YOUNGER BABY BOOMERS
This group has a median age of 60, a median income of $90,000, and is most likely to live in the suburban communities of Ontario and Quebec. Younger Baby Boomers are on the cusp between work and retirement, enjoying life both at home and in the office. In their personal lives, Younger Baby Boomers enjoy watching movies with the family, gardening, home renovation/remodelling, and taking family vacations. At work, they enjoy being part of a workplace team, prefer a direct, face-to-face communication style, and are comfortable making decisions “in the moment.”
Saving money for the future in order to plan for an active retirement is a priority for this segment. More than one in five Younger Baby Boomers works with a financial planner to assist them with their investment options. Understanding a need to keep healthy, this group focuses on being outdoors and walking as a primary source of exercise and on maintaining their weight and diet to promote a healthy heart and lifestyle. Nearly nine out of ten own their own home, which has an average value of $350,000. In addition, they have a strong line of credit and investment assets with a median value of $300,000. They are likely to use Mastercard over Visa for their credit card purchases.
OLDER BABY BOOMERS
Older Baby Boomers have a median age of 70 and primarily reside in urban areas of Ontario, Quebec, and the Prairies. Three out of four members of this group are currently retired and beginning to enjoy activities associated with a retirement lifestyle: they spend time with their children and grandchildren, travel and take road trips, go to the theatre and museums, interact with a wide range of media sources (TV, books, technology devices), are involved with community service and volunteering efforts, keep up with current news, and frequently are involved in political issues such as climate change and the environment.
Although they currently do not have income from a job, they are savvy about saving their money and their retirement nest egg, having assets both in their home, which has a median value of $375,000, and in investments, which have a median value of $275,000. To manage their finances, three of ten rely on a professional financial adviser. Other characteristics of this group are: an interest in health and wellness with a focus on medical self-care, a lack of patience for ambiguity, prioritizing short-term goals over longer-term goals, and regular questioning of the “status quo.” When they spend money, they are equally likely to use Visa as Mastercard for their credit card purchases.