Monday, October 12, 2015

Financial Facts about Boomer Power

The 50+ demographic will increase by 16 million in the next decade

I had the chance to hear Dr. Janice Wassel speak on gerontology. Gerontology is the study of the biology, psychology, social, and cognitive aspects of aging. (Wikipedia page here) Geriatrics, in contrast, is the area of medicine that treats disease in aging adults.

Boomers purchase 40% of technology products

What is Boomer Power? It's the impact of older adults (ages 50+) on the economy. Here are some facts:
  • 25% of the U.S. population is over 50
  • That 25% purchases 40% of technology products
  • Americans live 30 years longer than in the 1900s
  • In 2010, 78% of adults age 65 and older reported good to excellent health
  • Also in 2010, 70% of adults age 85 and older reported good to excellent health
Boomers own 63% of U.S. financial assets

This 2015 blog article by Mark Bradbury has colorful graphics to illustrate 7 Incredible Facts About Boomers' Spending Power:
  1. Adults ages 50 and older are the largest U.S. age demographic
  2. That demographic will increase by 16 million in the next 10 years
  3. That demographic owns 63% of U.S. financial assets
  4. That demographic is 51% more likely to own financial investments than ages 18-49
  5. That demographic spends $3.2 trillion annually
  6. That demographic accounts for 50% of all consumer expenditures
  7. Americans are living 3 decades longer than a century ago (listed above but worth repeating)
Americans ages 50+ spend $3.2 trillion a year

The longevity economy is Dr. Wassel's term for the economic power of older adults. The older adult demographic has significant economic power and continues to contribute to society. They are a varied demographic in terms of health, fitness, and activities.

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