New Boomer Stats

Hello Boomers:

Just read some interesting stats on Boomers.  Would love to hear your take on this.

Nearly 9 U.S. Boomers will turn 50 within the next minute!   We now account for more than 1/3 of the U.S.  population.  Boomers control more than 3/4 of all U.S. financial assets and well over half of all of the country’s discretionary income.

Seems that many businesses are scrambling to tap into all of that wealth and buying power.  But Boomers have been hit hard during this most recent economic downturn.  Many are finding it much more difficult to land a job after being let go during this recession.  Over 70% are still unemployed after 12 months.

So if Boomers are staying unemployed longer, are finding fewer employment opportunities, and are having to tap into their savings to ride out the storm, how does that benefit American business?  Who will bridge the chasm between what businesses need to survive, to grow, to create jobs and to hire, and what consumers have to spend if the largest generation in terms of both size and buying power cannot find a job to replace the one that has been lost?  

Boomers are resilient.  Over half of all of our new U.S. businesses are being started by Boomers.  That will ultimately spur job growth.  But new businesses often take time to become profitable and owners may sink everything they have into it – and more – to keep it going.  They may work the business alone or with only family help for years before they grow enough to add jobs.  In the meantime, that leaves less money – lots less – for buying discretionary items.  That hurts job growth and profits at your company due to lower demand for your goods or services.  It is a downward spiral and a vicious circle – and we need to get off the ride and find an exit.

So businesses, the next time you are filling a position, remember that those applicants that are on the other side of 45 are as valuable as employees as they are as customers.  

Boomer hires are Boomer buyers.