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Busy, burdened, breeding Generation B’s are likely one of your major client bases - yet you’ve probably never heard of them, claims a new report issued by Suncorp Group.
According to their research, 3.1 million Australians aged 30-39 fall into this category, which overlaps both Generation X and Y age groups, and are experiencing the ‘trifecta’ of financial responsibility, increased family commitments and work pressure, in ways not experienced by any other generation.
“Aptly named ‘Generation B’, this is the new army of Australians battling the seesawing demands of work, family and lifestyle.”
Melbourne-based Loan Market broker, Josh Bartlett, (34) says he finds the description a tad demeaning, but agrees with some of the statements.
#pb# “I wouldn’t like to call myself a ‘burdened breeder’! Maybe ‘passionate, driven and time-poor?” [The general description] is probably correct with my situation. My job is a seven-day-a-week position and has large demands on my time. My wife also works four days a week and we have two children, aged four and one.”
Bartlett says his daily life is ‘a juggling act’ when it comes to work/life balance.
“I now block my diary Friday mornings to make sure I have quality time with the boys. My wife and I are both very understanding to our work pressures, which helps.”
The report says Generation B are an important sub-set to understand, as they are the generation that are making the biggest financial and lifestyle commitments.
“Whether they are buying their first or second house, or deciding to start a family or have another baby, this unique decade of Australians are experiencing the ‘perfect storm’ of being breeders, busy and burdened for different reasons.”
#pb# Bartlett says every generation tends to have an opinion on how life should be led and describes his own age group as, like the report suggests, heavily focused on paying off their mortgages and other financial commitments.
“If you talk to my parents, they’re totally against sending your kids to child care, whereas my generation realise the cost of living is a lot higher - and we’re also the ones that kind of want everything.”
Brokers who deal with a large number of Generation B borrowers should consider expanding the flexibility of their working hours, says Bartlett, in order to successfully fit around their clients busy lives.
“Flexibility is a key; my appointments are getting later. My hours are now probably increasing due to all clients working different hours. I believe this will be a key driving force for brokers in the future.”
