career-building, raising a family, and eventually retirement.
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For instance, Millennials delaying marriage or homeownership isn't necessarily a sign of a generational shift in values.
Rather, they’re at a stage in life where economic conditions (high housing prices, student debt) and lifestyle choices (prioritising career or travel) lead them to delay these milestones.
Similarly, Baby Boomers might be viewed as fiscally conservative and risk-averse, but much of this is due to their life stage—they’re at or near retirement and are naturally more focused on financial security.
It’s important to recognise that while generational research offers insights into collective behaviours, life stages play an equally important role in shaping how people act at different times in their lives.
Intergenerational dynamics in the workforce
One of the most obvious places we see generational dynamics at play is in the workplace.
With four generations currently working side by side—Boomers, Gen X, Millennials, and Gen Z—understanding what drives each group is crucial for fostering collaboration and minimizing conflict.
- Boomers grew up in a competitive job market and often see long-term loyalty to one company as a measure of success. They value hard work and stability and may view frequent job-hopping, common among younger generations, as a lack of commitment.
- Gen X is often the “overlooked middle child”, with values that blend some of the pragmatism of Boomers with the adaptability of Millennials. They were shaped by the rise of dual-income households and are known for their independent, self-reliant nature.
- Millennials have been shaped by economic volatility, rising student debt, and a housing market that seems out of reach. Flexibility, work-life balance, and opportunities for personal growth are more important to them than traditional measures of success like tenure.
- Gen Z, entering the workforce in a time of low unemployment, is already shifting workplace norms. They are digital natives who expect transparency, flexibility, and purpose in their work. They’re not afraid to ask tough questions in job interviews or switch jobs frequently if their needs aren’t being met.
This generational diversity presents both opportunities and challenges.
For business leaders, understanding the different motivations and communication styles of each generation is key to creating a more harmonious and productive workplace.
Leveraging generational insights in business and investment
For property investors and business owners, understanding generational trends is not just a curiosity—it’s a competitive advantage.
By knowing what drives each generation’s spending, saving, and investing habits, you can tailor your services and marketing to meet their specific needs.
- Baby Boomers, nearing retirement, may prioritize downsizing or finding properties that suit their lifestyle in later life, such as low-maintenance homes or retirement communities. As investors, they tend to be risk-averse and favour long-term, stable investments.
- Millennials, now in their 30s and 40s, are often seeking their first homes or investment properties. However, their purchasing power is limited by student debt and a high-cost housing market, so they may be looking for more affordable or flexible options, such as co-living spaces or sustainable housing.
- Gen Z, although younger, is already showing interest in financial independence. They’re entering the workforce with an entrepreneurial mindset and may be drawn to investments in innovative, technology-driven sectors, or affordable housing solutions in urban areas.
For marketers, knowing how each generation consumes media and makes purchasing decisions is essential.
Boomers may still respond well to traditional forms of advertising, while Millennials and Gen Z are more likely to engage with digital content, especially if it is authentic, personalised, and aligned with their values.
Moving beyond the generational blame game
One unfortunate outcome of generational discourse is the “blame game,” where different generations are pitted against each other.
For example, Millennials may feel resentful that Boomers have driven up housing prices, while Boomers might blame Millennials for not working hard enough to afford homes.
Similarly, Gen Z may be frustrated with the environmental and social issues they’ve inherited from previous generations.
But, in my mind, this kind of blame is counterproductive.
Every generation inherits both challenges and advantages from the one before.
While Baby Boomers may have contributed to rising home prices, they also built a stable economy and infrastructure that younger generations benefit from.
Millennials and Gen Z, for all their criticisms, are the ones driving innovation and shaping our future.
Instead of pointing fingers, we should focus on how to collaborate across generations, recognizing both the strengths and weaknesses each brings to the table.
Generational research can help bridge these divides by fostering a deeper understanding of why each generation thinks and acts the way it does.
In the end, generational research isn’t about drawing lines between age groups.
It’s about understanding how the world shapes us—and how we, in turn, shape the world.
By looking beyond the stereotypes and embracing the complexity of generational dynamics, we can create more inclusive, adaptable, and forward-thinking strategies for the future.
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