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Texas Tech Univ. School of Law

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Tuesday, April 2, 2013

Elderly Could Be a Source of Economic Growth

Unknown-9Forbes suggests that there is a silver lining in the midst of the concerns surrounding baby boomers. Aging boomers represent opportunity and can help to drive the economy forward.

Forbes explains how, in 2010, the disposable income for Americans 50+ was over $3 trillion.  That age group was also responsible for about one half of all expenditures.  A leading market analyst says that boomers are just as likely as younger groups to experiment with products. 

The idea that those aged 50 and over are technologically challenged, but this is a misperception.  Really, aging consumers are tech savvy and ready to experiment with more.

Another misconception surrounding the older generation is that they are cheating the young out of employment opportunities.  In fact, 8 out of 10 mature workers want to mentor younger workers and help them succeed. Furthermore, the boomers have played a large role in job creation. As their entrepreneurial spirit fuels the boomers to start businesses, they create new jobs. 

It might be wise for businesses, investors, educators, and public policy makers to tap into the "longevity economy," as Forbes calls it.  

See Paul H. Irving & Anusuya Chatterje, The Longevity Economy: From The Elderly, A New Source of Economic Growth, Forbes, Apr. 2, 2013. 

http://lawprofessors.typepad.com/trusts_estates_prof/2013/04/elderly-could-be-a-source-of-economic-growth.html

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