Since 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, WorkWhile there are many threats to the performance of equity markets, the onslaught of Baby Boomer retirements will not be one of them, according to financial analysts. While events like the “fiscal cliff” or downturns like the one in 2008 will continue to affect market performance, the fear that a mass of retiring Boomers pulling their money out of equities would crash the markets is unfounded. While large numbers of Baby Boomers have begun to reach retirement age, their retirements should have little impact on the value of equities. For one, those retirements will be spread over 25 to 30… Read More
Categories: Baby Boomers, Financial Services, WorkAs the holiday shopping season shifts into high gear, Millennials and Baby Boomers both plan to spend, but each generation will shop in its own way. Millennials will use smartphone and online shopping about twice as much as Boomers. Boomers on the other hand, are much more likely to visit brick-and-mortar stores and use traditional coupons and sales. Millennials and Gen Xers plan to spend about $820 on gifts this year while Baby Boomers plan to spend about $760. The big difference is in how they plan to spend the money. About half of Millennials will use smartphones to compare… Read More
Categories: Baby BoomersGood article in Forbes blog on parents getting involved with their kids job. I had a long conversation with a client last week over this very thing and many in the audience were incredulous that something like this would be happening out there. It is indeed and is coming to a workplace near you soon! http://www.forbes.com/sites/jennagoudreau/2012/03/13/youth-in-the-office-are-your-parents-meddling-in-your-career/
Categories: Baby Boomers, GenerationsAlthough Baby Boomers are known as the “forever young” generation, Generation X has now surpassed them in seeking cosmetic surgery and other procedures that help maintain a youthful appearance. According to the American Society for Aesthetic Plastic Surgery, Gen Xers (now aged 31-45) accounted for 43% of all aesthetic surgical procedures last year. Baby Boomers accounted for just 28%. Baby Boomers may be less interested in cosmetic surgery as they retire while Gen Xers who are reaching their career peaks may feel more pressure to “maintain appearances.” Gen Xers are also more likely to have postponed milestones of adulthood like… Read More
Categories: Baby BoomersMany of the oldest, or “Leading Edge” Baby Boomers are staying on the job longer because they like to work or they haven’t saved enough for retirement. But a good number of them simply wish they had that option. Older Boomers who have lost their jobs due to the recession are having a tough time getting back into the workforce, reports the Wall Street Journal. The unemployment rate among those ages 55-64 is about 6.5%. That’s below the national average but twice the rate for Boomers of just five years ago. More significant is the “underemployment” rate that also counts… Read More
Categories: Baby Boomers, Generations, WorkWhether to retrain for a new career or to make the most of retirement, Baby Boomers are headed back to school, specifically local and community colleges, in large numbers. According to the American Association of Community Colleges, nearly 400,000 Boomers are enrolled in their member institutions nationwide. Those figures are up 6% from 2007 and 12% from 2005. To accommodate the onslaught of Boomers, a number of colleges have joined the Plus 50 Initiative. The initiative is a collection of programs designed to make campus life more user friendly for an aging population. The programs also aim to shorten the… Read More
Categories: Baby Boomers, EducationWonderful overview of one of my presentations by Dave Fellman. Check out his book at www.dinosaurwisdom.com. http://www.myprintresource.com/article/10577458/sales-clinic-online-talkin-bout-my-g-g-g-generation
Categories: Baby Boomers, GenerationsThe 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, Work