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| Image: Moneybestpal.com |
One of the wealthiest and most powerful demographic groups is the baby boomer generation. They were born between 1946 and 1964, thus over their lives, they have seen a lot of social, technological, and economic developments.
Their upcoming or impending retirement also has an impact on their lifestyle choices, spending habits, and financial requirements.
An approach to comprehending baby boomers is to examine data that represents their traits, actions, and viewpoints.
How many baby boomers are there and how do they compare to other generations?
As of July 1, 2019, 71.6 million baby boomers were living in the United States, according to Pew Research Center. In terms of population, they made up roughly 21.8% of the total and 28.6% of the adult population.
Millennials (72.1 million) were somewhat larger than them and went on to become the largest group of living adults in 2019. Closely trailing were Generation Z (67.9 million) and Generation X (65.2 million).
As of July 1, 2019, there were 9.6 million baby boomers in Canada. They made up roughly 32.8% of the adult population and 25.5% of the total population. In Canada, they remained the largest generation of adults still living, with 9.3 million millennials, 7.7 million Generation X, and 8.3 million Generation Z following in order of size.
The following table shows the population size and share of each generation in the U.S. and Canada in 2019.
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| Source: Pew Research Center, Statistics Canada |
What are the main sources of income and wealth for baby boomers?
The baby boomer generation is sometimes regarded as the wealthiest in history because, during their working years, they amassed significant assets and profited from growing property values, stock market gains, and pension plans. But there is also a lot of variance within the group, with some baby boomers having financial difficulties because of debt, medical expenses, or inadequate savings.
In the United States, baby boomer households' median household income in 2018 was $77,600, according to Pew Research Center. With the exception of Generation X ($84,800), this was more than the median income for all households ($63,200). It was, nevertheless, less than the 1999 peak income of $79,700 for boomer households.
The following table shows the median household income for each generation in the U.S. in 2018.
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| Source: Pew Research Center |
In 2018, the median after-tax income for baby boomer households in Canada was $68,100, as reported by Statistics Canada. With the exception of Generation X ($75,900), this was more than the median income for all families ($61,400) and previous generations. Additionally, it exceeded the 2007 boomer family income peak of $66,500.
The following table shows the median after-tax income for each generation in Canada in 2018.
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| Source: Statistics Canada |
Baby boomers account for almost half of all household wealth in the United States and Canada. In 2016, baby boomer households in the United States had a median net worth of $212,500, according to Pew Research Center. This exceeded the median net worth of all households ($97,300) and all generations ($264,800), with the exception of the Silent Generation. It was, nevertheless, less than the 2004 high net worth of baby boomer households ($224,100).
The following table shows the median net worth for each generation in the U.S. in 2016.
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| Source: Pew Research Center |
In 2019, baby boomer families in Canada had a median net worth of $690,000, according to Statistics Canada. With the exception of the Silent Generation ($845,600), this was greater than the median net worth of all households ($329,900). Additionally, it exceeded the 2012 peak net worth of baby boomer families ($626,000).
The following table shows the median net worth for each generation in Canada in 2019.
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| Source: Statistics Canada |
How do baby boomers use technology and social media?
Baby boomers are frequently portrayed as being hesitant to adopt new platforms and gadgets or as being technologically inept. However, evidence suggests that they are integrating social media and technology into their daily life more and more. In addition to managing their finances, they utilize technology to buy online, stay in touch with friends and family, and access information and entertainment.
In Q3 2020, 95% of baby boomers in North America have a smartphone, according to GlobalWebIndex. This was a little lower than the ownership percentage for other generations (99% for Millennials and Generation Z, and 98% for Generation X) and for all internet users (97%) combined. Still, it was greater than the global baby boomer ownership rate of 90% in other regions.
In 2019, 68% of baby boomers in the United States used social media, according to Pew Research Center. This was less than the percentage of adults who used technology (72%), as well as the percentages for preceding generations (90% for Millennials, 82% for Gen X, and 69% for Gen Z). It was, nevertheless, greater than the Silent Generation's utilization rate of 37%.
In Q3 2020, baby boomers used social media for an hour and thirty-seven minutes a day on average, according to GlobalWebIndex. Compared to other generations (3 hours and 2 minutes for Generation Z, 2 hours and 55 minutes for Millennials, and 2 hours and 10 minutes for Generation X), as well as the average time spent online (2 hours and 22 minutes), this was less time spent. It was longer than the Silent Generation's average of one hour and twelve minutes, though.
What are some of the personal values and opinions of baby boomers?
The opinions of baby boomers on a wide range of social, political, and cultural topics are nuanced and varied. They do not constitute a single-minded organization with a single viewpoint or ideology. The baby boomer generation is not a uniform population that is simple to classify or identify. Their individual experiences, histories, tastes, and objectives are reflected in their particular beliefs and opinions. They belong to a generation that both contributed to and was affected by history, and they still have a lot to give society.
