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Leslie Sopp ACRS Age Concern IoF Insight Show 170608
1. Baby Boomers
Successful Baby Boomer
fundraising…
…..what every fundraiser needs to
know
17th June 2008
2. Who are the Baby Boomers?
And why should we care?
Leslie Sopp, Head of Research, ACRS
17th June 2008
3. 1946-1953: Baby Boom Generation (‘Leading edge’; ‘Core’)
1954-1964: Generation Jones (‘Trailing’; ‘Shadow’)
17th June 2008
4. “Mainstream thinking is
firmly wedded to the idea
that social revolutions are
brought about by youth. The
third age is characterised as
inherently conservative,
resisting rather than leading
change”
Demos: ‘Boom or Bust’ 2002
17th June 2008
5. By 2020 there
will be 24%
more people
1000
over 50
800
600
2005
2020
400
200
0
0 20 40 60 80
17th June 2008
Source: GAD 2003 projections
6. Defining characteristics
• Post global war peace dividend
• Economic, social and consumer expansion
• Health and longevity
• Wealth and prosperity
• Education
• Expanding horizons
• Making a difference
• Telling it like it is
• Analysis and insight
17th June 2008
7. 2005 2020 % in 2005 % in 2020
Over 50 19,855 24,541 34% 40%
50-
50-64 10,436 12,352 18% 20%
65-
65-74 4,930 6,432 8% 10%
75 + 4,928 6,319 8% 10%
17th June 2008
8. There are proportionally fewer young
people around
Average age:
Average age: Average age:
% 34.1 38.8 43.3
30
2007
Under 16
25
25%
20% 20%
20 18%
18%
15 17%
16%
65+
10 12%
In 2007, the number of people of state
pensionable age will exceed the under 16s
5
0
1961 1971 1981 1991 2001 2011 2021 2031
Year
17th June 2008
Source: Office for National Statistics
10. Older people generally have substantial
wealth
Value of home among over 50s
Older people account for 80% of the
country’s personal wealth i.e. two
Over Under
fifths of the nation control four fifths £500,000 £50k
£50,000-
of its wealth, property, pensions &
£99,999
5% 1% 11%
assurance £300,000-
£499,999
Over 50s account for 40% of
14%
Britain’s spending power – a figure
which is increasing
Under 5% of mature consumers still
have a mortgage by the time they 32%
reach 70 years old
(Source: O45s, Millennium Research Bureau)
In 2003 almost 70% of the UK high 36% £100,000-
net worth population was accounted £199,999
£200,000-
for by those aged 56 and over
£299, 999
(Source: FT.Com)
17th June 2008 Base: 31,308
Source: Greypower, 2003
Source: Greypower, 2003
11. …however
95% of 180 169
marketing spend 160
£260bn a
is devoted to the 140
under 50s 120
year
100
80
YET those over 55
60
50 represent 33
40
40% of total 20
consumer spend 0
50-64 65-74 75+
17th June 2008 Source: FES 2000-01, ONS 2001, Executive Actuary Department Estimates
12. In fact…
“At every stage of their lives, members of
the Baby Boom generation have been at
the forefront of radical social, economic
and political changes: within the family,
within education, within the workplace
and beyond”
