The Top 10 Myths About Our Generation
Comedian Lewis Black hit the mark when HBO aired his skit on The Boomer Generation. Black humorously poked fun at issues symbolic of the generation, ranging from politics to women's liberation, legalization of marijuana to the energy crisis - and the loss of our youth.
AARP recently completed a report that examines a number of common myths. The report, “How Well Do You Know Boomers? Counting Down the Top 10 Boomer Myths,” separated fact from fiction, minus Black’s humorous notions.
“Boomers are redefining age and changing the way business is done” said Howard Byck, VP Corporate Development for AARP Services.
“It's very convenient to group boomers together but doing so misses the mark,” according to Jack Lett, Executive Director of Focalyst, study collaborator. "Within this generation are diverse segments that must be recognized and addressed differently."
Myths untrue:
Myth #10 - Boomers are retiring early - contrary to much of the attention given to the first boomers turning 62 this year, and being eligible to take Social Security benefits early. In reality very few boomers are planning to stop working entirely when they reach retirement age - only 11 percent.
Myth #9 - Boomers are downsizing their homes - despite the image of older consumers "winding down" as the years progress, and simplifying their lives and homes, only 6 percent of boomers are planning to be living in a smaller residence five years from now.
Myth #8 - Most Boomers are married empty nesters - most are actually not Empty Nesters. The study reveals that only about one in four boomers fit the profile of married with adult children who have left home. Thirty-seven percent of boomers still have children under 18 in the home, and a third are single.
Myth #7 - You can capture Boomers with mainstream advertising - boomers are paying attention to advertising, but they do not always like what they see. Sixty-six percent say that ads have gotten more crude in recent years, and another 67 percent say they are less likely to purchase a product if they find the advertising offensive. It is important to recognize that same message may not resonate with boomers in the same way as it will with a younger consumer.
Myth #6 - Boomers are brand loyal and will not switch - commonly thought to be set in their ways, boomers are just as likely as younger cohorts to experiment with new products. They are actually paying attention to advertising for new products, and 61 percent agree that “in today's marketplace, it doesn't pay to be loyal to one brand.”
Myth #5 - Boomers are all wealthy - collectively boomers are the wealthiest generation in history, but only 9 percent are truly affluent (defined as having pre-tax incomes of $150,000 or more if working, or $100,000 or more if retired). In fact, one quarter of Boomers have no savings or investments at all.
Myth #4 - Boomers are winding down with age - actually, they are quite active, as the typical boomer regularly participates in an average of 10 activities, and the participation extends beyond going to church or gardening. They are traveling (60 million took at least one trip last year), attending live sporting events (22 million) and bicycling (11 million), among other activities.
Myth #3 - Boomers are technologically challenged - contrary to many assumptions, boomers were in the workforce during the evolution of computers, e-mail and the internet, and were the first to understand the value of technology. In fact, 82 percent of boomers use the internet, and their online activities extend beyond e-mail to instant messaging, downloading music or movies, financial transactions and online gaming.
Myth #2 - Boomers are the "Me Generation" - boomers have typically been portrayed with the self-centered label the "Me Generation," but from their actions in later adulthood, this report reveals that a label of "We Generation" is more accurate. They are caring for others and caring for the world, with 70 percent saying they have a responsibility to make the world a better place.
Myth #1 - Boomers are all the same - the media often portray the members of the baby boom generation as a monolith - 78 million people thinking, acting, behaving and buying all in the same way. Nothing could be further from the truth. More life events occur between the ages of 50-65 than in any other time in a person's life, with the typical boomer experiencing an average of two major life events around career, family, finance or health each year. These life events can have a major impact on attitudes, life goals and consumer behavior. It is a mistake to think of this cohort as all alike, and it is not all about age. Recognizing the differences among boomers and understanding the truths behind the myths can help marketers craft products, strategies and messages that will resonate with this generation.
For a complete copy of the report, visit https://www.focalyst.com/Sites/Focalyst/
Content /KnowledgeCenter/