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New Podcast with Dr. Frank Luntz and Pat Soldano Addresses How to ‘Decode Language’ to Reach Generation Z and X
As Generation Z and X begin to inherent trillions from Baby Boomers, the communication gap between old guard and new guard has never been wider or more misunderstood, according to insights from communications expert and researcher Dr. Frank Luntz.
In a new podcast from the Family Enterprise USA series, “The Voice of Family Business on Capitol Hill,” with host Pat Soldano, Luntz discusses how to effectively communicate with Generations Z and X and how to inform them of tax and others policies affecting their pocketbooks, their futures, and the country’s future.
With the massive transfer of wealth occurring right now in the United States, from Baby Boomers and Gen X to Millennials, some $90 trillion over 20 years by some estimates, conversations with the “Next Gen” are critical, according to Soldano, President of Family Enterprise USA and Policy and Taxation Group. Both organizations are bipartisan, non-profit organizations advocating on behalf of family businesses.
“We can’t use the language of the older generations to communicate to the next generation of family business leaders,” says Soldano at the start of the podcast. “The question is, how do we decode communication for the next generation?”
In the podcast, Luntz argues the next generations “don’t even want to listen” to those in leadership now, and parents of the next generation need to understand there “is a real sense of pessimism sinking into society that we have not seen since the nineteen sixties,” he says. “We need to begin listening to and communicating with these future leaders in their terms to ensure our economic system and our democracy stays healthy.”
Recently, Luntz conducted a focus group with the next generation of voters and business leaders that revealed some stark realities about what the future holds for the health of democracy and economic freedom.
In the focus group of first and second-time Generation Z voters, 18 to 29 years old, the conversation revealed some startling concerns about America’s future.
Luntz debuted portions of the focus group findings on cable news CNBC’s morning show Squawk Box earlier this month, and on the cable news channel CNN. Three of the findings focused on inequality, an intense dislike for the state of capitalism, and aging, out of touch government leadership.
In discussing the results on the podcast, Luntz detailed the real concern he had for the country if America’s future voters, and leaders, “didn’t believe the system is working for them.”
Luntz believes the current generation needs to change the language from talking about capitalism to “shift the focus on economic freedom and a healthy economy.”
Part of the problem, Soldano and Luntz discuss, are the issues of social media technology, and the damaging influence they cause on families with basic discussions “around the dinner table.”
“Parents have to stand up to the technology,” he says. “We need tough love on social media, we have to demand our children put down their screens and that a conversation is started,” says. “How else are we going to reach the next generation if social media is ever present? We must find time to put away the technology that’s driving us apart.”
One goal for improving communication with “Next Gen” audiences, according to Soldano, is to “inform and engage them on the critical issues they will need to vote on in the future, including important tax issues that will affect their family businesses and wealth, and effective communication is the first step.”
In the podcast, Soldano also highlighted a recent study by The Smith Family Business Initiative at Cornell University which showed the lack of family communication ranking as the top concern among students preparing to be the next generation of family business owners.
This was followed by worries among the young leaders about their ability to “grow revenue” and build on the business. The third major concern was “is there a succession plan” in place.
In the podcast, Soldano and Luntz discuss these findings, and other solutions in bridging the next generation communications gap.
To hear the full podcast, go Spotify or click on the link here: https://open.spotify.com/show/73pcpIL2NfPi11WG0FZdyX.
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