The new game, page-4

Hi Gyro,

In my view, Gen-Xers have never experienced:
1)
the ravages of war (such as Vietnam, etc);
2)
the perils of inflation and economic uncertainty (the Credit Squeeze of 60 /61;
3)
the causal impacts of stagflation (from Yom Kippur through the recession infused early 80s);
4)
the horrors of rationing (from the outbreak of WW2 through to the mid-50s); and
5)
the enigma of qualified borrowing (rationed out, if for home loans; guaranteed if for females, or for first time earners), and high interest rates (until circa 1994 onwards).

Most Gen-Xers have been able to move smoothly from home, to University, and through University, into jobs and management without anything going wrong. Even then, when something has gone wrong, most Gen-Xers have been able to avoid accountability for their conduct for any number of reasons.

Few, however, have been able to rise to the occasion and demonstrate a true futuristic approach to business, management, by thinking through the spectrum, and across the void, as opposed to only within the square of their immediate conscious environment.

I have nothing against Gen-Xers, but when they come to me and others promising to change the world, etc, I expect to see something more than concepts, promises, or blind trust. I expect to see commitment, demonstrated results, due diligence, fully scenarioed (as opposed to, simply, fully costed) Business Plans, and an ability to look outside the square.

Gen-Xers, for want of anything better, have been brought up during one of the most prosperous periods of time that we have ever encountered (whether in terms of wealth creation, economic certainty, political stability, world peace, and unparalleled freedom of expression, movement, and ability to learn). They have also thought themselves infallible to failure, to incorrect selection or pursuit of choices, etc.

In much the same way, many of those born staright after WW2 who subsequently rebelled against their parents in the 60s, peeled off their clothes at Woodstock, or protested alongside Jim Cairns and others during the Vietname moratorium demonstrations of the late 60s, considered that they could do no wrong.

Many of these same people, however, went on to become opposed to the establishment, and all things that their parents stood for.

In terms of lifestyle and choice, these same people turned their backs on property ownership, and embraced lifestyle choice, preferring to spend away their futures, rather than saving for their retirement, etc. This, for example, is one of the tragic reasons why our superannuation system is potentially inadequate in catering for a rapidly aging population whose babyboom years are now in their last twilight.

Conversely, those aged in the 35 to 45 age bracket were born from the late 50s through to the late 60s. Many of these people were but children when the ravages of war, inflation, unemployment, political uncertainty, and global economic uncertainty all came about. They did, however, listen and learn. Many of them also heeded the sounds of then and were determined not to leave everything to trust, or fate.

It is, therefore, little wonder why the greatest concentrations of wealth in Australia today are captured in the following 2 socio-economic groupings:
1)
emerging retirees, and the retired (ie: pre-war born); and
2)
those aged through to the late-40s.

For many of those aged in their 50s or beyond, their levels of wealth are sub-optimal relative to their circumstances. Hence, the inadequacy of superannuation to cater for their lifestyle needs going forward. These same people have generally been poor savers, and strong consumers.

As for the Gen-Xers, the obverse is true. These people have considered that time is still on their side, and that they can avoid the need for saving for a future. As a result, Gen-Xers are a growth market when it comes to lifestyle choice, and consuming (as opposed to, saving).

Going forward, I believe that many of those aged 35+ through to -50 have experienced many of the problems that society continually runs into, and have developed the associated degrees of maturity, trust, commitment, accountability, and determination to succeed. Rather than functioning on a wing and a prayer, many of these people are willing to ride through the change and make the difference (whether that be through re-training, changing jobs, etc).

The world does not owe these people anything, as they have made the every step, and every opportunity encountered, their own to have. This, however, can be contrasted to the philosophy of many Gen-Xers (and late aged baby boomers) who consider that the world owes them everything.

For me, accountability, governance, maturity and commitment are the most important principles to have, along with professional standing, and an ability to think outside the square that we all seem stuck to. In due course, Gen-Xers and others will possess these attributes, and more, but just not yet.