YOLO

 It is heartening to know that the millennials from  rich families which have benefitted from old economy assets are beginning to place importance on ESG (Environment, Social and Governance). They differ from their forefathers (baby boomers and before) who have less qualms plundering natural resources and exploiting cheap labour. I begin to wonder why baby boomers are generally more materialistic and less social conscious compared to the younger generations. 

Baby boomers grow up witnessing the hardship their parents underwent to meet the basic needs and are thus inclined to value material possession and wealth as important goals in life. This is especially true in Asian societies which emphasize collectivism and societal approval. Material possession and wealth which brings about status and societal admiration, is often regarded as the source for happiness and is of paramount importance. According to a research published in Frontiers in Pyschology Oct 2017, "Asians' attitudes towards wealth reflect the public meaning of self which is a social attribute, whereas Westerners' attitudes towards wealth reflect the private meaning of the self."

Fortunately many millennials have adopted different definition of success from their parents. Success is measured by what they do and experience and not what they own. Those who can make an impact in society or find fulfilment in their work are considered more successful than those who work just for a fat paycheck. Many also aspire to build a freelance career that they enjoy or create an impactful startup, deviating from the well trodden paths their parents wish of them. Freedom has also become a marker of success. Instead of craving for physical possession they value the freedom to gain new experiences. Happiness and success means going for novelty ie. meeting new people and trying new things.

Basically then the answer to why baby boomers are more materialistic than the younger generations is :

Baby Boomers just want to "Look Good" in the eyes of others

Millennials just want to "Be Happy". For them its YOLO (You only live once)