Fascinating (and somewhat scary) Boomer Factoids

  • The rising savings rates in the boomer population will drain $400 billion out of consumer spending for the foreseeable future.
  • The boomer’s were such an integral part of the spending culture that the group (79 million) accounted for 47% of national spending before the credit and real estate bubble burst, yet was responsible for just 7% of national savings.
  • The boomers were responsible for 78% of the spending growth in the economy from 1995 to 2005.
  • The peak year for spending in the boomer community was 54; whereas for the generation ahead of them (a thriftier bunch), the peak was 47.
  • The share of boomers aged 54 to 63 who say they are “financially unprepared for retirement” comes to 69%.

~Tony

Source: BusinessWeek

Speak Your Mind

*