20+ New Baby Boomer Statistics in 2024
The Baby Boomer generation has some fully retired members and some either getting ready to retire or even change careers.
This generation has changed the face of what aging looks like and the workforce.
This article will delve into some big Baby Boomer statistics that may surprise you.
Some of our readers may have Boomer parents or grandparents, so this information could give you insights into your loved ones.
Also, marketers should take note of the data in this article. Let’s get started.
Key Statistics
- Baby Boomers include people born between 1946 and 1964.
- Between 1946 and 1964, a reported 73.4 million babies were born in the United States.
- By 2012, 11 million American Baby Boomers were deceased.
- The Boomer population is expected to dwindle to 61.3 million by 2029.
- In Europe, 20.9% of the population was 65 and older as of 2020.
- By 2022, most Baby Boomers in Europe were pensioners.
- In the United States, 51% of the wealth is held by Baby Boomers.
- Baby Boomers are spending more than other generations.
- Boomers are expected to continue to outspend Millennials over the next decade.
- 28.6 million million Boomers retired during the global pandemic in 2020 (Q3).
Top Baby Boomer Statistics in 2024
Let’s dive into some interesting facts and stats about Baby Boomers.
1. Baby Boomers Include People Born Between 1946 and 1964.
While there is no official group governing generational years and titles, the Baby Boomer generation of people were born between 1946 and 1964 due to the “boom” in having babies after World War II and beyond,
(PRB)
2. Between 1946 and 1964, a Reported 73.4 Million Babies Were Born.
The number of babies born in the “Boomer” years wins the prize in terms of the most babies born in the United States thus far.
The number of births to beat for this range of years is 73.4 million. In fact, babies born during the Boomer generation increased the U.S. population by over 50% from 1945.
(Britannica, PRB)
3. By 2012, 11 Million Baby Boomers Were Deceased.
Of the over 76 million Baby Boomers born, 11 million died by 2012.
That meant that the generation was depleted to 65.2 million by 2012.
However, as immigrants entered the U.S., the Baby Boomer count rose to 76.4 million, which outpaced the number of deaths among those in this generation in the United States.
(PRB)
4. The Boomer Population Is Expected to Dwindle to 61.3 Million by 2029.
The United States Census Bureau has forecasted that by 2029, the Boomer population is expected to dwindle to 61.3 million.
For reference, by 2029, the youngest of the Baby Boomer generation will reach 65 and by 2031, they will be 67 which is the age when Americans can receive full Social Security benefits.
(PRB)
5. In Europe, 20.9% of The Population Was 65 and Older as Of 2020.
Naturally, the United States isn’t the only place where babies were born between 1946 and 1964. In fact, as of 2020, 20.9% of the European population turned 65 and older. Today that would be related to people aged 68 and older.
The same issues that are occurring among Baby Boomers in the United States are also happening in Europe and other parts of the aging world population.
(Wiley Online Library)
6. By 2022, Most Baby Boomers in Europe Were Pensioners.
Like the U.S., Europeans have a pension when they retire from the workforce. They are referred to as pensioners. In 2022, most Baby Boomers were pensioners. For reference, the average statutory age for pension in Europe was 65 for men and just over 60 for women in 2022.
However, in Greece, Sweden, and Italy, this represented those aged 67 in 2019. Also, in Romania and the Czech Republic, it was just over 61 in 2019.
(Wiley Online Library)
7. In the United States, 51% of The Wealth Is Held by Baby Boomers.
Data shows that Baby Boomers account for 51% of all U.S. wealth among all generations. This means that Boomers still have substantial influence on the economic and political realms in the United States.
Since this generation is also seeing a longer life expectancy, this may remain true for the next several years even though Millennials have outpaced them in numbers.
(Lexington Law)
8. Baby Boomers Are Spending More than Other Generations.
As of 2023, Baby Boomers are ramping up their spending while other generations are cutting back, according to Investopedia. Boomers are more likely to have the funds to spend as many of them have little to no debt and substantial nest eggs set aside.
Remember, Boomers hold over half the spending power of the newer generations and they are currently contributing much to the economy. Plus, they have an average spending power of $2.6 trillion.
(Investopedia 2023, Lexington Law)
9. Boomers Are Expected to Continue to Outspend Millennials Over the Next Decade.
While Millennials have outpaced Baby Boomers in numbers (population), Baby Boomers are outspending Millennials. Why? Because Boomers have less debt (mortgages, credit cards, student loans, car loans, etc) and they have put back a lot of savings for their retirement years.
According to a study by VISA, Baby Boomers are expected to spend more over the next decade compared to Millennials and younger generations who are forecast to experience a decline in spending.
(VISA)
10. 28.6 Million Boomers Retired During the Global Pandemic in 2020 (Q3).
