The Similarities and Differences Between Generation

Generation Y , who is called the net generation, born between 1982 and 2000. Baby boomer is the generation generally defined as those born between 1946 and 1964. In this report, Gen-Yers and baby boomer will be compared to work, money and relationships. Generation Y has different characteristics with baby boomer such as time of service in one company, working aim, money management, views of society problem and mate relationship concept. However, they also have some similarities characteristics on again inflation methods.

Generation Y is difficult to stay in one company for long time but most baby boomers tend to want a fix work. According to Ji-Ye Hwang (2008), generation Y lacks work ethics and have experienced little struggle or sacrifice. It is not difficult to see that Gen-Yers job-hop repeatedly to find a job that is better income and less work load. However, it is not a correct work attitude and impracticable. Parents over protect their child is the main reason of problem that Gen-Yers easily choose give up when they face pressure. For baby boomers, they born in an unstable society that they met cultural revolution and poverty so they lack confidence in change. They expect a stable work to support their live therefore they tend to try hard to solve problems when they meet difficult in work.

Unlike baby boomer who devoted their whole life in work, Gen-Yers support work-life balance. They think an ideal life should not only live for work, but also the enjoyment of life. According to Samara (2011), Gen-Yers do not only consider work merely as the money-making tool, but also the platform for them to contribute. Gen-Yers believe one’s life can end suddenly so they expect to live life fully. For Gen-Yers, it is important to live the moment. However, Baby boomers hold the difficult opinion with Gen-Yers as baby boomers grew up during a period of hard economic times. Most baby boomers have same experience that they need two or three part job to support their family. Baby boomers think money is more important than their interests and dream. They can keep doing a boring job for long time because of the high income.

Gen-Yers and baby boomers need to learn investment because of inflation. Over half of Generation Y and baby boomers believe that investing in security market is more profitable than saving in bank, according to Steger (2010). Gen-Yers and baby boomers do not prefer saving money in bank because annual interest rate is low for recent years. For now, people can easily get financial research or knowledge form websites and econometric magazines. Although investment involves risk, they usually clean up a profit or keep their money to again inflation in the stock market base on their basic stock knowledge. Because of inflation, people have to spend more money on living. However, the increase of wages is inverse proportion to the rise in prices. Some of them think a house is the best investment