Government and community leadership is currently being managed by Baby Boomers. It should not surprise anyone as this is the natural life progression. However, it is imperative that one generation take steps to plan for the next to come. "Boomers" are responsible for this.
The Boomers created personal computers, the internet and MTV. Hard to believe isn't it. So before the keys to the car are given totally to Gen X and Millenials, the table should be set for them.
In government, that should be open and transparent government. By developing and encouraging communicative and participative government, especially at the local level, the stage for the future may be better served.
Opening lines of communication between a people and their government (and amongst themselves) can foster greater understanding and less divisiveness and warrantless suspicion. We should also prepare the expectations of the following generations of the expected transfer of wealth that occurs from one generation to the next.
Counseling them to understand that a premature forced redistribution through governmental intervention would lead to a diminished transfer into their control. As we move forward, let us all speak opening about these challenges, changes and opportunities. There is still much to teach and still much to learn.
-
Each generation has been in the workforce for different lengths of time and accumulated varying degrees of wealth.
-
Baby Boomers have an average net worth of $1,066,000 and a median net worth of $224,000.
-
Gen Xers average net worth is around $288,700, but the median is $59,800.
-
Millennials have an average net worth around $76,200, but their median net worth is only $11,100.
-
Gen Z's average net worth is difficult to report on since so much of the generation has no net worth or career as of yet.
-
Each generation grew up in evolving technological worlds and has unique preferences in regard to what they expect and react.