Baby boomers’ financial needs

In an extensive quantitative research study of over 5,200 YourLifeChoices members, we set about discovering the hopes, fears and motivators of those in or approaching retirement. The survey ran across August and September 2016, saw a slight female skew of 57 per cent and over 98 per cent of respondents were over 51 years of age. Specifically, we were interested to learn more about baby boomers financial circumstances and what this could mean for companies targeting this market.

Perhaps surprisingly, the overwhelming majority of respondents (67 per cent) reported feeling positive about their life in retirement. This is despite the fact that 46 per cent of respondents are unsure whether their retirement savings will last them, and 34 per cent know that they won’t.

Only 27 per cent are retired or planning to retire fully self-funded. The remainder will be funding their retirement through a part (41 per cent) or full (33 per cent) pension. 

The opinion on the full Age Pension is almost universal. Over 87 per cent feel that the current $22,721 per year for singles and $34,252 for couples is not enough to lead a comfortable life.

This may go some way to explaining why nearly a third of respondents are currently considering downsizing, with over 26 per cent of them citing the need to free up money as their primary reason for doing so. 43 per cent of respondents view their homes as an asset to help fund their retirement, rather than a legacy to leave to their loved ones.

So what does this mean for advertisers and media buyers?

It appears that there are opportunities to better support this market with their financial planning to help them understand their future situation and the options they have available to them to prepare for retirement. Previous YourLifeChoices research has revealed that most advertising targeted at this age group does not resonate with them. They want to be given the facts and spoken to as adults.

An effective method of speaking to this market is through professionally written content delivered by a channel they know and trust. YourLifeChoices provides this opportunity through a range of services including sponsored content integrated within the site, dedicated subsites and eBooks, and through emails to our highly engaged membership base.

To find out more about these content opportunities or to access the full research study results, please contact us for a chat:

Written by Lara Gray

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