There is a new group of generation that is growing in number – but few people have heard of them. In 4 years, they will outnumber the Baby Boomers generation and many of them will live to see the 22nd Century.
Who Are They?
I am talking about Generation Alpha, children of Generation Y (the millenials) and often the younger siblings of Generation Z. Every week, more than 2.5 million are born globally. When they have all been born (by the year of 2025) they will number almost 2 billion – the largest generation in the history of the world.
They may be the youngest generation but they have brand influence and purchasing power beyond their years. They shape the social media landscape by touting popular ‘influencer’ culture and are the emerging consumers. By the end of the 2020s, these Gen Alpha will transition into adulthood and enter the workforce or build a family, no matter the readiness.
The Digital Natives
Gen Alpha began being born in 2010, the year the iPad was launched, Instagram was created, and App was the word of the year – and so from their earliest years, they are the ‘digital natives’.
They are part of an unintentional global experiment where screens are placed in front of them from the youngest age, replacing pacifiers, entertainers and educational aids. This long screen time has significant impacts on these children, especially during their early childhood and development years, from shorter attention spans to the gamification of education, from increased digital literacy to impaired social formation.
Five Key Traits of Generation Alpha
- Global – Compared to previous generations, Gen Alpha is being raised as a global community. With access to the internet from an early age, they grow up with shared customs, values, and experiences.
- Digital – Born with information at their fingertips, Gen Alpha has high expectations for on-demand content, products, and services wherever and whenever.
- Social – With social media at their fingertips, Gen Alphas are more socially connected than generations before them.
- Mobile – Gen Alphas are always on the go with mobile.
- Visual – They have been raised in front of screens and on the cusp of the Metaverse, they are more visual than generations before them.
What Does the Future Hold for Generation Alpha?
Gen Alphas will be blessed in many ways by benefiting from a world created by previous generations. But it is also a world loaded with challenges. The psychological impact of digital lives– the fast pace, constant changes, continuous connectivity, lack of face-to-face contact – is yet to be fully understood. Alphas may become battle-hardened or they may be a time-bomb.
When it comes to making choices, Alphas will no longer scout for a broad education, a strict curriculum programme, or generalist qualifications. They will be looking to train as specialists; delving deeper into particular topic areas and niches. Studying up to a Master’s degree level is likely to become the standard, with students not rushing to enter the job market until they gain a high level of knowledge and expertise.
Secondary and tertiary providers of education will face challenges in keeping the interest and engagement of their students who are used to numerous assorted choices and content channels. These same students deviate from following a linear route to achieve a single goal. Thus, formal education may well become focused on delivering tools for ‘how’ to learn, having a structure for reaching new heights of knowledge, diversifying into practical skills and help create a network of opportunities into employment and enterprises. As a result, parents will have to keep up with the costs associated to support their children financially.
On a Final Note
Gen Alphas are the most materially endowed generation and technologically savvy generation ever. They will also enjoy a longer life span than any previous generations with the opportunity to go for further education. This delays their earning years and prolongs cohabitation with parents later than their predecessors, Gen Z and Gen Y. The role of parents therefore will extend as many of these Gen Alphas are likely to still live at home with their families into their late 20’s. The question is, how do you as a parent prepare for this expected shift in lifestyle of your children?
Watch this space. ‘Generation Alpha – How Parents Can Be Financially Prepared for Their Future‘ is coming next.
