Explaining Southern California's economy

A new generation gets a name: 'Plurals'

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They're about to learn to drive. And now we know what to call them: "Plurals."

"It's been nearly 15 years since the Millennials were so named." This line appears early in a just-released white paper from Sherman Oaks-based Magid Generational Strategies. As you might imagine, they're got a new name in mind for the generation that's following the Millennials (born between 1977 and 1996). This new cohort, with its oldest members just entering their teen years, shall be known as the "Pluralist Generation" — "Plurals," for short.

This naming-of-a-generation business isn't a one-firm game. A researcher and Harvard Business Review contributor, Tammy Erickson, has proposed that we call the up-and-comers the "Re-Generation," which is nifty pun on the "Me Generation" of the 1970s (actually a sub-generation of, or perhaps a frame of mind within, the famous Baby Boomers) and a sort of call-to-arms: these kids will be responsible for rebuilding our tattered, post-Great Recession institutions and economy.

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Boomer Bubble: How Baby Boomers plan to spend all their money now and wreck the stock market for decades

Ah, Baby Boomers… soon they'll begin retiring in force, straining Medicare and Social Security. And according to recent reports and studies, they'll also be spending every dime they've socked away, forgetting about leaving an inheritance to their children and…dooming the stock market to pitiful returns for years to come as they withdraw their gains. Talk about the Big Chill!

The LA Times checked in on Boomer plans to enjoy their golden years — and enjoy them to the max:

Upending the conventional notion of parents carefully tending their financial estates to be passed down at the reading of their wills, many baby boomers say they instead plan to spend the money on themselves while they're alive....In a survey of millionaire boomers by investment firm U.S. Trust, only 49% said it was important to leave money to their children when they die. The low rate was a big surprise for a company that for decades has advised wealthy people how to leave money to their heirs...."We were like 'wow,'" said Keith Banks, U.S. Trust president.

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