The baby boomer generation are forecasted to make a splash post-lockdown, making up for time lost under the Covid spell, according to an Aussie expert.
Demographer Bernard Salt told News Corp that people in their 60s often reflect about making the most of the years they have left.
“I think that the baby boomer mindset now is ‘I’ve lost two good remaining years that I’ve got,” he said. “The post Covid world will see a burst of activity from baby boomers that have been holding back, waiting for two years and then they're going to be off like a rocket.”
“They will downshift, downsize, I think some of them will migrate north to Queensland... do their Rhine River cruises, and start to spend the kid’s inheritance.”
“They're going to reinvent the retirement age,” he said. “You don’t use the ‘R’ word when marketing to a baby boomer - retirement is for old people - they call themselves lifestylers or bucket-listers - calling them retirees is last century.”
Bernard has been vocal in the media about the plight of this generation, as many of them had scaled back on work hours and were looking forward to travelling before 2020, but alas with Covid throwing a spanner in the works it has forced them to rethink their future.
He said they have had to look at ways of remaining in the workforce, particularly the younger ones, but since they have already been through a recession, he held hopes they would cope when things returned to more level circumstances.
Baby boomers are people in much of the West, who were born during the post WWII homecoming of soldiers, and the economic prosperity and high marriage rates of 1946-66. There are about 5m Aussies under that banner today, making up a large portion of the community, according to the ABC. Bernard said that numbers of those reaching retirement age sharply rose in the nation in 2011, coinciding with those born in 1946 reaching the retirement age. The age range to be eligible for the pension in Australia for this lifestyler generation ranges from 64 to 67, according to Centrelink. Bernard said that over 60 per cent of the baby boomers are in the retirement age group now, and the rest are set to catch up by 2026-27.
Steven Spielberg, director of Schindler’s List, opined that baby boomers owed a great deal of gratitude to their suffering parents and grandparents, who gave us this generation - indeed we are incredibly fortunate, as life springs forward and onwards.
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