According to Pew Research, 28.6 million Baby Boomers decided to take their retirement in the Q3 of 2020 during the pandemic. Compared to the Q3 of 2019, this figure is up from 25.4 million. This represents a rise in Boomers retiring by 3.2 million.
Therefore, between the Q3 of 2019 and 2020, more Boomers retired over the year. This means there are fewer Boomers in the labor force in the United States.
(Pew Research Center)
11. 30% of Boomers Said They Quit Their Current Jobs to Switch Jobs.
Not all Baby Boomers are ready to retire, according to statistics. In fact, 30% of Boomers who quit their jobs during the Great Resignation said they were changing jobs, not retiring.
For comparison, 55% of Gen X said the same, 66% of Millennials reported the same and 72% of Gen Z said they quit during the Great Resignation to get a different job.
Resignations among people 65 and older accounted for 5% during the Great Resignation.
(Jobera)
12. Baby Boomers Are Choosing to Live Alone More than Previous Generations.
According to Forbes, more of today’s aging Boomers have chosen to live alone when compared with previous generations.
Moreover, this data says that 26 million people in America over 50 are living solo. This is significantly higher than in 2020 when people over 50 living solo accounted for 15 million.
It’s expected that the Baby Boomer generation will greatly impact the housing market.
Moreover, Boomers may also affect elder care programs and government programs in the coming years as they age.
(Forbes)
13. Baby Boomers in The Gig Economy Outpace Their Younger Counterparts.
According to our sources, Baby Boomers engaging in the gig economy are making more money than their younger counterparts.
Moreover, they are usually more secure financially with less stress about money and are mostly more content with their current status.
Baby Boomers earn an average of over $43,000 per year working only part-time hours (25 hours per week in this instance).
For comparison, Millennials in the gig economy are earning an average of over $27,000 yearly and Gen X gig workers are earning just over $36,000 per year.
(AARP)
14. The Average Social Security Retirement Payout Is $1,657 per Month as Of 2022.
In 2022, Social Security recipients got a 5.9% COLA (cost of living adjustment), which is the biggest adjustment since the early 1980s.
In 2022, the average monthly Social Security payment accounts for $1,657 compared to $1,565 in 2021. This figure represents an average boost in a retirement payment by $92.
Naturally, those who get the smallest payouts have the smallest increase in SS benefits.
Inflation and the large Medicare Part B premium rise contributed to the COLA for Social Security recipients.
(AARP²)
15. 32% of Boomers Prefer Freelance Work Over Conventional Employment.
According to data, 32% of Baby Boomers prefer the flexibility of freelance work compared to less flexibility in convention employment. Who wouldn’t want to take control of the time spent working over leisure time?
Baby Boomers have certainly worked for this kind of reprieve. Why shouldn’t they take advantage of today’s gig and freelance economy?
Baby Boomers have become freelance writers, data entry operators, website testers, Uber drivers, DoorDash drivers, personal shoppers, mystery shoppers, and other types of highly flexible work.
They have total control over how much work they take and when they work just like Gen X, Millennials, and Gen Z.
(Lexington Law)
16. Globally, 60% of Baby Boomers Choose Search Engines the Most to Research Products They Want to Buy.
Shopping behaviors of Baby Boomers are a crucial element for marketers to know about when creating marketing strategies. Worldwide, 60% of Boomers do product research via search engines like Google and Bing when they want to buy something.
In fact, the second choice is through Amazon search which pales at 39% compared to 60% on search engines among the Boomer generation.
After Amazon, 38% of Baby Boomers go straight to the retailer’s website to do their product research.
(Statista)
17. A Massive 68% of Baby Boomers Own Smartphones.
A vast majority, 68%, of Baby Boomers own a smartphone. While Millennials and Gen X are the biggest adopters of technologies, Boomers are still well over 50%.
More data from 2023 reveals that 24% of Boomers shop from their smartphones and 11% from their tablets.
Moreover, 45% of Boomers claim that since the global pandemic they shop online more often now.
(Online Dasher, Pew Research Center²)
18. 52% of Baby Boomers Say that They Favor Shopping Online Over the Holidays.
A Deloitte study from 2019 revealed that 52% of Baby Boomers prefer online shopping over in-store shopping throughout the holiday season. In 2018, this figure was 53%.
For comparison, 58% of Gen X and 55% of Millennials responded in the same way and prefer online shopping over in-store shopping for the holidays as of 2019.
Across Gen Z to The Greatest Generation, 54% of 2019 Deloitte survey respondents said they prefer online shopping to in-store shopping during the holidays.
(Deloitte 2019, Lexington Law)
19. 83% of Global Executives Say that The Key to Long-Term Business Success Is Having a Multigenerational Workforce.
