NZ baby boomers and Generation Y

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.