KAA-Boomers are baby boomers (those born between 1947 and 1962) and, since entering the labour force in the late 1960s, they’ve had a huge influence on organizations. As KAA-Boomers approach retirement age, they continue to exert their influence.
Why KAA-Boomers are a force to be reckoned with
- Among industrialized countries, Canada experienced the biggest baby boom. Eight million boomers in Canada, or 33% of the population
- Canada’s baby started in 1947 — one year later than the U.S. The oldest Canadian boomers turn 65 in 2012
- The largest concentrations of boomers are in Ontario (3,688,564), Quebec (2,330,465) and B.C. (1,316,533).
- KAA-Boomers possess 54% of Canada’s total wealth.
- 76 million boomers in the United States, or more than 25% of the population. Every eight seconds, another person turns 50 in the U.S.
- In 2010, the countries of the European Union will be home to 140 million people aged 50 and over.
- Only 34% have a plan in place for retirement and only 15% feel well-prepared for retirement. About a third say they have no retirement savings at all and 22% of retired boomers reporting debt levels of $50,000 or more.
- Three-quarters of boomers say it is important that they pay off their mortgage before they retire, but less than half (44%) have paid off their entire mortgage.
- About half (54%) of boomers indicate that they intend to continue working after “retirement” at least on a part-time basis, while nine percent plan to start their own business
A generation united
Although a diverse group, KAA-Boomers do tend to share some common traits. They tend to be:
- Independent, confident and self-reliant with a strong belief in individual choice.
- Resourceful and dedicated. Many are involved in their communities and aren’t afraid to challenge existing practices.
- Harding working and focused on achieving their career goals. Many boomers consider their work and professional accomplishments the defining factor of their lives. Just over a half (54%) of boomers indicate that they intend to continue working after “retirement” at least on a part-time basis with a small number (8%) saying they do not plan on retiring at all, while a similar number (9%) plan to start their own business.
- Highly resilient and able to withstand high levels of stress.
- Adventurous and experimental. Many boomers change careers or start their own business.
- Competitive, goal-oriented and idealistic.
- Early boomers (1947-55) tend to be more optimistic than later boomers and more likely to be involved in social issues and causes.
- Well educated.
- Pragmatic
- Make consumer choices based on substance, not style. They want products and services that provide value.
Despite being older and wiser, KAA-Boomers are no less stressed.
KAA-Boomer power! -Turned on and tuned in
Contrary to stereotypes, most KAA-Boomers LOVE technology and know the benefits of investing in such products as smartphones, tablets, iPods and mp3 players and other gadgets.
While they love their electronics, many also feel that keeping up with technological advances is challenging and frustrating.
A 2010 report by eMarketer found that boomers spend more time and money online than any other demographic. And with 78% online – that’s 60 million older adults with deep pockets. Not surprisingly, marketers are starting to realize this fact and are refocusing their sales pitches to score with this huge market.
KAA-Boomers are also fuelling social network sites. Those over 55 are now the fastest-growing age group on Facebook and there are now more people over 55 on that site than high school students.
Employers really shouldn’t be surprised by these figures. KAA-Boomers were the first TV generation and later, the first PC generation. They may use technology differently than younger people, but they’re still avid users.
That’s because boomers’ lives are going in many different directions, often simultaneously — parents, empty-nesters, step-parents, grandparents, caregivers, volunteers, business professionals and entrepreneurs. For all of these roles, the Internet and digital media are absolutely essential.
There’s a myth that older people resist change. Kaa-Boomers are demonstrating this myth is completely unfounded. Consider these figures compiled by Lori Bitter, Continuum Crew
Onward
The generation shaped by the 60s is turning 60 and about to shake up the world once again.
This time, they’re changing social attitudes towards older people and retirement because, no matter what their differences, boomers still believe they have time to make a difference.