Demos: ‘Boom or Bust’ 2002
17th June 2008
13. People are retiring earlier...
100%
80%
Not retired By 60, this
60%
increases to 55%
At age 40% 16% of the population have
55,
already retired
Retired
20%
0%
15-44 45-49 50-54 55-59 60-64 65-69 70+
Source: Office for National Statistics
17th June 2008
Source: Office for National Statistics
14. “Suddenly, they were free…”
Between the ages of 45-54, the
likelihood of there being children living
100%
in a household falls from 47% to 8%
80%
60% No children in
household
40% Children in
household
20%
0%
15-44 45-49 50-54 55-59 60-64 65-69 70+
Source: Office for National Statistics
17th June 2008
Source: Office for National Statistics
15. Baby Boomers are beginning to have more free time
“I have very little time for relaxation”
100
% Agree
90
% Disagree 78
77
80
66
70
60 53 53 55
50
% 50 43
40 46 45 44 30
30
13 13
20
10
0
15-24 25-34 35-44 45-54 55-64 65-74 75+
Age
17th June 2008
Base: 2,005 adults, March-April 2005. Source: ASC, Life in Britain 2005
16. Regular income is still very high as they
retire
Annual household income
£36,019 £34,988
£30,970
£29,784
£23,382
£21,567
£12,859
Average 16-24 25-34 35-44 45-60 61-74 75+
17th June 2008
Base: Ipsos MORI MFS Omnibus, Jan to Dec 2006, 47,079 GB adults
Base: Ipsos MORI MFS Omnibus, Jan to Dec 2006, 47,079 GB adults
17. And they have plenty of money tied up in
their homes
Total value of home (mortgaged or owned outright)
£241,403
£236,105
£230,046
£226,849
£220,749
£201,317
HOUSE PRICES HAVE TRIPLED SINCE 1995
Average 16-34 35-44 45-60 61-74 75+
17th June 2008
Base: Ipsos MORI MFS Omnibus, Jan to Dec 2006, 47,079 GB adults
Base: Ipsos MORI MFS Omnibus, Jan to Dec 2006, 47,079 GB adults
18. Mean amount held in savings
By age, at constant 2005 prices
quot;Thinking first about your savings accounts, TESSA or ISA, about you much do you currently have in total in these accounts?”
£13,000
2001 2006
£12,000
£11,000
£10,000
£9,000
£8,000
£7,000
£6,000
£5,000
£4,000
£3,000
£2,000
£1,000
£0
15-24 25-34 35-44 45-54 55-64 65+ All
Source: British Household Panel Survey/nVision
17th June 2008 Base: 3,873 respondents aged 15+, GB
19. Expenditure per person
Weekly expenditure at current prices, by age of head of household
£250 1998 2000 2002 2003 2006
£200
£150
£100
£50
£0
Under 30 30-49 50-64 65-74 75+ All
households
Source: Family Spending, National Statistics/nVision
17th June 2008 Base: UK
20. Proportion who say how well they are doing financially
By age
quot;How well would you say yourself are managing financially these days?quot;
90%
80% 1992 2001 2006
70%
60%
50%
40%
30%
20%
10%
0%
All
All
65+
65+
15-24
25-34
35-44
45-54
55-64
15-24
25-34
35-44
45-54
55-64
Living comfortably/ doing alright Finding it quite/very difficult
Source: British Household Panel Survey/nVision
17th June 2008 Base: 10,000 respondents aged 15+, UK
21. “I can afford to splash out on luxury goods sometimes”
% who agree or strongly agree, by age
80% 2004 2007
70%
60%
50%
40%
30%
20%
10%
0%
All
65+
15-24
25-34
35-44
45-54
55-64
Source: nVision Research
17th June 2008 Base: 1,200 respondents aged 15+, GB
22. “I have enough money to live comfortably”
% who agree or strongly agree, by age
80% 75%
70% 64%
61%
58%
60% 56%
56%
54%
50%
40%
30%
20%
10%
0%
l
+
4
4
4
4
4
Al
65
-2
-3
-4
-5
-6
15
25
35
45
55
Source: nVision Research
17th June 2008 Base: 1,230 respondents aged 15+, GB, 2006
23. Why should we care?
• There are more of them • The trick is how to
than any preceding (continue to) engage
generation them…..
• They do more than • …..for longer
their predecessors • And to convince
• They think, talk and act marketing directors that
differently (? all of there is life 55+ * (and
them) that they are worth the
investment…)
• They have accumulated
assets (? accessible) • ..but not to treat them as
a ‘special case’ (and
• They are prepared to
certainly not as ‘old’)
use them (? how; ?
when?)
* How many of you use tabs that show 55-64;
65-74; 75-84; 85+ ?
17th June 2008
24. Resources
‘Lifestage’ – major survey of 2,500 over 45’s, commissioned by ,
and managed by . Conducted by
8 reports: £175 for one report; £500 for all 8 (incl p&p; excl VAT).
Contact Leslie Sopp at ACRS for further
information
leslie.sopp@ace.org.uk
17th June 2008