An AARP study among global executives reported that 83% of them find that having a multigenerational workforce is the key to long-term business success.
However, 53% responded that they do include age as part of their DEI (diversity, equity, and inclusion) policy. Furthermore, 38% admitted that they engage in mandatory retirement programs.
In terms of employees in the survey, 62% of adult employees over 50 said they think older employees are facing age discrimination at work.
20. 62% of Baby Boomers Learn About New Products by Watching TV Ads.
Research from HubSpot in 2022 revealed that 62% of Baby Boomers learn about new products from watching TV advertising. In contrast, 17% learn about new products on social media.
Around 50% of Baby Boomers prefer that companies not take a political or social stance on any issue because it has nothing to do with buying products in their perception.
If you recall, we mentioned that Baby Boomers have the most spending power, drive sales more, and have more social and political influence in the world even as they age.
(HubSpot Blog)
FAQs
What Years Are Considered Baby Boomer Birth Years?
Baby Boomers are post WWII babies ranging from 1946 to 1964, according to data.
However, there is no specific official authority that decides generational years or titles.
Baby Boomer is a pretty self-explanatory term since so many babies were born after World War II and into the early 1960s.
Usually, generational periods are based on the average of between 20 and 30 years apart.
So, that’s what is often referred to as “a generation gap”.
How Old Did Baby Boomers Turn in 2023?
Since Boomers are considered to be individuals born between 1946 and 1964, by the end of 2023 the age range will be 77 to 59.
Therefore, this generation is closing in on full retirement age.
By 2029, all living Boomers will turn 65.
By 2031, these Boomers will be eligible for full retirement benefits according to the Social Security system in the United States.
Of course, this depends on the Social Security system for U.S. Boomers and any changes that occur between now and 2030.
Also, some may wait until they are 72 to fully retire and get their benefits.
What’s the Future of The Boomer Generation?
It’s believed that Baby Boomers are living longer than their predecessors.
It’s thought that due to their average life expectancy, the last Boomer will die by 2047.
Moreover, the first wave of Baby Boomers is expected to die by 2029.
(Quora)
Currently, there are Baby Boomers retiring from the workforce, which means there will be fewer employees and workers to contribute to the workforce.
(Investopedia)
Some challenges that will arise as Boomers are aging involve the need for more caregiving and the potential for nursing home overcrowding.
It’s expected that a 75% increase of those aged 65 and over will need nursing home care by 2030 (2.3 million people).
(PRB²)
Baby Boomers are known for wanting to stay at home and/or in their own communities as they age, which poses other problems for some.
(NCBI)
More issues that arise for the future of and after this generation include:
• Economic growth may be negatively impacted
• Income inequality may increase
• Consumer debt could become a bigger problem for Boomers.
• Social Security (in the U.S.) reserves may be slim.
How Many Boomers Are Still in The Workforce?
According to Monster roughly 41 million workers, or one-third of the total U.S. workforce are Baby Boomers (2018).
It’s likely that this figure has fallen since 2018. (Monster)
Data from the Q3 of 2020 revealed that about 28.6 million Boomers retired, which continues to occur.
(Worldwide ERC)
Moreover, as Baby Boomers retire, a massive gap in the workforce is emerging.
What Is the Value of Hiring a Baby Boomer?
According to a LinkedIn article by Nick Crocco, a governmental affairs specialist, there are many benefits that come with hiring Baby Boomers.
Here is what Nick said Baby Boomers bring to the workforce table (paraphrased).
• Substantial expertise and experience
• Superb professionalism and a dynamic work ethic
• Highly effective interpersonal skills and communication skills
• Amazing mentorship, wisdom, and the transfer of a vast encyclopedic-like knowledge base
• Highly adaptable and resilient
Therefore, businesses shouldn’t underestimate or overlook the value of hiring Baby Boomers at least for part-time, freelance, or contract work.
The Baby Boomer generation is full of effective and knowledgeable consultants.
(LinkedIn Nick Crocco)
Conclusion
Perhaps “Baby Boomers” should be called “The Resilient Generation” for their resilience and adaptability in lifestyle, work, leisure, and personal activities.
People born of the Baby Boomer generation are some of the best communicators with seriously superior interpersonal skills.
This article should show businesses why to include age in their DEI policies and have more senior workers in their employ.
Marketers should take heed to these statistics and adjust their marketing strategies accordingly if they want to appeal to the Boomer generation with the biggest spending power.
If your parents or grandparents are Baby Boomers, these statistics should explain a lot of their habits and behaviors for you.
Whether you’re a marketer, brand, business, or the child or grandchild of a Boomer, these Baby Boomer statistics hold insights and information you can apply to your engagement with them and improve communications and connections.
Sources
Related
#Baby #Boomer #Statistics