Major social, economic or cultural events have the power to change the course of history, but beyond it, they also leave a lasting mark on the behaviour and mannerisms of a generation of people. Our generation, the Millennials, were shaped by the opening up of the economy in 1991, the rise in incidents of terrorism and the depression in 2008. Terms like Millennials, Baby Boomers, Generation X are broad terms which define people born in a particular time frame. For instance, people born between 1980 and 1994 are generally considered to be Millennials. Every generation is different from the generation that precedes it and the generation that follows it. Your children’s approach towards life, their behaviour and mannerisms will be very different from you. Here are some major points of divergence between a millennial parent and his/her children.
The next generation or Generation Z are born into a connected world, with easy availability of information and on-demand services. Millennials were the generation that saw the witnessed the introduction and spread of communication technology like social media, instant messaging and mobile phones.
The current generation is introduced to global networks like Facebook, Instagram, and YouTube at a very early age, which makes them identify with their global peers at a deeper level. The lines of nationalities are blurring when it comes to eating and wearing habits. The current generation is a true global citizen, while millennials were the first global generation.
Going to a reputed college and getting a respectable degree was a fad with millennials and the generations before them, but Generation Z will prefer on-demand learning. Rather than going to a college they will prefer digital learning and will opt for multi-disciplinary courses. The concept of education will be very different for the current generation. It will require better planning by parents as the model is still evolving and there are no set benchmarks. Investing in a good mutual fund now can generate steady returns in the long run, which will act as a moat for your child’s education.
Millennials were brought up by relatively prosperous parents who had seen the opening up of the economy and the positive changes it brought. Millennial parents saw an erosion of wealth and large scale job losses which made them practical and their children realistic in nature. Millennials were an optimistic generation, but their children will be more nuanced in their approach.
The existing job profiles are very rigid and more adventurous millennials have to change jobs if they want a slightly different role. People of Generation Z will look to take a wide variety of roles in their job lives. They will not be limited to a single job profile, and this trend will be accelerated as the gig economy matures. This trend will create a vibrant job market, but could also increase uncertainty. Millennial parents should secure the future of their children through investing in mutual funds, which provide significant returns over an extended time frame. Investing in mutual funds has been made easy and simple by portals like Finserv MARKETS, where you can choose from a wide variety of mutual funds.
The culture of outdoor activities is disappearing rapidly with the rise of multi-player mobile games. The generation of children born in the digital world will be tilted towards virtual friendships rather than physical contacts. This will make them more individualistic and also more competitive.
Millennials as a generation are more outspoken than the generation of their children. Millennials witnessed the introduction of digital public platforms and used them to the hilt to share their thoughts or major life events. With the issue of privacy taking center stage in the later years of social media platforms, Generation Z will be more guarded with their thoughts and personal information.
The concept of beauty and gender will see a drastic change with Generation Z being more gender fluid in their approach. The number of people who do not identify with one gender over others will rise. This could change consumption patterns and give rise to a new set of gender-neutral products.
The current generation of children will be more entrepreneurial by nature, moulded by several factors such as the global recession and the rise of connected technologies. People of the latest generation will utilize the opportunities presented by an extensively connected world and would turn to entrepreneurship rather than keeping a regular job. To support the entrepreneurial dreams of their children, millennial parents will need a proper financial plan. Mutual funds could be a source of the required seed capital for your child’s venture. Invest in a suitable mutual fund through Finserv MARKETS, and complete the process in a few clicks.
Parents from the generation before us taught us to concentrate and focus on one task at a time, but the generation after us will be true multi-taskers. They are growing up with multiple gadgets and regular updates. They will be using all the gadgets simultaneously while working, which could also blur the line between work and play.
Millennial parents will be different from their children in many ways, but they will also have several common threads. Children learn from their parents and the next generation may be different but they will share the same values and work ethics. Though they may have a shorter attention span, they will also be more efficient. Millennial parents should plan in advance and prepare their children with the latest education tools for the fast-paced technology-driven job market.
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