BOSTON (CBS) – We discussed the Boomers earlier in April but what about their kids? These are the Gen Xers; some are Millennials and a few born after 2000 are Generation Z, sometimes referred to as the New Silent Generation.

The demographics get a bit fuzzy as to an exact date for when one generation starts and another ends. George Masnick wrote an article, “Defining the Generations” placing the Gen Xers between 1965 and 1984. And the Millennials were born over the next 20 years. And there are 80 million of them. They are different from their older siblings, the Gen Xers.

The oldest of the Gen Xers are turning 50 this year! That will certainly make their parents, the Boomers, feel very old.

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 and 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 became independent, balance-desiring people.

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 a bunch of money from their parents, the Boomers. Boy are they in for a surprise!

The Millennials see the world differently than their older siblings. They are well educated and many expect a hefty starting salary fresh out of college and cannot understand when it doesn’t happen. Tech savvy, they use technology to enhance their everyday lives and are very social animals.

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. Most do not have an emergency fund.

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