Can the Generation Gap be Explained Economically or Just Sociologically?

The aim of this paper is to see if the differences between the generations that live today across the globe can be explained by the psychological characteristics of the generations or by the fact that they are young and for example they spend more money on education than the old people, but this does not mean that they will be more educated than the previous generation. For this purpose we gathered data for the main income sources and main expenditures for three main generations in the last century for the United States.