Growing Trends among Baby Boomers

Marketing and government analysts are constantly in motion, analyzing growing trends in employment, commerce and consumer trends. Because of the size of the demographic, these analysts are particularly interested in trends in the Baby Boomer generation. Perhaps one of the most pervasive trends in the baby boomer generation is the trend toward working through and well past the usual retirement age.

One of the reasons for this growing trend is economic need. Many baby boomers embraced the opinion that social security would not support them into their golden years and, in fact, that social security might not even exist by the time this generation was ready to retire. In spite of their diligent investment in 401K accounts and other investment vehicles, the stock market downturns of 1987, 2001 and today have eroded their investments and caused widespread alarm.  

Ask a baby boomer when they will retire and they will tell you they don’t plan to retire. Most plan to work until poor health precludes full or part time employment. After that, they are not sure what will happen.  

Trend analysis indicates that these employment plans may postpone the need for the U.S. to support its baby boomer population with a bankrupt social security system but it will not solve the problem. With so many people aging at the same time and growing trends that reveal more diabetes, and more debilitating health problems, it is likely that the industrious boomer generation may not be able to work as long as they plan.

The perfect storm of de-regulated financial trade, unprotected pensions and 401K funds, the collapse of the real estate market combine to offer seniors few options. If they want to leverage the value of the equity in their home, they are forced to sell for a quarter of the value of their home, leaving little money to sustain them.    

Marketers are particularly concerned about this consumer trend because seniors who have to work well in to their sixties and seventies just to the pay the bills are not likely to have much disposable income to spend on travel, grand children or other products or services. 

While the growing trend of extended work life is one that has been growing for the past decade, few employers are willing to pay high salaries or offer flexible work hours to attract the more seasoned, experienced employee so baby boomers are forced to work for less pay at jobs that do not really leverage their valuable knowledge. At a time when the U.S. is fighting for global position, it might be wise to recognize the value of the boomer employee to help businesses succeed while offering a solution to the financial issues faced by an aging population who, in spite of years of financial planning, now face an uncertain future.