Why Baby Boomers Are So Bummed

KWHYN BABY BOOMERS | ARE SO BUMMED Discussion of Baby Boomers often brings up images of free-loving, daisy-chaining, rebellious young adults. But that was the 1970s. Today, that image is quite different. According to the Pew Research Center, baby boomers are simply bummed out – and for various reasons. Some are in debt, some believe their country has failed them, others simply aren't satisfied with the direction of their lives. Why the funk? Here are the details. WHO ARE THE BABY BOOMERS? On Jan. 1, 2011, the oldest Baby Boomers turned 65 The last of the Boomers will turn 65 in 2029 Today, the 79 million Boomer population makes up The Baby Boomer generation consists of people born between 26% of U.S. population 1946 and 1964 In 2006, there were - U.S. CENSUS 77,980,296 Baby Boomers, according to the U.S. census 1940 1950 1960 1970 1980 1990 2000 2010 2020 2030 WHY THE FUNK? According to a study by the Pew Research Center, Baby Boomers' pessimism is at least in part caused by their current life cycle – middle-age years are typically considered the most stressful in life. But the truth is, the Baby Boomer generation has consistently trailed other age cohorts in terms of overall life satisfaction. SATISFACTION WITH DIRECTION OF COUNTRY 31% 25% SATISFIED 15% 15% 18-29 Millenigls 30-45 Generation X 46-64 Baby Boomers 65+ The Silent/Greatest Generation 60% 69% 80% 76% DISSATISFIED LONG TERM TRAJECTORY OF THER LIVES Their own children will not enjoy as good a standard of living as they themselves have now Their own standard of living is lower than their parents' was at the age they are now 21% 34% 21% 14% All Non-Boomer Adults All Non-Boomer Adults Boomers Boomers 60% BOOMERS ARE IN DEBT 57% say they may have to postpone retirement of Baby Boomers say their finances have worsened since the recession $283 B Publicly held national debt in 1970 $14 T Publicly held national debt today Younger generations may be paying off their debts for decades to come. 68% - BOOMERS: ON AGING & CHANGING 56% BOOMERS ALL ADULTS • AGING oppose eliminating the tax deduction for interest paid. on home mortgages 61% 80%- 72% Most Baby Boomers believe that old age starts at 72 say they feel younger than they actually are The average Baby Boomer says they feel nine years younger than their actual age. BOOMERS ALL ADULTS • SOCIAL CHANGE The main purpose of marriage is mutual happiness and fulfillment rather than child-raising oppose taxing employer-provided health insurance benefits 50%70%, Boomers and Millenials 65+ 63% 58% • DIVORCE IS PREFERRABLE TO STAYING IN AN UNHAPPY MARRIAGE BOOMERS ALL ADULTS oppose raising the age for qualifying for full Social Security benefits Boomers: 66% Milleniauls and Gen X: 54% 43% of Baby boomers say there is less generational conflict now than in the 1960s and 1970s SOURCES | pewresearch.org, census.gov omint