Along with widespread discussion about what happens when all those Boomers retire, a parallel discussion has emerged about what will happen if they don’t. As Boomers reach retirement age, many of them just keep on working. Some can’t afford to retire and some just like their work. Remember, this is the workaholic generation. A debate has begun about what effect the non-retirement of Boomers will have. On one side, some have argued that it will mostly be positive: less demand on retirement systems and more wealth to fuel Boomer consumption, expanding opportunity for everyone. For the other side, Boomers sticking… Read More
Categories: Baby Boomers, Generations, Work, WorkplaceThe disparity in wealth between Baby Boomers and Millennials is changing the demographics of restaurant clientele. In the past, older generations were more apt to cook and eat at home while younger generations preferred the luxury and convenience of eating out. Now the Boomers, a generation that came of age during the explosion of chain restaurants and fast food, dominate the restaurant market even as they near retirement. Meanwhile, Millennials who still like the convenience of dining out don’t have the means to do it. Even as Millennials grow into adulthood, jobs, and careers, the number of them patronizing restaurants… Read More
Categories: Baby Boomers, BlogBack in 2009 when Pew took a look at the generations online, their survey revealed that while Millennials were the Internet’s most avid users, Gen Xers were the biggest online buyers. Four years later, a Forrester study reveals that’s still pretty much the case. According to the survey, Millennials are the most likely to use the internet to shop, with 84% having done so in the last 3 months compared to about 80% of Gen Xers. However, Xers spent the most online, about $561 a piece during the 3 months covered by the study compared with $489 from Millennials and… Read More
Categories: Baby Boomers, Blog, MaturesFollowing the Great Recession, most of the conversation about generational unemployment has focused on Millennials, who have the highest numbers out of work. But many Baby Boomers also lost jobs in the recession’s aftermath (second most among generations). Often higher-paid than younger colleagues, they were the first to go in many cases. Many of them have found that late-career unemployment has challenges that are different from being young and jobless. Too young to retire and too experienced for entry-level work, older Boomer workers tend to stay unemployed longer (55 weeks) than the rest of the unemployed (31 weeks). Boomers are… Read More
Categories: Baby Boomers, Entrepreneurship, Recession EconomyA new study by the St. Louis Fed takes a look at the housing crisis, particularly foreclosures, and finds a mixture of predatory lending and household overreach to blame. The hardest-hit demographic has been Generation X and, according to the Fed, Xers share some of the blame. Generation X has been the most likely to be foreclosed but also the most likely to have overreached. The median age of a foreclosed homeowner is 44. The least likely to be foreclosed: Boomers with a median age of 52. The most surprising finding of the study, though, is that many Xers overreached… Read More
Categories: Home Ownership, Real Estate, Recession EconomySince their emergence as the youth market decades ago, Baby Boomers have expanded the consumer demand of each life stage or demographic they’ve passed through. Always avid consumers, Boomers promise to do the same at the senior stage, according to a recent analysis by McClatchy. While the discussion of Boomer aging has centered the effects of their retirements and entitlement demands, others see a key consumer generation entering a whole new market phase. “It’s only in Washington that 100 million people are viewed as an unaffordable cost and financial burden,” said an AARP exec of the new seniors. “In the… Read More
Categories: Baby Boomers, Blog, WorkOn average Millennials (83%) are more concerned about retirement security than other generations (75%) according to a Bank of America survey. So what are they looking for in order to get started? Some financial advice they can relate to, says the study. 78% of them want to learn more about financial products. 75% say they’re looking for a one-stop-shopping type source to get a complete picture of finance and investments. And 74% just want advice from a qualified financial advisor. Millennials are warier of the markets that older generations and they have specific communication and marketing preferences. However, this and… Read More
Categories: Financial Services, WorkThe Slow Realization of the New Gen X Consumer The Slow Realization of the New Gen X Consumer
Categories: BlogMillennials are fond of “causes,” charities, philanthropies, non-profits, etc., and are responsive to cause-based marketing. But fundraisers for actual causes can find it difficult to solicit donations from a generation that has very little money. Thus, it’s hard to translate Millennials’ enthusiasm for global and community aid and movements into real benefits for charitable organizations. However, one clean water charity seems to have found a way to channel Millennial enthusiasm into real donations: it turns them into social media fundraisers. Mycharitywater.org found that what Millennials lack in funds, they can make up for with their fondness for social media and… Read More
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