It’s well-known that Boomers (born 1946-1959) would rather spend money than save it. The economy thanks them. However, here are some trends that marketers should take into account:
- Twenty-four percent of children under 12 have a father age 55 or older and this is the father’s first family. Add second families and the number rises to 29%.
- Only 20 percent of Boomers age 60 have saved enough money to retire comfortably at agee 66 which is their retirement age.
- Fourteen percent of Boomers plan to retire on Social Security and $50,000 in savings.
If you were/are in one of these categories you are aware that you will work full-time until at least age 72+. As a result, we’re seeing an uptick among Boomers in starting a business or working for their highly entrepreneurial children. We also see Boomers on a stringent financial diet. They are looking for financial advice and advisers who can help them make up in 15 years for all they didn’t invest in the previous 30. It’s a unparalled opportunity for skilled, not formulaic, financial planners. The best strategy: Get an introduction from the children!
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