Chantelle Schieven Blog | Baby Boomers Vs Millennials - The Economic And Political Shift | Talkmarkets
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Chantelle’s passion for Economics, particularly monetary and fiscal policy, was sparked in her early days working in the banking sector. She earned a Bachelor of Arts degree in Economics, then a Master of Arts degree in China US Relations with a focus on financial markets and monetary ... more

Baby Boomers Vs Millennials - The Economic And Political Shift

Date: Thursday, October 4, 2018 6:58 PM EST


The Baby Boomer generation has been the largest generation for some years now, since the birth rate soared after WW-II. (The chart at the top of page 4 shows the birth rates by generation). As it has aged the Baby Boomers have dominated the economic and political landscape. But now Baby Boomers are near retirement or retiring (the median Baby Boomer age is 63 in 2018), and Baby Boomers’ own children are expected to out-number them in 2019. Dubbed the Millennials, this generation of Baby Boomer progeny will prove to be quite different from the Baby Boomers. Generational differences run deep throughout history, in fact, and because Millennials will also expand by way of immigration, this generation will be more race/ethnically diverse than any previous generation.
This article will focus on the economic and political impact of this new generation. Data shows that Millennials will reach milestones, including marriage and home buying, later than Baby Boomers did.
Before continuing however, we should define the different generations (see table herewith for further delineation).
Generational Identifications
Millennials
With immigration adding more numbers to this group than any other, the Millennial population is projected to peak in 2036 at 76.2 million. Thereafter, the oldest Millennial will be at least 56 years of age and mortality is projected to outweigh net immigration. By 2050 there will be a projected 74.3 million Millennials.
Generation X
For a few more years, Gen Xers are projected to remain the “middle child” of generations – caught between two larger generations, the Millennials and the Boomers. Gen Xers were born during a period when Americans were having fewer children than in later decades. When Gen Xers were born, births averaged around 3.4 million per year, compared with the 3.9 million annual rate from 1981 to 1996 when the Millennials were born ... the Gen X population is projected to grow for a couple more years. Gen Xers are projected to outnumber Boomers in 2028, when there will be 64.6 million Gen Xers and 63.7 million Boomers. The Census Bureau projects that the Gen X population will peak at 65.8 million in 2018.
Baby Boomers
Baby Boomers have always had an outsize presence compared with other generations. They peaked at 78.8 million in 1999 and have remained the largest living adult generation.
There were an estimated 74.1 million Boomers in 2016. By midcentury, the Boomer population is projected to dwindle to 16.6 million
(Pewresearch.org).

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Susan Johnson 2 years ago Member's comment

Thanks!