Sunday, May 23, 2010

Watch out for those over 50

Baby Boomers, between 1946 and 1960, are in their mid 50's a dangerous age. The oldest is 63, (soon to be 64) the youngest 49 with the medium age 53. At the beginning of the century those older than 50 controlled 80% of the personal wealth. By understanding the Baby Boomers you will have a sense of what will be happening in our society over the next few years and why I am hopeful that the promise of the "just society" will return for our grandchildren.
1. The home is seen as a sanctuary from the outside world.
2. The average boomer worked at least 49 hours a week in 2001 compared to 40 hours in the 1960's. Time becomes very precious.
3. As a group, we believe in the youth, so as we mature we will fight the aging process.
4. Concern for the environment, and the ecology which had its roots in the 60's is alive and growing today
5. With more disposable income, people will pay for quality but with less income, we will still demand quality
6. Baby boomers are getting others to do the more routine tasks for them.
7. Once the first group of baby boomers pay off their mortgages they will have more disposable income. They will use this income on personal items. Sports such as golf will be very popular
8. As career and ambition mature, baby boomers will become more concerned about family. The traditions of the 50's are coming back into style. People will spend more time with their families.
9. Baby boomers want to be the same but different.
10. Affordability Not all us are rich, nor were we all YUPPIES. Government taxes, the cost of living, and other life pressures will force us to either go into more debt or cut back on spending and look for the bargains.

Based on the latest stats, many of us are choosing to go deeper into debt, but as the majority get closer to retirement, the spending spree should start to slow down

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