Baby Boomers and Their Parents by George Moschis and Anil Mathur

by George P. Moschis and Anil Mathur

The lifestyles of tomorrow's retirees, specifically those of baby boomers, are not likely to be similar to those of today's retirees, according to George P. Moschis whose Center for Mature Consumer Research at Georgia State University  has been studying mature consumers for 20 years.

This book by Moschis and his colleague, Anil Mathur, details the differences and similarities between the attitudes and lilfestyles of baby boomers and their parents, based on years of surveys. It includes comparisons on everything from health to retirement living to spending habits and charitable giving. Moschis and Mathur use their findings to discuss how people can live longer, more satisfying lives. In addition, they apply their findings to marketing and advertising, helping  businesses learn how to create products and services, as well as how to appeal to their customers.

Some of the surprising findings:

• In general, baby boomers have worse health than their parents and are less likely to choose nutrition over taste in their food, even though they are better informed about nutrition.
• Parents are just as willing to use their credit cards as baby boomers. However, their lifestyles do not include as many opportunities to use credit cards.
• Compared with baby boomers, older consumers prefer products that minimize problems rather than maximize benefits.
• Older people relate better to product spokespeople that are 10 to 15 years younger than they are.
• More than a quarter of baby boomers are caregivers for their parents; nearly 30 percent of their parents are caregivers to their own elderly parents.
• Many seniors would pay more to shop at a conveniently located store rather than go out of their way to save money.
• More years spent in retirement increases the need for a wider array of financial strategies to stretch savings over a longer period of time.

(ISBN  978-0-9786602-4-6, hardover, 225 pages, 2007)