Boon time for Baby Boomers
Born in 1946, the first of the Baby Boomers are now old
enough to qualify for a concessionary bus pass, but it doesn't
appear that many of them will be needing one for a little while
yet, according to analysis of the latest 'UK Grey Market
The analysis, compiled by marketing and consumer intelligence specialist EuroDirect - launched today - indicates that growing up in hard working post-war Britain instilled a stringent work ethic in the Baby Boomers that is now reaping rewards for them as they hit the 60 milestone and turn their attentions to retiring gracefully.
The analysis was based on a sample of almost 200,000 60 year olds taken from EuroDirect's UK Grey Market Database of fifty plus consumers.
Compared to the UK national average consumer, the Baby Boomers of today are more likely to display the following features:
- They are Households of Established Wealth and Rising Prosperity - Households typically earn over £40k per year with many earning an income over £75k per year.
- They Reside in Higher than Average Priced Housing - Housing classified in council tax bands E to H proliferates amongst this group and average house prices are generally more than £221,228. Houses are larger than average and typically comprise 4 or more bedrooms.
- They are Hard Working - Unemployment statistics show that in the areas in which they live, less than 4.5% of households are economically inactive.
- They have Traditional Family Values - These households are typically home to married couples and older families. There are few unmarried couples or singles.
- 56% of the Baby Boomers analysed are male.
- They come from Stable Households - Many (over 65%) have lived in the same house for over 13 years and often they have lived there as long as 25 years.
- They are Active Investors - They are nearly twice more likely than the UK average consumer to invest in the top 500 FTSE companies.
- Many are Leaders and Entrepreneurs - They are nearly 6 times more likely than the national average to be registered as a Company Director. Similarly they are 50% more likely to be self employed than the national average.
- They have a Traditional Credit Ethos - Their attitude to credit is very conservative in that they either save for the things they aspire to have or honour their financial commitments and therefore represent a below average or even low Credit Risk
John Dobson, Managing Director of EuroDirect comments:
"Recent reports suggesting that Baby Boomers are and will increasingly be a burden on society do not necessarily paint a fair view of this vibrant and important element of our population. The UK Grey Market Database strongly indicates that Baby Boomers form an integral part of not just the UK's social fabric but also the wider economy. They demonstrate a strong and ambitious work ethic which when coupled with their leadership qualities, traditional values and stable lifestyles makes them a highly successful populace, with the means by which most of them can secure their own futures after retirement." Interesting additional facts:
- The 'Baby Boom' period includes anyone born between 1946 and 1964 inclusive
- Famous British baby boomers born in 1946 include Jack Straw, Alan Rickman, David Gilmour, Keith Moon and Marianne Faithful
- Baby boomers presently make up the lion's share of the political, cultural, industrial and academic leadership class in the United States. Bill Clinton and George W Bush, born within sixty days of each other in mid-1946, are the first and second Baby Boomer presidents.