Second50Years Marketing Blog

AARP reports that recent research indicates that Baby Boomers and seniors are really feeling the effects of the economic downturn.

• More than one of four middle-aged and older workers say they are postponing their plans for retirement.
• Nearly 25% of people ages 45-64 are prematurely taking money out of the 401(k)s and other investments.
• Younger boomers ages 45-54 are postponing paying bills and cutting back on medications.
• Some six out of ten people age 65+ are having a hard time paying for food, gas and medicine.
• More than a third of all retirees have had to help a child pay bills in the last year.
• More than one in ten retirees have had to seek help from family or a charity in the last year.
• More than 7 in 10 of older Americans who own stocks lost money in their portfolios in the last year.
• Most survey respondents (58%) are not concerned about the impact of mortgage foreclosures on their financial well-being, but nearly 9 in 10 are concerned about the affect on the larger economy.

A recent article in the Wall Street Journal also explores the current economic hardships on consumers, including older ones.  The article says, “As consumers max out their credit lines and banks clamp down on lending, many older and middle-class Americans are resorting to pricey, often-risky alternatives to stay afloat.”

What do you think this means for businesses that sell or serve the mature market?

AARP Survey