The outlook for Generation Y
Much has been written about the emerging new workforce, sometimes referred to as Generation Y. Given that the NZ Boomer Dreams Study 2009 found NZ baby boomers are similar in some respects but not the same as American baby boomers, the question arises: is the American concept of GenY valid for New Zealand?
That aside, Generation Y are the children of boomers and are the next generational cohort expected to impact on social structure (Generation X, like the Silent Generation, is a small population with indistinct social impact).
Th NZ boomer dreams study is not about Generation Y, but some observations can be made about how boomer intentions might impact on them.
The first significant finding is that New Zealand baby boomers have no intention of becoming a financial burden on them – they’re off the hook. Sadly, behind this finding is a realisation that Boomers intend the projected gap in workforce skills to be filled from their ranks, reducing the opportunity for Gen Y to springboard up into the gap without the same levels of experience or skills. This prospect has already raised resentment among some Gen Y authors, promoting “generational warfare” (Ryan, 2006) and leading to boomer bashing. However, the sheer size and force of the boomer generation is likely to see a paradigm shift in workforce and job design, with work/life balance becoming the norm in time for Gen Ys to enjoy the benefits of this work style throughout their careers.
The second significant finding is that baby boomer parents have no intention of abandoning their Gen Y offspring, and remain fiercely committed to their children’s success. Boomer parents keep their older children at home with them, with nearly 60% of boomer family households containing offspring over the age of 15. These offspring can also look forward to continued financial support from their parents, with 81% of New Zealand boomer parents intent on stepping up with their wallets, compared to just 53% of American boomers.
Showing posts with label parents. Show all posts
Showing posts with label parents. Show all posts
21 September 2009
NZ Boomers, their children and grandchildren
New Zealand baby boomers, their children and grandchildren
Thirty-eight percent of NZ baby boomers surveyed in the NZ Boomers Dreams Study 2009 were empty-nesters (couples whose children had left home) and 36% had children still living at home.
Of the 36% who said they had children at home, almost 60% (59.4%) of those households were comprised of older children (15 and over).
As a result of younger baby boomers delaying parenthood and an increase in divorce and second families, 3.6% of the children of New Zealand baby boomers are still pre-school age and 37% of boomers’ children are still at primary or secondary school.
Boomers’ babies continue to live in traditional households (88.9%) and can look forward to the ongoing financial support of their parents (80.8%, compared with 52.7% of US boomers).
Unlike the US, where 80% of boomer parents report they would like to focus more of their time and energy on their grandchildren, New Zealand baby boomer parents are no more likely than average boomers to want to be more involved than they currently are. It is not clear whether New Zealand boomers (45.6% less likely than US boomer parents to plan to spend more time with grandchildren) feel they already do spend sufficient time, whether New Zealand boomer grandparents are less involved than their American counterparts, or whether New Zealand baby boomer families have not yet progressed to grandparentage to the same levels as in the US. Younger New Zealand boomers are 6.2% more likely than their elders to have future plans for their grandchildren, but given the number of them with children still at home, having grandchildren may be a future aspiration rather than a current reality. In contrast, the aspiration to spend more time with family (children and grandchildren not differentiated) rated 5.9% higher among New Zealand boomer respondents than their American counterparts. This suggests the New Zealand baby boomer population isn’t finished with its children yet, and has yet to move on to grandchildren.
There is no conclusive evidence from the study to explain the disparity between US and New Zealand boomer grandparents’ devotion to future family generations, but the implications for business may mean an expected burgeoning of intergenerational entertainment industries (matinee theatre outings, shared holidays, indulgent toy purchasing) may not be replicated here. Businesses working in this area may find value in exploring this aspect of New Zealand boomer dreams in more depth.
Thirty-eight percent of NZ baby boomers surveyed in the NZ Boomers Dreams Study 2009 were empty-nesters (couples whose children had left home) and 36% had children still living at home.
Of the 36% who said they had children at home, almost 60% (59.4%) of those households were comprised of older children (15 and over).
As a result of younger baby boomers delaying parenthood and an increase in divorce and second families, 3.6% of the children of New Zealand baby boomers are still pre-school age and 37% of boomers’ children are still at primary or secondary school.
Boomers’ babies continue to live in traditional households (88.9%) and can look forward to the ongoing financial support of their parents (80.8%, compared with 52.7% of US boomers).
Unlike the US, where 80% of boomer parents report they would like to focus more of their time and energy on their grandchildren, New Zealand baby boomer parents are no more likely than average boomers to want to be more involved than they currently are. It is not clear whether New Zealand boomers (45.6% less likely than US boomer parents to plan to spend more time with grandchildren) feel they already do spend sufficient time, whether New Zealand boomer grandparents are less involved than their American counterparts, or whether New Zealand baby boomer families have not yet progressed to grandparentage to the same levels as in the US. Younger New Zealand boomers are 6.2% more likely than their elders to have future plans for their grandchildren, but given the number of them with children still at home, having grandchildren may be a future aspiration rather than a current reality. In contrast, the aspiration to spend more time with family (children and grandchildren not differentiated) rated 5.9% higher among New Zealand boomer respondents than their American counterparts. This suggests the New Zealand baby boomer population isn’t finished with its children yet, and has yet to move on to grandchildren.
There is no conclusive evidence from the study to explain the disparity between US and New Zealand boomer grandparents’ devotion to future family generations, but the implications for business may mean an expected burgeoning of intergenerational entertainment industries (matinee theatre outings, shared holidays, indulgent toy purchasing) may not be replicated here. Businesses working in this area may find value in exploring this aspect of New Zealand boomer dreams in more depth.
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