Baby Boomers: The Grandparent Demographic
Posted On September 7, 2012
This week’s Grandparents’ Day is an appropriate time to notice that Baby Boomers now dominate the Grandparent demographic. According to statistics cited by Newsday, Boomers now make up a majority of grandparents. The average grandparent is a Leading Edge (Early) Boomer (64). The average new grandparent is a Late Boomer (47)
The new identity of many Boomers as grandparents is important because of their involvement and commitment, financial and otherwise, in the lives of their grandchildren. Boomer grandparents spend over $35 billion annually on their grandkids. Overall, 52% of grandparents help fund their grandchildren’s educations and 45% help pay for living expenses.
The close personal and financial relationships that Boomers have enjoyed with their children appear to extend to their grandchildren. This connection, and the spending that follows it will be an important consideration for anyone working with Boomers in their new roles as Grandpa and Grandma. Just remember they don’t like to be called that: http://www.grandparents.com/gp/content/expert-advice/family-matters/article/grandparent-names-barbara-graham.html