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Baby Boomers and Aging Midlifers Redefine Retirement and Debunk Commonly Held Myths About Work
April 15, 2005 (New York)
As they have dictated changes in perceptions and understandings for many decades, Baby Boomers continue by rewriting the book on retirement and work. Mature Market Group (MMG), Part of J. Walter Thompson Worldwide in partnership with ThirdAge Inc. recently conducted an online survey of 1,680 adults 40+ years of age who currently work full- or part-time for pay.
"We based this study about workforce and retirement on the results reported in the MMG authored white paper issued earlier this year, titled Tapping the Mature Workforce II: Working to Live/Living to Work," stated Sharon Whiteley, President/CEO, ThirdAge Inc. "As Boomers age, it is of vital importance to understand their attitudes and intentions around retirement as they are fast becoming the new consumer-majority."
Not surprising, the results of the new survey concurred with the findings reported in the MMG white paper. "Our original research in 2002 showed that the aging workforce would not be retiring en masse, as predicted, creating a catastrophic labor shortage," added Lori Bitter, Partner, Mature Market Group. "Rather, the mature workforce will transform the workplace for generations to come."
Working: The New Retirement
Based on responses, the definition of fully retired has evolved to mean working in some capacity. Of the 42% who said they plan to fully retire, 70% planned to work full-time or part-time. Surprisingly, the overwhelming reason to work was not based on need to pay bills, but rather for personal fulfillment. The top reasons stated for working were to stay mentally active, be productive or useful, stay physically active, be around people and keep learning new things.
Some differences were noticeable by age and income, with single women and low income groups choosing to work to pay for basic living expenses and health insurance/benefits.
Baby Boomers and Aging Midlifers Redefine Retirement
Those retirees choosing to continue to work tended to find their contributions are valued by their companies and their work proved meaningful for their fulfillment. Fifty-eight percent of older workers, 65+, say their contributions are valued by their employers.
When asked about their job situation, 44% of respondents said their job was personally rewarding, 30% said their job paid the bills, and 26% said they have had their job for a long period of time and it's what they do.
The job situation selections correlated to income and age with higher income earners more likely saying it is personally rewarding. Lower income earners more likely to say it pays the bills. And 63% of those 65+ find their job personally rewarding versus only 35% of 40-54 year olds.
According to a recent Nielsen//NetRatings' @Plan Fall 2004 Report, those 45 and older who work full- or part-time make up 30% of the entire online market - roughly 43 million people. Of those, 8.6 million visit career or employment web sites, which is 24% of all visitors to these sites. Busting another myth that they are technophobes, it shows how common it is for this 45+ working demographic to go online for career resources.
Finding the Fountain of Youth
"We continue to find age and gender stereotypes still applied as there are major differences between men and women and their willingness to make changes to appear younger in the workforce," stated Whiteley. "Marital status also plays a role with more single women seeking the fountain of youth through hair color change, exercise and wardrobe changes, whereas married men are the most comfortable in their skin."
Married men are most likely NOT to try to appear younger in the workforce (62%). While single women are at the opposite of the spectrum (40%).
Caregiving versus Breadwinning
Respondents also state that employers are more supportive of women taking time off for personal situations such as caregiving reinforcing the stereotype. Men, particularly married men, are less comfortable than women in taking time off for personal situations.
Married women feel they get the most flexibility. Married men the least from an employer or supervisor, playing into the "breadwinner" stereotype. Married men are more likely to report that they lost their job or had to find another job as a result of this personal situation.
"As Boomers age, most will be faced with the role of caregiver at some time or another in their life, and women fall more into line with providing the care," furthered Bitter. "Employers see it more in their nature to provide the care and nurturing needed for a loved one."
"As leading edge Boomers move closer to 'retirement' age, marketers will have a major opportunity if they view retirement as less of a watershed event and more of a transition and treat it accordingly," stated Whiteley. "In order to make an emotional connection with the Boomers and capture their attention, marketers will need to stay attuned to their values and preferences, rather than conforming to the mold of more traditional marketing."
Baby Boomers and Aging Midlifers Redefine Retirement
What it all means?
Most 40+ still plan to work in some capacity after retirement. This is especially true for skilled workers with higher education. Older workers are more likely to be self-employed. They continue to work for personal fulfillment with age and gender stereotypes applying even later in life.
ThirdAge Inc. is a leading online media, research and marketing company serving today's dynamic population of leading edge Baby Boomers and marketers who want to build a relationship with them. Generally in their mid 40s to - 60s, ThirdAgers are clearly re-defining what it means to get older and changing the face of aging. ThirdAge focuses on issues and opportunities that matter most to this audience through their family of linked sites which include: the flagship site -ThirdAge.com, Menopause-online.com and ThirdAge Personals.com, a subscription based dating and relationship site for midlifers.
JWT Mature Market Group, is the premier integrated marketing firm specializing in reaching consumers ages 45+. Providing results-driven strategy and execution, MMG excels at helping clients build profitable and lasting relationships with mature consumers, the fastest growing and most financially powerful segment in the country. Mature Market Group serves a variety of clients nationwide, in categories such as housing, healthcare, financial services, travel, packaged goods, and home improvement.
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