PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Baby Boomers Are Not to Be Forgotten by Financial Institutions

Pete Reville by Pete Reville
January 27, 2020
in Analysts Coverage, Banking
0
Baby Boomers Are Not to Be Forgotten by Financial Institutions

Baby Boomers Are Not to Be Forgotten by Financial Institutions

4
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

For those of you who don’t follow Ron Shevlin in Forbes, the self-proclaimed “Fintech Snark”, he’s a good read.  Today’s post, The Next Generation Of Banking Consumers Are Baby Boomers (Not Gen Z) is more personal than usual. Mr. Shevlin points to the need for financial institutions to address the financial needs of Baby Boomers, such as their obligation to take on the financial management duties for their parents and grandparents.

Ultimately, he contends, banks have to develop a new set of products and services that meet the needs of the Baby Boomers, who have an increasingly complex relationship with banks.  As he points out:

There are a number of trends that make today’s Boomers situation different than that of the members of the preceding generation:

1) Lifestyle. As MarketWatch put it, “working has become the new retirement.” According to a LIMRA Secure Retirement Institute survey, 27% of pre-retirees plan to work part-time during retirement, and roughly one in five current retirees are working part-time. Why? For spending money, because they enjoy their work, and to stay intellectually engaged.

2) Family dynamics. Financial accounts are typically designed for individuals, often providing “joint” access for a significant other. Boomers’ financial realities are far different. Many Boomers help their aging parents manage their finances, and for all the talk about how student loans are affecting Millennials, Boomers’ average student loan debt was higher than it was for Millennials in Q1 2019.

3) Healthcare. Transamerica’s annual study on retirement reveals increasing healthcare concerns. Between 2015 and 2017, concerns about: 1) declining health that requires long-term care grew from 36% to 44%; 2) lack of access to adequate and affordable healthcare rose from 25% to 38%; and 3) cognitive decline, dementia, Alzheimer’s increased from 26% to 35%.

The point he makes about taking care of the “Greatest Generation” as they move into their eighties and nineties is a real burden for many Americans – and currently, financial institutions are not making it easy. 

As someone with a parent, and in-laws “of a particular age”, I can attest to the need for banks and other financial institutions to step up and address the changing needs of the market. For what it’s worth, the healthcare industry needs to step up, too.

Thanks Snark.

Overview by Peter Reville, Director, Primary Data Services at Mercator Advisory Group

Tags: Baby BoomersBankingFinancial Institution
4
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    live shopping, ebay

    Q&A: eBay Exec on Live Shopping and the Future of Payments

    March 24, 2023
    AI and Biometrics in Regulatory Compliance in Finance

    The Importance of AI and Biometrics in Regulatory Compliance in Finance

    March 23, 2023
    Everyone Benefits from the Real-Time Payment Networks  

    Everyone Benefits from the Real-Time Payment Networks  

    March 22, 2023
    commercial payments

    Optimizing Commercial Payments in the Digital Age

    March 21, 2023
    cross-border payments

    Cross-Border Payments: Fighting
    E-Commerce Fraud Using Data

    March 20, 2023
    fraud, ChatGPT-4

    How to Fight Fraud While Still Enabling a Great Online Customer Experience

    March 17, 2023
    RTP

    Financial Institutions Without an RTP Strategy Risk Being Left Behind

    March 16, 2023
    visa chargeback

    New Visa Chargeback Guidelines Will Be a Game Changer

    March 15, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Payoneer eBook: