They're optimistic and independent...that's how a sweeping survey of the 60+ population, released this July, characterizes aging Americans. Recent polls and surveys of the 60+ population are part of a massive effort to better understand how to structure policy and services for the wave of boomers crossing retirement age. 60+ America, comprised of the GI Generation (1901-1924), the Silent Generation (1925-1942) and the Boomers (1946-1964), will more than double in size over the next 50 years representing upwards of 25% of the national population. Marketers for corporate America, salivating at the 3 trillion dollar spending power of this growing cohort, call us the "Most Valuable Generation." But who are we? Trends emerge on paper but in many ways our individuality eludes definition.
Boomers, in particular, aren't following traditional patterns of buying behavior as they age, a recent Nielson study found and, as a result, corporate America is having difficulty opening up our purses according to an article in Bloomberg. Some of the problem is that products being designed for aging don't hold any allure to the consumer. Who wants Depends? For that matter who wants to take money they've saved all their life and spend it on things they need not things they want. Like everyone, we're excited about buying products that are fun and sexy but what's out there for us besides travel and technology? Emotional connection builds brand loyalty and buying fervor and that's where marketers, who spent years pitching to youth, struggle. How do you reach the hearts of aging Americans?
For starters, recent survey results show that we value our family and friends. In fact, in the second annual United States of Aging Survey, we ranked strong social connections above financial security in our keys to a good quality life. In addition to parties and gatherings some of us use Facebook to keep in touch socially and more than 50% use the internet or email to communicate. The majority of us own a cellphone but just under 20% of higher earners, 60+, carry a smart phone. Most of us realize that technology is important to our social lives today. Yet, while many have made the leap in embracing gadgets others are hitting technological barriers because of money or difficulty using devices. The split between 60+ who have technology and 60+ without it make us one of the hardest groups for marketers to reach.
We're also busy people. 67% of us work past retirement age and, in fact, a recent survey suggests that 1 in 5 will never retire. We like our workplaces to be friendly more than anything else. However, many of us are out banging the pavement looking for that good job. Those 1.8 million 50+ unemployed say that age discrimination affects their job search and causes them to seek work for an average of 50 weeks! Of course we work first and foremost because we need the money but we also enjoy our jobs and need them to feel useful according to an AARP survey in June.
Boomers aren't just me generation focused they, like their Silent Generation parents, provide care for grandkids and spouses. In fact, 7 million grandparents live with a grandchild and more than a third, 2.7 million, provide for a grandchild's basic needs. 10 million Boomer families are caregivers for their parents and Boomers take in boomerang children more than any previous generation. As many as 27% of all "kids" aged 25 to 34 lived intergenerationally with their parent or grandparent in 2012.
We're caregivers for others but by the age of 60 we begin to face our own chronic health problem(s). 65% of us have two chronic problems or more. Over the age of 65 many of us, especially women, live alone and navigate those unique challenges. Too often we struggle to maintain our own health or to set strategies for health maintenance. It's a particular challenge for the 1/3rd of us without monthly financial stability. With all the things we do it's easy to understand why goals for our own health slide but almost 20% of us fail to get 30 minutes of exercise daily and that's a necessity for our aging minds and bodies.
When we're not working, caregiving, or hanging out with friends and family we're TV watchers though networks have been slow to recognize that. By our sheer numbers we're forcing television to change it's programming focus. In fact we're shifting the marketing model that' s been working for years. We're forcing marketers to pay attention to aging America. Reciprocally media and society is pushing us to become a little more accepting of changing moral values. But, in general, we've embraced the traditional role of older Americans by becoming the more morally conservative generation. Perhaps through experience though we lead all generations in tolerance for divorce and stem cell research.
Do you see yourself in this snapshot of 60+ America that's emerging from Census figures, surveys, and marketing analysis? If it's an accurate profile we should be seeing more appealing television shows, more helpful services, and more products that entice us to buy. However, the wild card for people trying to generalize aging America is the individuality that we enjoy and the broad range of issues and circumstances that frame our lives. We are valuable generations. We're strong generations. We're not just redefining aging we're demanding that age be respected and included in media, workplaces, services and commerce. Together we form an optimistic force that's leading America to an acceptance and understanding of the value of growing old.
Update October 2014 Interesting blog about AARP's study: The Longevity Economy.
