What's the actual difference between Millennials and Gen Z?
The Internet is teeming with users who are either a Millennial or a Gen Z. We’re the ones constantly using social media, sharing the latest breaking news, and commenting on social issues that are close to our heart. Even though we’re bound to cross each other’s path regularly, not all of us are exactly sure what the difference is between Millennials and Gen Z? Is it the year they were born? How they were raised? Here’s what you need to know.
Gen Z are the folks born in 1995 or later, and they’re expected to make up one-third of the American population by 2020. At the moment, Gen Z contributes $44 billion to the American economy.
One thing Millennials and Gen Z have widely in common is their online presence. However, because Gen Z started using the Internet at a much younger age than Millennials did, so they’re more plugged in and are used to getting information as fast as possible. 92 percent of Gen Z has a digital footprint, so it’s rare to find one who isn’t online every single day. While 25 percent of Millennials admit to being addicted to their phones, 40 percent of Gen Z say the same.
In an Adecco survey of over 1,000 Millennials and Gen Z people, it was discovered that Gen Z are the ones who worry more about the cost of higher education than Millennials do, which speaks to how much more expensive college has become over the recent years. However, Millennials are the ones who are more financially frugal, since they were of age when the recession hit and they likely experienced trouble finding work after they left college.
Gen Z folks tend to be more concerned with individuality than Millennials are, which affects what they buy, what kind of work they choose to do, and what politicians and celebrities they support. They’re also more likely to be entrepreneurs than Millennials.
None of these characteristics tell the whole story, though. Even though there are some generalizations for each generation that ring true, it doesn’t mean every single person will embody these traits. You’re you at the end of the day — no matter if you’re a Millennial or a Gen Z.