American Baby Boomers should, perhaps, be classified as separate demographic groups, according to a recent study. MetLife Mature Market Institute says that the Young, Middle and Older Boomers grew up during separate disparate eras and are now at different stages in their lives.
Facts are emerging about how distinct these segments are in both a series of Demographic Profiles and the MetLife Study of Boomers in the Middle.
“The Middle Boomers, now 52 to 58 years old and 29 million strong, are very much a generation of the 60s,” said Sandra Timmermann, Ed.D., director of the MetLife Mature Market Institute. “They identify with the Vietnam War, the Kennedy assassination and the women’s movement, identifying the war as the event that most influenced them in their youth. They are distinguished most by a change in culture through political and social activism. But, like the proverbial often neglected ‘middle child,’ they have rarely been noted as having an identity of their own, although they are different in many ways from the Oldest and Youngest Boomers.”
According to the report, Middle Boomers are looking forward to retirement (setting their sights on age 65), have a high net worth ($100,000 or more, excluding their home value) and are currently in their peak earning years. However, more than half say they are behind on their retirement savings goals, and many who have delayed retirement have been affected by the economy. A majority own their own homes, which are worth an average of $273,000 and have an average of six financial products.
Other highlights:
· Turning 50 was no big deal for the majority of the Middle Boomers, and they will not consider themselves “old” until age 75.
· Like the Oldest and Youngest Boomers, the middle group report that they are healthy, with more than half saying their health is very good to excellent.
· Two-thirds of the Middle Boomers report having at least one parent still living, and half still have children living at home. About half also have grandchildren. Fourteen percent are providing care to older parents.
Facts are emerging about how distinct these segments are in both a series of Demographic Profiles and the MetLife Study of Boomers in the Middle.
“The Middle Boomers, now 52 to 58 years old and 29 million strong, are very much a generation of the 60s,” said Sandra Timmermann, Ed.D., director of the MetLife Mature Market Institute. “They identify with the Vietnam War, the Kennedy assassination and the women’s movement, identifying the war as the event that most influenced them in their youth. They are distinguished most by a change in culture through political and social activism. But, like the proverbial often neglected ‘middle child,’ they have rarely been noted as having an identity of their own, although they are different in many ways from the Oldest and Youngest Boomers.”
According to the report, Middle Boomers are looking forward to retirement (setting their sights on age 65), have a high net worth ($100,000 or more, excluding their home value) and are currently in their peak earning years. However, more than half say they are behind on their retirement savings goals, and many who have delayed retirement have been affected by the economy. A majority own their own homes, which are worth an average of $273,000 and have an average of six financial products.
Other highlights:
· Turning 50 was no big deal for the majority of the Middle Boomers, and they will not consider themselves “old” until age 75.
· Like the Oldest and Youngest Boomers, the middle group report that they are healthy, with more than half saying their health is very good to excellent.
· Two-thirds of the Middle Boomers report having at least one parent still living, and half still have children living at home. About half also have grandchildren. Fourteen percent are providing care to older parents.
For more information, go to: http://www.metlife.com/mmi/research/boomers-in-the-middle-study.html#findings
