The next generation of baby boomers will be the first to grow up with a sense of family, according to the experts who predict the biggest shift in generations to come.
“Our kids will be able to buy things, buy groceries, shop, go to the movies,” said David St. Pierre, a professor at the University of Maryland School of Business.
“The problem is that they’re going to have to buy it all themselves.”
The biggest changes to the U.S. economy, according a new report from St.
Pierre and his co-author Michael Berenson, are likely to be the changes in consumerism and the economy as a whole.
Baby boomers and their parents, they predict, will be more likely to spend money at stores and malls.
“If the boomers’ generation goes to college, they’re likely to stay in that job for life,” St. Joe said.
St. Joseph’s analysis of data from the Bureau of Labor Statistics shows that the typical millennial today is spending at least $1,000 per year at retail outlets and stores.
That’s up from $700 per year in 2015, when Baby Boomers were in their early 20s.
St Pierre says this boomers-generation gap between how much Millennials spend and how much they save could eventually be the biggest in generations past.
“We’ve got to be very cautious because the boom is still there,” he said.
The generational gap in spending could also be the largest in generations, as millennials may not be saving as much as previous generations.
The boomers, according the report, are spending at about 2.6% of their incomes, the lowest in decades.
The generation that has been in work for most of their lives is spending about 8.6%.
Baby Boomer households are also the biggest spenders in the economy, spending about $6,600 per person per year, according St.
And they’re also the largest consumers, spending $3,400 per person, the highest level in generations.
The report is based on a new survey of 4,000 people conducted in May and June of 2017 by the Federal Reserve Bank of New York.
The survey also looked at the economy and the future of the American economy.
Baby Boomers are not only more likely than other generations to save, but are also likely to become more and more of a consumer, according their study.
“This generational gap between saving and spending is going to widen,” said St. Patrick, who was born in the mid-1950s.
“In the mid to late-20th century, you’d have people who saved all the time, they’d be buying everything, they would be getting all their credit cards and credit cards.
You’d have this generational gap that’s going to narrow.”
The report predicts that the gap between savings and spending will grow as people enter their 40s and 50s.
By then, the average age of the millennial generation will be 30, and the average monthly income will be between $200 and $300, St.
It’s a generational gap of the highest order, the report says.
The median income of the boomer generation, which has already surpassed the middle class in many ways, will only be $42,000 by 2047.
In the next decade, that number is expected to increase to $100,000.
“I don’t think we’re going back to a period of growth and abundance that we’ve experienced in recent years,” said Robert Loomis, a managing director at the New York-based consulting firm Loomig Group.
“But I do think that if you can have a little bit of a good chunk of your life spent in a store or on a mall or at the movies, then maybe you have some time in the future where you’re a bit more able to take advantage of the things that will be available.”
Baby Boomers and Generation X Millennials, meanwhile, are unlikely to have much time to get their lives on track if they’re unable to save enough, Loomi said.
“I think the biggest question is: How are they going to do it?”
Loomes prediction for the millennial boomers is to be a little more patient, and be more of an asset.
“They are going to be able, for the first time in a generation, to start saving for their retirement,” he added.
For those of us born into a generation that is so much better off than it was 10 years ago, Lomis said, we will likely see a big generational gap.
“There’s going have to be an adjustment period in a way where they have to really get to know their own savings, how to manage their money, how much of it is going into retirement,” Loomia said.