Top 10 Boomer Myths: Separating Fact from Fiction

Boomers: energetic, ad-savvy,experimental

Preconceived notions about Baby Boomers abound, but many are mere myth, according to the third Quarterly Boomer Report from AARP Services and Focalyst, titled "How Well Do You Know Boomers? Counting Down the Top 10 Boomer Myths," writes MarketingCharts.

"Contrary to many common assumptions, Boomers are making retirement obsolete, are very savvy about advertising, and are experimenting with new products," said Howard Byck, VP of corporate development for AARP Services.

"Within this generation are diverse segments that must be recognized and addressed differently," added Jack Lett, executive director of Focalyst.

Below, the top 10 Boomer myths — and corresponding facts — according to the report.

Myth #10 - Boomers are retiring early
Much of the attention given to Boomers' turning 62 this year is being eligible to take Social Security benefits early. In reality, few plan to stop working entirely when they reach retirement age — only 11 percent.

Of those Boomers who know what they plan to do when they reach retirement age (some two-thirds), 72 percent plan to keep working, either part- (65 percent) or full-time (7 percent).
Myth #9 - Boomers are downsizing their homes

Despite the image of older consumers "winding down" and simplifying their lives and homes as years progress, just 6 percent of Boomers plan to live in a smaller residence five years from now.
Moreover, 76 percent plan to live in either a same-sized (their current home or a new home of the same size) or larger home.

Myth #8 - Most Boomers are married empty nesters
Most are not Empty Nesters. Only about one in four Boomers fit the profile of married with adult children who have left home. 37 percent of Boomers still have children under 18 in the home — and one-third of Boomers are single.

Myth #7 - You can capture Boomers with mainstream advertising
Boomers pay attention to advertising, but they do not always like what they see. 66 percent say ads have gotten more crude in recent years; another 67 percent are less likely to purchase a product if they find the advertising offensive. 23 percent consider ads geared toward their age group insulting.

Myth #6 - Boomers are brand loyal and will not switch
Commonly thought to be set in their ways, Boomers are as likely as younger cohorts to experiment with new products. They pay attention to advertising for new products, and 61 percent of Boomers agree that "in today's marketplace, it doesn't pay to be loyal to one brand," compared with 62 percent of those age 18-41.

Myth #5 - Boomers are all wealthy
Collectively Boomers are the wealthiest generation in history, but only 9 percent are truly affluent (defined as having pre-tax incomes of $150,000 or more if working, or $100,000 or more if retired). In fact, one quarter of Boomers have no savings or investments at all.

Myth #4 - Boomers are winding down with age
They are quite active. The typical Boomer regularly participates in an average of 10 activities — and participation extends beyond going to church or gardening. They travel (60 million took at least one trip last year), attend live sporting events (22 million) and bicycle (11 million), among other activities.

Myth #3 - Boomers are technologically challenged
Boomers were in the workforce during the evolution of computers, email and the internet, and were the first to understand the value of technology. 82 percent of Boomers use the 'net and 64 percent have been online. Online activities include instant messaging, downloading music or movies, financial transactions and online gaming.

Myth #2 - Boomers are the "Me Generation"
Boomers have typically been portrayed as the self-centered "Me Generation," but their actions in later adulthood suggest "We Generation" is more accurate. They are caring for others and for the world: 70 percent feel they have a responsibility to make the world a better place, and 57 percent try to buy from companies that give back to their communities.

Myth #1 - Boomers are all the same
Often portrayed as a monolith — 77 million people thinking, acting, behaving and buying all in the same way — Boomers more than other segments undergo more major life events, which occur in greater frequency between the ages of 50-65 than in any other time in a person's life.
The typical Boomer experiences an average of two major life events surrounding career, family, finance or health each year. These events can have a major impact on attitudes, life goals and consumer behavior.

Source: MarketingVox