said 9 months, 3 weeks ago:
I did start my own business, but I’m avoiding loans and venture capital, so I work full time as well!
Actually I have a meeting with my partners coming up to figure out a way for all of us to expand. We’ve got a lot of pent up demand for another service we could be offering, but haven’t had the time to figure out how to exploit the opportunity properly. Now is that time! Carpe diem!
Actually, and to bring this back on target, baby boomers are an important demographic for spending, but I would seriously question that their disposable income or overall wealth metrics are going to translate directly (1:1) or even closely (1:2 – 1:5) in spending. As their population grows, so to does medical care and costs, which can usually consume the vast majority of a retirees income. Baby boomers aren’t stupid, they know what is coming as they get older and don’t live in denial. As a result, and with our current political environment, I’d expect very conservative spending habits to emerge.
At the same time, younger generations will be long term marketing investments. One of the biggest threats in the Credit Union space is the older age of our membership (averaging at 47 now). Older members do not take out loans, and usually don’t spend their money. They instead get money markets, CDs, and other such investment instruments through other firms. As a result their money is getting tied up as they seek to live off of interest instead of liquid cash.
Anyway, just some Thursday afternoon procrastination!