Prudential's new paper, "Gig Economy Impact by Generation," builds on findings from Prudential's prior deep dive into the gig economy by examining how and why three different generations of workers--Millennials (ages 18-35), Gen Xers
(ages 36-55), and Baby Boomers (ages 56+)--exclusively take on freelance work.
are rapidly becoming a mainstay of organizations.
GROUP AGE YEARS % in AF % in FM CIVIL CAREER SERVICE FIELD Veterans 65-86 1922-1943 2% 2% Baby Boomers 48-65 1943-1960 48% 52% Generation X 28-438 1960-1980 44% 41% Millennials 8-28 1980-2000 6% 5% Source: Grouping by age and years born from Zemke, Raines, and Filipczak, Generations At Work: Managing the Clash of Veterans, Boomers, Xers
and Nexters in Your Workplace.
are the least bookish CEOs and legislators the United States has seen in a long while.
To complicate matters, Generation Xers
are harder to lure into public management.
They're younger than most homeowners you know: born roughly between 1965 and 1976, Gen Xers
are primarily in their 30s.
Rogers also says that Gen Xers
will be most immediately impacted by the Baby Boomers' huge vacuuming of Social Security resources, so they need to be given some alternatives.
* Nearly one in three Gen Xers
and one in three boomers surveyed report shopping online via a computer "all the time."
In fact, baby boomers are more likely than millennials and Gen Xers
to say that the reason they want to participate in ESG investing is to encourage companies to be good corporate citizens (61% of boomers, compared with 51% of millennials and 48% of Gen Xers
Older millennials and Gen Xers
carry the most substantial amount of student loan debt, with a median amount of$30,000.
In fact, 49% of millennials, 48% of Gen Xers
, 38% of boomers, and 24% of seniors feel the same.
For income, the authors compared the inflation-adjusted earnings of full-time working millennials in 2014 with that of baby boomers (born from 1946 to 1964) working in 1978 and Generation Xers
(born from 1965 to 1980) working in 1998.
This is more than double the amount of Baby Boomers (12%) who say the same, and substantially more than Gen Xers
They are obviously the future, but they are still young and a long way from spending 'maturity.' This means that we can't ignore the Gen Xers
. They don't get much publicity, but they are next in line to the boomers," Gibbons said.
Eighty-eight percent of millennial respondents also agreed that social media reinforced a tendency to compare one's wealth/lifestyle with that of others, compared with 71% of Gen Xers
and 54% of boomers who believed this.