What is Baby Boomer?
The term Baby Boomer is used in describing those who were born between 1944 and 1964 who are currently between the age bracket of 56-76 old. They number about 76 million in the U.S.
Baby Boomers are known as the gloomiest peolpe who are known to be downbeat about their lives. They are younger or older, according to a new Pew Research Center Social and Demographic Trends Survey. Not only do they give their overall quality of life a lower rating than adults in other generations, but they are also known to more likely to worry that their incomes won’t keep up with inflation, despite the fact that boomers enjoy the highest incomes of any age group.
The Baby Boomers has always had an outsize presence as compared with others. They peaked at 78.8 million in 1999 and stayed as the largest living adult generation up until 2019, and by mid-century, the Boomers is projected to dwindle to 16.2 million.
History of Baby Boomers
Baby Boomers came on board after the end of World War 11 when birth rates across the world skyrocketed. The explosion of new infants became widely known as the baby boom. In the wake of the boom, almost 77 million babies were birthed in the United States alone, which comprised nearly 40% of the American population.
Most historians are of the opinion that the baby boomer phenomenon most likely involved a combination of factors like people who wanted to start the families that they put off as a result of World War 11 and the Great Depression as well as a sense of confidence that the coming era would be safe and prosperous. It is important to note that the late 1940s and 1950s generally saw increases in wages, thriving businesses, as well as an increase in the variety and quantity of products for consumers.
With the emergence of this new economic prosperity. Was the migration of young families from the cities to the suburbs. On the other hand, the G.I. Bill gave returning military access to buying homes in tracts around the edges of cities. As a result of this, a suburban ethos of the ideal family. Comprising of the husband as a provider, the wife as a stay-at-home housekeeper. Plus their children.
As the longest-living generation in history. The baby boomers are at the forefront of what’s been referred. To as the longevity economy, be it generating income in the workforce or. In order for their turn, consuming the taxes of younger generations. In the form of their Social Security checks.
A recent AARP bulletin states that baby boomer. Spend about $7 trillion per year on goods and services. And although they are aging, (the very youngest boomers are in their late 50s as of 2019). Keep holding corporate and economic power. And 80% of the country’s personal net worth belongs to boomers.
What Makes the Baby Boomers Different?
Firstly, baby Boomers are adjudged to be the biggest consumers of traditional media like television, radio, magazines, and newspaper. Apart from being too traditional, 90% of the baby boomers generation operate a Facebook account and have begun to adopt more technology in order to stay in touch with family members as well as reconnect with old friends.
Secondly, boomers would rather visit a bank branch to carry out transactions. This generation still prefers to use cash, especially for purchases under $5.
Also, World War 11 Optimism, the cold war, and the hippie movement.
Next phase on their financial horizon
Finally, the baby boomer is experiencing the highest growth in student loan debt. This can be explained by the fact that they have the most wealth and is looking to help their children with their student debt. The Baby Boomers are of the opinion that you have to take care of your children enough to set them on the right course.