4 Key Ways Different Generations Define Top Economic Issues
Throughout election season, there’s a lot of talk about “the economy.” As TV pundits and social media politicos expound about how voters feel about “the economy,” you’d be forgiven for thinking of it as a monolith — a universal set of numbers, metrics and standards that are always and irrevocably about money and finance.
However, for many Americans, the economy is much more than a stock market report, though it most certainly can include that. The ways in which they think about their own financial well-being, as well as the economic interests of the country and even the world, touch on other issues as disparate as climate change, or childcare and eldercare.
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According to financial experts, these definitions of economic issues can often hinge on the needs and passions of different generations, with the spectrum from Gen Z to baby boomers often having their own unique take on what matters most.
Here are four key ways different generations define top economic issues.
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Gen Z Is Focused On the Environment
For Gen Z, cash isn’t the only green to be concerned about. This generation is very focused on issues around climate change, viewing a healthier, more livable planet as essential to their own longevity and earning power.
As head of marketing and finance for Dgtl Infra, Mary Zhang regularly reviews a lot of data that includes trends in finance. “For Gen Z, we’re seeing strong correlation between environmental consciousness and economic decision-making,” she said.
Zhang added that data shows Gen Z consumers are 30% more likely to purchase eco-friendly tech solutions, even if they are more costly. “Climate change isn’t just an environmental issue for this generation; it’s fundamentally intertwined with their economic outlook,” she said.
That economic outlook is having transformative effects in overall investment in green data centers and renewable energy infrastructure, which is creating new job markets and economic opportunities.
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Family Planning Is Paramount to Millennials
Looking at data, Zhang said that the economic landscape for millennials is paved by family-centered concerns.
“In our workforce analytics, we’ve noticed a 40% increase in demand for flexible work arrangements among millennial employees, directly tied to childcare needs,” she said.
The pursuit of more family-friendly work options has driven major changes in digital infrastructure, like the increased investment in remote work technologies and corresponding cybersecurity features.
Millennials on the job hunt are also more likely to prioritize companies that have strong family leave and robust healthcare benefits, including reproductive health coverage. Zhang added that these preferences among a broad swath of millennials have helped to reshape corporate strategies, along with the economic landscape.
“The interplay between personal values and economic decisions is more pronounced than ever, requiring a nuanced understanding of generational priorities in economic policy and business strategy,” she said.
Gen X Worries About Healthcare Costs
In his role as co-founder of JumpMD, Thomas Medlin is very familiar with how concerns about healthcare costs can impact people’s individual sense of economic stability. For Gen Xers, who find themselves sandwiched between their own children and their aging parents — not to mention their own healthcare needs — the cost of accessing medical care is a primary issue.
Medlin said that this generation is more likely to advocate for affordable healthcare and insurance options to help balance the considerable financial burden of medical expenses. They’re also prone to seek out more comprehensive coverage that focuses on a wide range of services, such as preventive care and mental health coverage, as well as long-term care options to cover themselves and their families through all life stages.
Baby Boomers Want Sustainable Social Security and Medicare
The top economic issues for baby boomers shouldn’t be too surprising — certainly not to anyone who has seniors in their lives or simply watches the news.
“Baby boomers are highly concerned with the sustainability of Social Security and Medicare,” Medlin said. “As they retire, they prioritize policies that ensure these programs remain funded and reliable, viewing them as critical to their post-retirement economic stability.”
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This article originally appeared on GOBankingRates.com: 4 Key Ways Different Generations Define Top Economic Issues