Did you know that 71.6 million Americans are Baby Boomers?
This generation is one of the most interesting ones right now. You might feel curious as to how their actions and existence affects the future. But without reliable Baby Boomer statistics, you’ll have no idea how to predict it.
Don’t feel discouraged yet.
With this guide, you’ll learn about U.S. Baby Boomer statistics. That way, you can derive interesting projections for the world’s future. Read on and find out more:
1. Baby Boomers and the Economy
About 65% of Baby Boomers aim to work past the retirement age of 65. This includes people who aren’t planning to retire at all. 34% of these people continue work for enjoyment, with 18% saying they want involvement and 16% enjoying their work.
Also, 59% of Baby Boomers have no employment and looking for a job. As for those employed, 33% are looking for better work.
2. Baby Boomers and Values
Surprisingly, 67% of Baby Boomers say that adult offspring must give financial support to elderly parents. It’s lower compared to Millennials at 84%.
As for religion, only 17% don’t identify with a single religion. This is less than half of the 36% of millennials who share the same values.
3. Baby Boomers and Marriage
Over 90% of Baby Boomers married. Out of this figure, 49% got married between ages 18 and 33.
But when it comes to same-sex marriage, only 39% of American Baby Boomers support it. Compared to Millennials, support is disparate. After all, 70% of the younger generation give their support.
4. Baby Boomers and Employment
A third of the oldest Baby Boomers continue to work in any way possible. As for those still in their early 50s, 80% continue to be part of the workforce. Before looking for a new job, 41% tend to stay with their employer for at least half a decade.
For this generation, they look for meaningful work (60%) and a convenient location (57%) when selecting a job. With that, 54% spend 5-20 hours each week looking for a job. They prefer using LinkedIn as a social networking site for job hunting, with 29% using it regularly.
5. Baby Boomers and Entrepreneurship
Over 80% of Baby Boomers venture into businesses because of their lifestyle choices and desire to get income. Their top reason to start businesses is because of the independence it provides. Below that, their reason is to pursue their passions and interest.
Compared to Millennials, Baby Boomers are twice as likely to start a new business. Regardless, only 45% of people from this generation see themselves as entrepreneurs.
6. Baby Boomers and Consumerism
Since Baby Boomers represent 44% of the American population, they’re expected to hold 70% of the country’s disposable income. With this, they account for over 50% of the sales across 6,500 brands.
Within the next two decades, statistics project that this generation will increase their spending by 58%, equating to $4.74 trillion. Regardless, Baby Boomers prefer shopping at a physical store, with 62% saying they had a great experience when buying from these shops.
Do you have an aging Baby Boomer parent? If so, read this guide about long term care planning and learn more.
7. Baby Boomers and Home Ownership
Of all American homeowners, 35% are Baby Boomers. Regardless of their reason, this generation spends more time searching for their desired home. The average time spent before Baby Boomers buy a home is 4.9 months, which is 18% longer than Millennials.
The most interesting part of this generation’s homeownership is the fact that the statistics remain consistent. It’s especially important, considering that the oldest of these people is already well past the average retirement age. With that, 80% of them own a home, resulting in an unforeseen problem for the housing industry for homeowners in the future.
8. Baby Boomers and Investments
This generation has 80% of all money stored in savings and loan associations. It’s because 73% of these people are knowledgeable of investments compared to 25% with no expertise. Even so, 65% will turn to a financial advisor while 39% use news outlets to get investment advice.
When Baby Boomers retire, 59% expect Social Security to become their primary source of income. That’s why it’s no surprise that 45% of them have no money saved for retirement. Also, 30% postponed their retirement plans and 30% ceased contributions to their retirement accounts.
9. Baby Boomers and Politics
Lots of Baby Boomers love talking about the government and politics. After all, 45% say that these are part of their top three topics in conversations. For political identities, 44% identify as conservative, 33% moderate, and 21% liberal.
Also, 35% of voters from this generation say that the government should exert more effort in solving the country’s problems. This is far lower than 59% of Millennials who share the same political views.
Over 66% of Baby Boomers think that it’s more important to preserve Medicare and social security instead of reducing the country’s deficit. This is likely because this generation benefits more compared to the younger ones. It’s especially when they have no children willing to take on the role of caring for aging parents.
As for their preferred news outlets, most Baby Boomers get it from local TV at 60%. Fox News and NBC News follow suit, tied at 47%.
Bonus: Baby Boomers and Military Service
Popular memory showed Baby Boomers turning quickly against the Vietnam war. The truth is that while lots did, many more also served. Over 10 million people from this generation served in the military, with around 40% of the males becoming part of the army.
Many of these people served in Vietnam. It’s surprising since more Baby Boomers passed away in action than the ones who got jail time or fled to Canada for refusing to join.
Learn More Baby Boomer Statistics Today!
These are some of the most interesting baby boomer statistics around. Use them however you wish and learn from these figures.
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Kashif Raza is a graduate of New Jersey, where he played volleyball and annoyed a lot of professors. Now as Zubuz’s health, entertainment and Lifestyle Editor, he enjoys writing about delicious BBQ, outrageous style trends and all things Buzz worthy.