The Boomers' Kids: Who Are They?

BOSTON (CBS) - The oldest Boomer turns 71 this year and the youngest is 53. We have talked a lot about the Boomers but what about their kids and grandkids? I know Boomers who are great grandparents.

Their kids are the Gen Xers, some are Millennials and those born after the year 2000 are, Generation Z sometimes referred to as the New Silent Generation.

A quick breakdown of the generations:

2001-Present - New Silent Generation or Generation Z (23 million and growing)
1980-2000 - Millennials or Generation Y (largest over 71 million)
1965-1979 - Generation X (almost 50 million)
1946-1964 - Baby Boom (born after WWII)
1925-1945 - Silent Generation

Hard to pin down when a new generation started. The Boomers span was the longest.

Gen Xers are better educated than their parents according to the Census Bureau. They have the highest education levels of any age group.

The core values and personality traits of Gen-Xers include self-reliance, work family balance, informality, individualism and they are quite skeptical. Because many grew up in a two income family and saw their parents as workaholics, they seek a work/life balance.

They often earn more money than their parents and know more about money than their parents. Their retirement savings in many instances is nonexistent. This age group has not done enough to plan for their retirement. Many are banking on inheriting money from their parents, the Boomers. Boy are they in for a surprise!

Now the Millennials see the world differently than their older siblings. They are well educated and grew up entitled and many expect a hefty starting salary fresh out of college. And cannot understand why when it doesn't happen. Tech savvy they use technology to enhance their everyday lives and use social media for communicating.

But their financial needs are the same as their older siblings. They need to stash some cash in a rainy day fund and they need to get serious about debt reduction and retirement planning.

Gen-Xers got their name from a book by Doug Coupland entitled, "Generation X", where life is stuck in 1974. The US Census Bureau cites Generation X as statistically holding the highest education levels when looking at age group (bloc): US Census Bureau, in their 2009 Statistical Abstract.

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You can hear Dee Lee's expert financial advice on WBZ NewsRadio 1030 each weekday at 1:55 p.m., 3:55 p.m., and 7:55 p.m.

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