Are BABY BOOMERS as well off as the media claims?
Have they accumulated more disposable income and assets than their children?
Speaking from our experience in observing what has occurred in the DOMESTIC HOUSE CLEANING business over the last 35 years; we would conclude that the answers to these two questions would be yes!
Self funded retirees now make up a goodly proportion of our clientele. Many post sixties can afford SERVICES such as HOME CLEANING and WINDOW CLEANING that they simply either do not enjoy, or can no longer undertake themselves.
Have the “Boomers” enjoyed the best of the good times?
Many sociological demographers argue that those who were born after World War Two; have enjoyed the most prosperous period in the last 50 years.
History tells us that the post war boom had a significant impact on the fortunes of those in the work force; especially from the Seventies; Eighties, and the Nineties.
Businesses are targeting affluent retirees
The spending spree by seniors has not gone unnoticed; and many savvy companies are honing in on this potential gold mine for new clientele. Travel; HOME SERVICES; leisure activities; cars; clothing; and entertainment, are all pursuing the “grey” dollar.
What about these oldies kids?
Grown up children of the BABY BOOMER generation are benefiting from their parents affluence; and accumulated assets. Melbourne has witnessed unprecedented hikes in the cost of buying a home in the last twenty years; and well off parents are digging in to give their off spring a much needed injection of funds to help them get a leg up on the property rung.
Grand children are now appearing in great numbers; and there appears to be another mini BABY BOOM going on. Everywhere you go; there are new babies; infants; toddlers; and older children In tow. Again; well off grand parents are helping their children with their children. Children’s wear outlets have sprung up in every shopping precinct; and proud Nanas and Pops are chipping in to support them.
The last of the big spenders?
It is difficult to conclude that the baby boomers are the last of the big spenders. When they were starting out the average size of their homes was around 16 squares. These days: the average is up around 20 squares. Australians have one of the most robust economies in the Western world. Compared to many struggling OECD countries; we are doing exceptionally well. Not only is the economy strong; the employment rate is one of the strongest; and our quality of life; and standard of living is the envy of many others.
What about the future?
Whilst no one has that crystal ball; most pundits believe that our economy can survive downturns and setbacks.
If the next generation have the will to survive; and knuckle down through difficult times; as their more frugal baby boomers parents did when they started out; they should cope well.
Yes; It seems that the many retired seniors have had the best of economic fortunes over the last 30 years; and may have accumulated a great deal more wealth than their kids.
Notwithstanding; if their offspring are wise with their spending habits; (and with inheritances accruing from their parents); they should be able to manage their financial future quite well.
In the meantime; it appears that for now; that there are still some good times and lavish spending; (by the last of the big spenders); still to come.