New Book Says Baby Boomers Not as Well-off as Their “Greatest Generation” Parents

June 11, 2007 – (ATLANTA, GA) – Contrary to popular belief that baby boomers are financially well-off and in good mental and physical health, a new book by two university professors shows that the average baby boomer is likely to be in debt, has saved very little for retirement, and has major physical and emotional health problems.

“Stress is taking its toll on the health of baby boomers due to their lifestyles, care-giving responsibilities, and unreasonable expectations that fail to become reality,” says Dr. George Moschis, director of the Center for Mature Consumer Behavior at the Robinson College of Business and co-author (with Dr. Anil Mathur) of Baby Boomers and Their Parents: Surprising Findings on Their Lifestyles, Mindsets, and Well-Being (Paramount Publishing, June 2007).

The book documents 20 years of studies about baby boomers and their parents. It highlights the similarities and differences and helps answer questions about the physical, emotional, and financial well-being of the two generations.

Highlights

  • Baby boomers are more concerned about their ability to maintain their current standard of living as they age (boomers, 92%; parents, 82%).
  • Boomers admit to having a harder time than their parents keeping up with their weekly bills (boomers, 83%; parents, 61%).
  • Baby boomers are in worse health than their parents were at the same age.
  • Despite being called the “me” generation, baby boomers seem to have a more difficult time than their parents finding ways to enjoy themselves because time and money are in short supply in their lives.

The authors use their findings to help people of any generation take steps to plan for, or enhance, their well-being at later stages in life. In addition, they tell marketers and advertisers how to develop products and services that will appeal to the two generations.

George Moschis, Ph.D., is the Alfred Bernhardt Research Professor of Marketing and founding director of the Center for Mature Consumer Studies at the J. Mack Robinson College of Business at Georgia State University, where he is also a member of the Gerontology Program faculty. He has been studying the lifestyles and habits of different generations in the United States and other countries for more than 30 years. Dr. Moschis can be reached at 404-413-7670 or by email at gmoschis@gsu.edu.