Nah, because Generation Y basically applies to people who turned of age during the turn of the millennia.
It's also applied to people who grew up with the internet, hence it being applied to those born in the late 70s.
So you can see the problem with how these terms are applied by the metrics they use.
Still, someone born in the mid to late 80s wouldn't remember the Cold War and fear of nuclear war, which did change the experience of those who grew up during that time vs those that didn't. Hence the general pessimistic downers Generation X was lauded to be.
Generation X also marks the beginning trend for divorce rates going up, women getting better jobs, and kids experiencing less parental guidance, due to both parents working or only having single parent.
Cable TV's rise also had an impact on them as well, like the internet had for generation y.
These shared experiences is generally what groups the age group, or generation, together.
So basically, if you don't remember the Berlin Wall falling and its significance when you were young, you belong to Generation Y or Z.
pic of the most popular toy line for generation x