The retirement, or pending retirement, of thousands of Baby Boomers a day (10,000 turn 65 each day for the next couple of decades) is leaving employers with some difficult holes to fill. While there might be plenty of applicants for new job openings, the experience and job skills that Boomers are taking with them into the sunset will be difficult to replace. According to the AARP, 72% of HR professionals surveyed report that they will have a problem replacing the skill, knowledge, and experience of Boomers retiring from their organizations. As a result, many are doing more cross-training of younger… Read More
Categories: Baby Boomers, Generations, Work, WorkplaceThe savings rate among Baby Boomers has dropped dramatically since the Recession began. Instead, Boomers are using their would-be retirement savings to help out family members from generations who are having an even tougher time. According to an Ameriprise survey, the share of Boomers saving for their own retirements has dropped from 44% to 24% since 2007. At the same time more than half of Boomers (58%) are providing financial assistance to aging parents. Almost all (93%) of them who have children are providing them with assistance including tuition and student loans (71%) and car buying (53%). Despite the fact… Read More
Categories: Baby Boomers, Recession Economy, WorkThe love affair between Baby Boomers and their cars has never grown cold. Boomers, the first generation with a car in the driveway for every driver in the family, continue to be automakers’ steady date. While Millennials have been relatively reluctant to embrace their own sets of wheels, carmakers have had no trouble wooing their parents back into showroom time and time again. According to a study by JD Power and AARP, older generations now account for 6 in every 10 new car purchases. For American carmakers, Boomers make up over two-thirds of all their customers. On the flip side,… Read More
Categories: Automotive, Baby BoomersAt the turn of the century, economists estimated that about $41 trillion in wealth would change hands from one generation to another by the middle of the century. Now, a couple of new studies help clarify which generations will be inheriting how much. For starters, according to a MetLife study, Baby Boomers still stand to inherit quite a bit from their Mature parents. They estimate that over the next couple of decades Boomers will inherit nearly $12 trillion. According to the study, roughly two-thirds of Boomers will receive inheritances and the median inheritance or transfer will be about $64,000. That… Read More
Categories: Baby Boomers, Matures, WealthMillennial optimism is tempered by anxiety in new life stage known as “emerging adulthood.” Millennials feel as though they should be launching independent adult lives but haven’t been able to set sail. A Clark University survey finds many of them feeling anxiety (56%), uncertainty (65%), and depression (33%). Though 18-29 years old, most feel adulthood lay ahead of them and that it must surely be better than the intermediate stage they’re in (60%). There’s still more than a glimmer of optimism as 82% say it “still seems like anything is possible.” Millennials are riding out this tough stage by remaining… Read More
Categories: Generations, Recession EconomyWe’ve noted here that Millennials have a different attitude towards cars than previous generations and they have a different approach to retail and buying, as well. An analysis by MSN Autos explains how Millennials are changing the way we buy and sell cars. Dealers and sales associates should take note because Millennials will account for 75% of car purchases by 2205. They currently account for almost 40%. Some of the characteristics of Millennials in the market for a car: They don’t like to haggle. They know what they want and what it’s supposed to cost. They do detailed research on… Read More
Categories: Automotive, Blog, GenerationsWhat do you think? Please go to the YouTube page (http://youtu.be/0NgSdaRJYJk) and weigh in w your thoughts. Cam
Categories: Baby Boomers, Generations, Matures, WorkplaceThe Baby Boomers are the generation with the optimistic and “forever young” attitudes. Perhaps that’s why they don’t feel so bad about getting old, according to a survey conducted by the National Council on Aging. More than 75% of Boomers and Matures over 60 surveyed are optimistic that the best is still yet to come and expect to maintain or improve their quality of life over the next decade. Senior Boomers do worry about money. About half of those surveyed are concerned about covering their bills in the future. And about a third are worried about paying for long-term care… Read More
Categories: Baby Boomers, Recession EconomyIn one of the first signs of the coming economic sunset of the Baby Boomers, Generation X has surpassed the Baby Boomers in few key indicators of credit card activity. According to Cardbeat, Xers now exceed Boomers in card use, balance transfers, and premium card ownership, among other key indices. While this transition was expected eventually, credit card industry observers are surprised it has come so soon. In fact, observers say, card issuers have not completely understood how to market to and serve the Gen X cohort. It’s an issue that is “in-progress” for most of them. Industry experts are… Read More
Categories: Baby Boomers, BlogMillennials are more likely to have a job in retail than in any other field, according to a PayScale analysis of 500 thousand Millennials in the workforce. Retail jobs are typically low-paying (average of about $19k per year), entry-level jobs. While that might seem a natural starting point for a generation entering the workforce, many are finding that such work does not match their qualifications or financial needs.For example, 83% of Millennials who work in clothing sales report having a bachelor’s degree. College educated Millennials typically have tens of thousands of dollars of student loan and other debt so retail… Read More
Categories: Generations, Workplace