10 Research Findings That Debunk Common Beliefs About Millennials and Boomers

A persistent divide has divided society into two camps. People from both sides fiercely criticize their opposing counterparts, blaming them for all the world's troubles. We're specifically referring to the growing gap between Baby Boomers, born shortly after World War II through the 1960s, and Millennials, born between the early 1980s and early 2000s, depending on the definition being used.

Each generation has its own set of criticisms for the other. Millennials are often labeled as lazy, entitled, and financially doomed, while Boomers are seen as out of touch and responsible for the world’s decline. If you're part of either generation, you may have a certain view of the other. But as we know, stereotypes rarely reflect the full picture, so before jumping to conclusions, let’s take a look at research that challenges these widely held perceptions about Baby Boomers and Millennials.

10. Baby Boomers Aren’t Depleting Social Security

Many believe that Baby Boomers, with a large number starting to claim Social Security, are draining the system. However, research by Boston College’s Center for Retirement Research (CCR) debunks this claim. The study shows that Baby Boomers will actually receive less from Social Security than they contributed during their careers. This situation is a result of Social Security amendments made in 1939, long before the Baby Boomer generation was even born, and not the fault of the Boomers themselves.

9. Millennials Read Just as Much as Older Generations

According to a report, 88% of Millennials (defined as those between 16 and 29 years old) reported reading at least one book in the past year, compared to 79% of those aged 30 and above. Additionally, 43% of Millennials said they read books (including e-books) daily, a figure similar to older generations. While 98% of Millennials use the Internet and 77% own smartphones, 62% believe that 'a lot of useful, important information is not available on the internet,' while only 53% of adults over 30 share that view.

Libraries remain a source of information not found online, and Millennials are still avid users, with 50% having visited a library in the past year. This is nearly the same as the 47% of older adults who did so. However, Millennials tend to view libraries as less critical: 51% believe the closure of a library would significantly affect their community, compared to 67% of older adults who think the same.

8. Baby Boomers Have Fully Adopted Technology as Well

There were, of course, notable differences. Millennials continued to spend significantly more time texting and browsing the Internet compared to Boomers. Perhaps more surprisingly, Boomers also spent less time using their smartphones for calls than Millennials. However, Boomers were more inclined to use the Messenger app than their younger counterparts.

7. Millennials Are More Religious Than You Might Expect

The differences in Millennials' religious behaviors might be more tied to age than generational shifts. Millennials tend to pray less frequently than older generations, but their prayer habits are strikingly similar to those of previous generations at the same age. Their beliefs about life after death, miracles, and similar topics show little divergence from older generations. Among Millennials who identified with a specific religion, 37% considered their faith 'strong,' which mirrors the response from 37% of Gen Xers during their youth. Similarly, 31% of Boomers expressed the same during their younger years.

6. Boomers Aren’t Quite Ready to Retire

In 2019, Clever, a home-buying website, conducted a survey of 1,000 Baby Boomers, with the average age of respondents being 62. Their median income was $57,000 annually, and they had an average of $136,779 in retirement savings. However, this falls significantly short of the target many financial experts recommend: saving eight times one's annual income by age 60. For someone earning $57,000 per year, that target would be $456,000.

The situation is further complicated by the fact that 40% of respondents still had credit card debt, and 31% lacked an emergency fund. Additionally, the challenges faced by the US Social Security system may result in reduced benefits for Boomers in retirement. On average, those surveyed hoped to retire by 68, but Clever’s research suggests that this may be an overly optimistic goal for many.

5. Millennials Prefer to Stay in Their Current Jobs

In February 2017, the Resolution Foundation, a British think tank, revealed that only 4% of Millennials in the UK changed jobs annually, a stark contrast to twice as many members of Generation X doing so in the 1990s. In a similar study, Pew Research found that Millennials in the US were just as likely to remain with their current employers as GenXers were at the same age. College-educated Millennials, in fact, tended to stay even longer than their GenX counterparts with degrees.

To add to this, Millennial loyalty isn’t being rewarded, particularly in the UK. According to the Resolution Foundation, changing jobs typically results in a 15% increase in salary, but raises for those who stay with the same employer have become increasingly rare. Nonetheless, Millennials continue to stick with their jobs. A Resolution Foundation analyst suggested that many Millennials came of age during the financial crisis of the late 2000s, which could explain their cautious approach. A Pew researcher also proposed that a lack of good job-hopping opportunities might be a reason why Millennials in the US aren’t frequently switching employers.

4. Baby Boomers Are Becoming More Receptive to Cannabis

In a study on marijuana consumption among people over the age of 60, researchers from the University of Colorado analyzed data from the National Survey of Drug Use and Health. In 2017, 9.4% of individuals between the ages of 60 and 64 reported using marijuana within the previous year. This marked a significant increase from just 1.9% in 2007. Among those aged 65 and older, 3.7% used marijuana in the past year, a notable jump from only 0.3% in 2007.

The research indicated that Boomers' growing interest in cannabis was primarily for medical purposes, as shown by a survey of 136 individuals aged 60+ at various senior centers, clinics, and marijuana dispensaries. Many participants chose to purchase marijuana from recreational dispensaries due to the challenges of obtaining a medical marijuana card. Some had doctors who were unwilling to approve them for one, while others were hesitant to switch healthcare providers or leave their insurance network. Additionally, many were reluctant to discuss cannabis use with their physicians due to potential stigma, with several expressing a desire for more education on the medicinal benefits of cannabis among healthcare professionals.

3. Millennials Are Expected to Be the Wealthiest Generation in U.S. History

On average, Baby Boomers hold more wealth than other generations. Having grown up in a thriving economy, the values of their homes and stocks have seen considerable growth over the years. That said, not every Millennial with Baby Boomer parents is guaranteed to inherit wealth. Individual circumstances, end-of-life expenses, or shifts in the economy could certainly impact what Millennials ultimately receive. However, the wealth being passed down by Boomers may very well make Millennials the wealthiest generation.

2. Baby Boomers Tend to Tip More Frequently Than Millennials

The one area where Millennials outtip Boomers is in the size of the tips. When Millennials do tip, they leave an average of 22%, whereas Boomers leave around 17%.

Stereotypical

Not all Millennials are tech experts by default.

While Millennials and Generation Z are frequently labeled as digital natives, a 2017 study published in Teaching and Teacher Education challenges this notion. The study suggests that these groups aren't inherently more tech-savvy or better at multitasking than older generations. Other research has echoed this perspective.

In essence, the concept of digital natives is flawed. This misconception has shaped educational methods and corporate strategies. Dr. Paul Kirschner, a key figure in the research, cautions that assuming every student is tech-savvy can harm the learning process.