Canadian Older Baby Boomers
Older Baby Boomers have a median age of 70 and primarily reside in urban areas of Ontario, Quebec, and the Prairies. Three out of four members of this group are currently retired and beginning to enjoy activities associated with a retirement lifestyle: they spend time with their children and grandchildren, travel and take road trips, go to the theater and museums, interact with a wide range of media sources (TV, books, technology devices), are involved with community service and volunteering efforts, keep up with current news, and frequently are involved in political issues such as climate change and the environment. Although they currently do not have income from a job, they are savvy about saving their money and their retirement nest egg, having assets both in their home, which has a median value of $375,000, and in investments, which have a median value of $275,000. To manage their finances, three of ten rely on a professional financial adviser. Other characteristics of this group are: an interest in health and wellness with a focus on medical self-care, a lack of patience for ambiguity, prioritizing short-term goals over longer-term goals, and regular questioning of the “status quo.” When they spend money, they are equally likely to use Visa as Mastercard for their credit card purchases.