The Perennials

1. The sequential model of life is becoming obsolete in our changing world

"It is utterly false and cruelly arbitrary to put all the play and learning into childhood, all the work into middle age, and all the regrets into old age."

Rigid life stages outdated. The traditional sequence of education, work, and retirement no longer fits our extended lifespans and rapidly changing economy. This model, developed in the late 19th century, assumes a linear progression through fixed stages that is increasingly at odds with modern realities.

Demographic shifts driving change. Increased longevity, declining fertility rates, and technological disruption are fundamentally altering how we live, learn, work, and relate across generations. Up to eight generations now coexist, creating new dynamics in families, workplaces, and society.

New model needed. A more flexible approach allowing for multiple educational periods, career changes, and fluid transitions between work and leisure throughout life is emerging. This "perennial" mindset sees potential for growth and reinvention at any age, rather than limiting opportunities to specific life stages.

2. Increasing longevity and health spans are reshaping life trajectories

"To make matters worse, the coronavirus pandemic further complicated matters by increasing mortality among Black men and women to a much greater extent than whites."

Dramatic life expectancy gains. Over the past 250 years, average life expectancy has more than doubled globally. In the U.S., it increased from 46 years in 1900 to 78 years in 2022. This trend is reshaping how we think about education, careers, and retirement.

Health span improvements. Not only are people living longer, but they're staying healthier for more of those years. The average 60-year-old American can expect 15-17 more years of good health, allowing for continued productivity and engagement.

Inequalities persist. Despite overall gains, significant disparities in life expectancy and health outcomes remain based on race, education, and socioeconomic status. The COVID-19 pandemic further exposed and exacerbated these inequalities.

3. The traditional nuclear family is evolving into diverse living arrangements

"The traditional view of life was that we'd peak in the middle of our lives, retire, and go into decline."

Nuclear family decline. The percentage of U.S. households consisting of married parents with children has fallen from 40% in 1970 to just 18% in 2021. Various factors contribute to this shift:

• Delayed marriage and childbearing
• Increased divorce rates
• Rise in single-parent households
• Growing acceptance of diverse family structures

Multigenerational households rising. In the U.S., 18% of the population now lives in multigenerational households, up from 7% in 1971. This trend is driven by:

• Economic necessity
• Childcare and eldercare needs
• Cultural expectations
• Desire for family support

New family dynamics. These changes create both challenges and opportunities for intergenerational relationships, wealth transfer, and social support systems. Policies and cultural norms must adapt to support diverse family structures.

4. Adolescents face mounting pressure in an age-regimented system

"Seriously? You're asking about the workforce of the future? As if there's going to be one?"

Early decision pressure. Teenagers face intense pressure to make life-altering decisions about education and careers at increasingly younger ages. This stress can lead to mental health issues, reduced creativity, and missed opportunities for personal growth.

Mismatch with modern realities. The rapidly changing job market makes it difficult to predict which skills and knowledge will be valuable in the future. Yet, the education system often expects students to commit to specific paths early on.

Need for flexibility. A more adaptable approach allowing for exploration, multiple educational periods, and career changes throughout life would better serve both individuals and the economy. Key skills for the future include:

• Adaptability and lifelong learning
• Critical thinking and problem-solving
• Creativity and innovation
• Emotional intelligence and social skills

5. Multiple careers and lifelong learning are the new norm

"We now accept the fact that learning is a lifelong process of keeping abreast of change."

Career switching common. The average American now holds 12 jobs between ages 18 and 50. This trend is likely to accelerate as technology and economic shifts create new opportunities and render some skills obsolete.

Lifelong learning crucial. Continuous education and skill development are essential to remain competitive in the job market. This includes:

• Formal education at various life stages
• On-the-job training and upskilling
• Self-directed learning through online platforms
• Developing transferable skills

Technology enables flexibility. Online education, remote work, and digital platforms are making it easier for people to pursue new learning and career opportunities at any age. Companies and educational institutions must adapt to support these evolving needs.

