Baby boomers, Generation X and Generation Y bring different attitudes and skills to the job, and companies are trying to handle the challenge, according to The Economist. "Generation gaps are as old as history," the magazine notes. "Nevertheless, businesses seem to be more worried than before about managing three age groups with such differing attitudes."
Many baby boomers who lost their jobs in the recession have been locked out of benefits of the economic recovery, statistics show. For people ages 55 to 64, the re-employment rate is 47%, compared with 62% for those ages 20 to 54. Two-thirds of boomers who have found work are seeing a median salary loss of 18%.
Many baby boomers haven't properly planned for retirement and risk running out of money before they die, according to a study by Bankers Life and Casualty's Center for a Secure Retirement. The aging generation largely has ignored the costs of long-term care, and, according to the report, among middle-income boomers, 72% have no plan for retirement care.
Baby boomers make up 50% of the consumer-packaged-goods market and are projected to have sway over 70% of the disposable income in the U.S. over the next five years, a Nielsen report says. BrandHive Chief Marketing Officer Jeff Hilton says marketing food to boomers requires highlighting ingredients, such as protein or fiber, that the demographic already knows and understands.
Baby boomers face several pressing financial issues, including the cost of financing their children's education, the cost of caring for aging parents and the need for estate planning, says financial planner Tim Maurer. He recommends that boomers, many of whom have ridden the market through dramatic volatility, move into more conservative investments that can generate retirement income.