Episode 39: Getting Generational with Sheri Fitts
Welcome back and happy November! This week’s episode of the Women Rocking Wall Street show is a little unique. Last year, I had the pleasure of speaking at an event about the differences within various generations and how to talk to each of them about money in an effective way.
Did you know that there are currently four generations that shape our workforce today? There is the Traditionalist (born 1925 – 1945), which in 2014 made up eight percent of the workforce. This generation is conservative in their actions, and they prefer their communication in the form of the written word (memos). Compare that to the Millennials (born 1981 – 2000), who were raised with technology, prefer to communicate through text messages, are used to having adult-like conversations and want a level playing field right out of college, rather than putting in the time (as the Traditionalists would typically prefer to see). In between those two are the Baby Boomers (born 1946 – 1964), who are the optimists and want to be involved in the decisions and the GenX (born 1965 – 1980), who are skeptical because they’ve seen quite a few people fall from power. Again, these two generations are a very interesting contrast.
Each generation has their way of communicating and their beliefs about money. However, one thing is similar across all generations – people’s relationship with money is personal. The conversation should be based around emotions and aspirations and not around fear, shame and doubt. The goal should be to build a plan and to build a personal relationship rather than a business relationship
“When you have a dream and a plan working together in the construction of a life chapter, you have a ‘mission,’ a circumscribed purpose that defines your use of time and space for the duration of this particular life chapter. People with a mission know where they want to go.”
Frederic M. Hudson
Mastering the Art of Self-Renewal
If people can understand the vision of their future where they can redefine what it means to work and give back to their communities and make a plan that talks about their life rather of their money, they may become a little more engaged around the conversation around their finances.
To view my full presentation, here it is. If you liked this episode be sure to share it with those you think might find this valuable. Also, head over to iTunes and write a quick review if you liked what you heard. Lastly, thanks for listening!