6. Retirement needs reimagining for financial and personal fulfillment

"I've chatted with many of you about your plans once full-time work stops for you. And so I've asked some of you to join me up here and tell everyone what you told me."

Traditional retirement unsustainable. Increasing life expectancy and declining birth rates are straining pension systems and challenging the notion of a fixed retirement age. Many people can't afford or don't desire a decades-long period of full retirement.

Phased retirement emerging. A more gradual transition from full-time work to retirement is becoming common. This may include:

• Part-time work
• Consulting or freelancing
• Volunteering
• Pursuing entrepreneurial ventures

Purpose and engagement key. Successful retirement increasingly focuses on maintaining social connections, finding meaningful activities, and continuing personal growth. Financial planning must account for longer, more active retirements.

7. Women's experiences challenge the linear life model

"I put off trying to have a baby until I felt my career was in just the right place for me to take a step back for a year."

Career-family trade-offs. The traditional sequential model of life particularly disadvantages women, who often face difficult choices between career advancement and family responsibilities.

Motherhood penalties. Women experience significant career and earnings setbacks after having children, while men often see a "fatherhood bonus." This contributes to persistent gender inequalities in the workplace and in retirement savings.

Need for flexibility. A more fluid approach to education, work, and family life would better support women's diverse needs and aspirations. This could include:

• Multiple entries and exits from the workforce
• Increased support for working parents
• Normalized career breaks for caregiving
• Greater acceptance of non-linear career paths

8. A postgenerational society embraces perennial mindsets and flexible pathways

"Perennials constitute 'an ever-blooming group of people of all ages, stripes, and types who transcend stereotypes and make connections with each other and the world around them … they are not defined by their generation.'"

Beyond generational labels. A postgenerational society moves away from rigid age-based categories to recognize the diversity of experiences and capabilities within and across generations.

Flexible life paths. This approach allows for:

• Multiple educational periods throughout life
• Career changes and reinvention at any age
• Fluid transitions between work, learning, and leisure
• Intergenerational collaboration and mentoring

Benefits of perennial mindset. Embracing this flexible approach can lead to:

• Reduced age discrimination
• Increased personal fulfillment
• Better utilization of diverse talents and experiences
• More resilient individuals and organizations

9. Multigenerational workplaces offer unique advantages and challenges

"Seven in ten workers say they like working with generations other than their own, and the majority agree that both younger and older workers bring a set of positive benefits that enhance the workplace environment."

Diverse perspectives. Multigenerational teams can combine the energy and tech-savvy of younger workers with the experience and institutional knowledge of older employees. This diversity can lead to increased innovation and problem-solving.

Communication challenges. Different generations may have varying communication styles, work preferences, and values. Managers must bridge these gaps to create cohesive teams.

Opportunities for mentoring. Both formal and informal mentoring relationships across generations can facilitate knowledge transfer and professional development.

10. Marketing must adapt to serve an ageless consumer base

"Generations might be best conceptualized as fuzzy social constructs."

Beyond age-based segmentation. Traditional marketing approaches based on rigid generational categories are becoming less effective as consumer behaviors and preferences increasingly transcend age groups.

Rise of the ageless consumer. Marketers must recognize that many people no longer conform to age-based stereotypes in their interests, purchasing behaviors, and lifestyles.

Intergenerational influence. Marketing strategies should account for the growing influence of different generations on each other's consumer choices, particularly within multigenerational households.

11. Cultural, organizational, and policy changes can accelerate the postgenerational shift

"The difficulty lies not so much in developing new ideas as in escaping from old ones."

Cultural shift needed. Moving beyond age-based stereotypes and expectations requires a broader societal change in how we view the life course and human potential at all ages.

Organizational adaptation. Companies and institutions must update their policies and practices to support:

• Age-diverse workforces
• Flexible career paths
• Lifelong learning opportunities
• Intergenerational collaboration

Policy reforms. Governments should consider:

• Updating labor laws to prevent age discrimination
• Reforming education and job training programs to support lifelong learning
• Adapting retirement and pension systems for longer working lives
• Incentivizing age-inclusive practices in organizations

Last updated: September 17, 2024