Baby Boomer Generation Essay
1072 Words5 Pages
Baby Boomers are the most powerful demographic group in history. Businesses thrives or fails based on their ability to keep pace with the likes and dislikes of this economic powerhouse known as the baby boomers. At 76 million strong, boomers have the influence to rule the marketplace and make sure they keep a place set just for them as the largest generation. Due to its large size, the Baby Boom generation has had a significant impact on society, business, and the economy. The impact of the generation has been felt in all areas of consumer spending, from increased sales of baby products when they were young; to rising demand for houses as they set up their own households; to growth in retirement savings vehicles as they prepare for…show more content…
Many people in the "baby boomer" generation are staying active as they age. By either jogging, swimming or becoming part of a sports team. They strive to remain youthful and mentally young and view retirement as an active period of their life. Theirinterest in health , fitness, looking young and attractive and longevity is quite phenomenal. They can expect to live longer due to medical advances however stress and burnout could impact on this expectation of longevity. They are well educated, thirsty for information interested in travel and will want to stay involved in the political processes. In addition they are optimistic, forward thinking and undoubtedly redefine old age. As the oldest of the nation's 75 million baby boomers approach the age of 60, a Pew Research Center survey finds many are looking ahead to their own retirement while balancing a full plate of family responsibilities either raising children or providing financial and other forms of support to adult children.
Baby boomers provide an outstanding overview of this market. To date, baby boomers have the highest median household incomes in the U.S. Baby boomers may have been best known for hippies, flower children and other counter-cultural types, but like other generations of the past baby boomers have strong passions for personal and social improvement. The baby boomers were the first generation of children and teenagers with significant spending power, and that
Baby Boomers Essay
1089 Words5 Pages
Baby Boomers During the Great Depression and World War II many Americans delayed marrying and having children because of the poor economy. The number of marriages and births soared after the war. Many older couples who had delayed having children began having them when the war ended. This increase in births among both younger and older American couples created the Baby Boom Generation. This large group of people born in the U.S. from 1946 to 1964 amounted to 76 million children. Those born during this time make up approximately 36% of today’s population (Deutsch). What impact has this had on the economy? Read on to see how the baby boom generation has affected the economy and what will happen as they retire.
This generation…show more content…
This has led them to invest large amounts into 401k plans and mutual funds.
Now that we’ve looked at the spending issues, let’s see how the baby boomers have affected the workforce. When baby boomers began entering the workforce, they increased the size of the labor market. The job market has been greatly expanded with the coming of this generation, especially with the addition of women to the workforce. At times, the baby boomers faced relatively high levels of unemployment because they had to compete with one another for jobs. But eventually the jobs materialized. The average age of the workforce is steadily climbing. The first of the baby boomers will start to retire in large numbers after the year 2020.
The retirement tack boomers end up taking in coming decades will have a profound, but unknown impact on the economy. As Peterson says, “The forecasts range from impending doom to marketplace godsend.” Some predict that as baby boomers retire unemployment will fall and that this process should begin by the year 2002 and that labor shortages should emerge about 2005. This will continue to get worse as the number of people who retire exceed the number who enter the workforce (Generation).
Some economic observers predict financial disasters, both national and personal, when the baby boomers retire. They say that as nations of workers and investors become nations of retired consumers, withdrawals will far outweigh deposits in investment and savings vehicles.