Bringing Generations Together

The Technology That Shaped Each Generation

Each generation has had some technology which played a role in shaping its formative years; although the specific years assigned to each generation may differ, the following well-known examples illustrate just how quickly communication habits have changed.

• Baby Boomers 1946 to 1964: Television and transistor radios
• Generation X 1965 to 1980: Video games and the Walkman
• Millennials 1981 to 1996: VHS tapes, CDs, and the early internet
• Generation Z 1997 to 2012: Smartphones and social media
• Generation Alpha 2013 to 2025: Streaming, video chat, and artificial intelligence

Why Communication Preferences Change

The technology which we came into contact with when we were young often influences our way of communicating. Since phone calls and in-person conversations help to build trust, this is why many members of the Baby Boomer generation prefer these methods. Generation X, on the other hand, tend to take a middle ground by using email for handling details and for making short digital contacts when a longer conversation is not needed.

Millennials tend to value forms of communication that are collaborative, useful, and easy to understand. Generation Z is at ease when using texts, direct messages, and other quick digital exchanges. Generation Alpha is growing up in an environment where video, streaming, web chat, and AI are part of everyday life.

They are tendencies, not rules, and it would be wrong to suppose that a person’s age automatically tells us how they want to communicate. That said, generational patterns can serve as a helpful starting point. The most effective method is straightforward: ask questions, pay attention, and make the necessary adjustments.

My Two Daughters Prove the Point

I experience this in my own house. Marina, my wife, and I have two daughters; Mya was born in 2008 and Callie in 2015. Although the girls are only seven years apart, they talk to us in completely different ways.

Mya is a member of Generation Z and deals with almost all her interactions via written digital messages, such as text messages, Snapchat, and Instagram. I myself don’t have Snapchat and it is not uncommon for my Instagram to go for months without a post. Although Mya doesn’t answer when the phone rings, she usually replies to a text almost immediately.

On the contrary, Callie is a typical example of Gen Alpha. She is at ease with video and web-based communication; if we send her three text messages she will give us no reply, but if we start a FaceTime or web chat on her MacBook or iPhone she is much more likely to answer.

We have sent a text to Mya and carried out a FaceTime call with Callie just so that both of them would come downstairs. Although it may seem rather silly since all of us are living in the same house, it is more effective than standing at the bottom of the stairs and having to repeat ourselves three times. The message is sent in the way that each daughter is most likely to notice, understand and reply. At least, that is our hope. Occasionally it does still take two attempts.

What This Means for Family Conversations

The purpose of communication is not merely to make a statement; it is to help the other person receive and understand the message. If you meet someone in a way that makes them feel at ease, then it becomes more likely that the conversation will result in some tangible outcome.

It is particularly important when families are talking about money. One member might wish to sit at the kitchen table and go over all the details, while another could prefer to receive a brief email summary prior to the meeting. A younger family member might find the same information easier to understand through a visual aid, by sharing a screen, or via a video call. Although the topic remains the same, the way it is delivered can make it easier for all of them to take part.

How to Make Your Message Stick

• First ask and find out whether the person prefers a phone call, an email, a text message, a video meeting, or to meet in person.
• Match the message with the channel; a quick reminder would be suitable as a text message, while a significant financial decision should warrant a more detailed discussion.
• Write a follow-up in writing; after having carried out a detailed discussion, a brief written summary should be provided so that everyone has something clear to review.
• You should avoid making assumptions; although generational patterns may be of some help, it is the individual’s preference that should determine the final decision.
• Stick to the goal. Although the method may differ from person to person, the message must still be clear and consistent.

Communication Is Part of Financial Planning

A financial plan only proves useful if the people concerned understand it, which means that they should know the reason for major decisions, what steps have to follow next, and who to get in touch with if questions arise. Moreover, clear communication helps to involve a spouse, an adult child, a parent, or some other trusted family member when the time is appropriate.

Your financial advisor should be willing to find out how you like to communicate and should keep in regular contact with you. A few clients prefer a telephone call on a set schedule, while others opt for email, virtual meetings, or a mix of different methods. The appropriate method is the one that enables you to stay informed and confident regarding the decisions you have to make.