70 5 th International Conference on Research in Behavioral and Social Science Spain | Barcelona | December 7-9, 2018 Mind the gap: Generation Y and Z socio-economic choices Lj. Naumovska 1 , B. Novkovska 1 1 University of Tourism and Management Skopje Abstract The differentiation of generation’s under the influence of technology has caused rapid and radical changes in the 21st century in social and economic aspect. The development of new technology is constantly changing the ways that people look for work, perform tasks, buy and make decisions. Generation Y and generation Z are the most technologically and media driven generations, experiencing the 4 th industrial revolution, economic and social turbulences and global changes. Hence, understanding the characteristics of generations Y and Z, and its chronological difference as well as the characters of the individuals is of importance not only for present analyses, but also for forecasting the future. In Macedonia, the rather high unemployment rate and risk of poverty create particular difficulties to economic progress of generations Y and Z. Minding the gaps in professional rise of Generation Y that occurs because of the unfavorable economic environment, we can optimistically rely our forecast that, the negative effects can be reduced for Generation Z, taking into account the positive trend of internet use and access to data, education and socialization. However, this assumption must be modeled properly in frame of proposed measure in order to create effective and sustainable furthering of Generation Z professional development, education and socialization. Appropriate economic policies on the national level are required in order to benefit the most from the potentials of generations Y and Z. 1. Introduction A generation is defined as a cohort of people born within a particular period of time. Respectively, generational interval is nearly 20 years in interval. The twenty-year interval is the break of an average human lifecycle of about 80 years into four different stages: youth, rising maturity, midlife, and elderhood (Howe and Strauss, 2007, p. 60). A generation has joint mindsets about family, lifestyle, gender roles, establishments, politics, professions, social life, religion, life- style, and the future (Howe and Strauss, 2007, p. 63). However, the differentiation of generation’s under the influence of technology has caused rap id and radical changes in the 21st century. These changes have brought about the people, who belong to different generations, to have different personalities, choices and values. The development of new technology is constantly changing the ways that people look for work, perform tasks, buy and make decisions. The changes followed in economy, culture and social life and politics influence the perception, expectation and viewpoints of the individuals profoundly. Out of all active generations, the two youngest generations - Generation Y (Millenials) and Generation Z have the most distinctive characteristics that are related with their current socio-economic state and choices. The central reason why many researches examine these two generations today is the strong influence of the socio-economic choices of the individuals that can be observed more clearly within the generational concept defining their behavior as decision makers, employers, communicators and employees. Further more, the influence of Generation Y over Generation Z can be perceived as a determining factor for measuring current and predicting future socio-economic state and choices. 1.1 Understanding Generation Y Generation Y was born between years 1980 – 2000. They are children of the Baby Boomers and rose up in a time of continuous economic and global change such as rise of woman leaders, inclusion programs for ethnic and cultural diversity, rise of ecological and social mindfulness,