Defining the two generations of millennials and Gen Zs starts from establishing the years to which each of them belongs. A millennial is considered anyone born between 1980 and 1995. Meanwhile, a member of Gen Z is anyone born between 1996 and the early-mid 2000s (end date can vary).
But the real differences between these two generations are most apparent in their lifestyle choices, values, and preferences. This is partly because Gen Zers and millennials come from two completely different backgrounds.
While millennials came of age during the Great Recession, this new generation was in line to inherit a strong economy with record-low unemployment. However, the coronavirus pandemic has changed the circumstances of how Gen Z is approaching adulthood. Now they, just like millennials, face an uncertain future for the first time in their lives.
According to the new 2020 Pew Research Center survey, half of the oldest Gen Zers (ages 18 to 23) reported that they or someone in their household had lost a job or taken a cut in pay because of the outbreak. This was significantly higher than the shares of millennials (40%), Gen Xers (36%), and baby boomers (25%) who said the same.
Young workers like Gen Zers were particularly vulnerable to job loss as they were based in high-risk service sector industries that were among those who were hit the most during lockdowns.
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The differences are still present when it comes to the general view of work and education. A recent Way To Work survey that surveyed more than 1000 college students and recent graduates in the US found that Gen Zs are more concerned about the cost of education (21% of respondents) compared to millennials (13% of respondents).
The same survey also found that millennials tend to value stability (34%), while Gen Z is more concentrated towards finding their dream job (32%). But when it comes to parents' influence on making the big decisions, 42% of Gen Zers said they follow their parents’ influence, while only 36% of their millennial counterparts said the same.
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