Silver divorces – Boomers buck the trend
The Times and The Guardian reported on a very illuminating societal trend this weekend, they noted that divorce rates in England and Wales are now at their lowest level for 26 years. However, recently the number of divorces in the over 60’s category has been on the increase. This is a very interesting trend and in part explained by the fact that the oldest of the Baby Boomers or what we call “Cuspers” have been turning 60. Baby Boomers are defined as the generation born directly after WW2. They have a can do attitude, believe anything is possible and don’t settle for second best. As The Times puts it “they no longer think of it as the end of their lives but as a time of opportunity and reinvention. And in an age of psychotherapy, people get gripped by a desire to live as they really want to live rather than by someone else’s values.” Boomers led the charge to the divorce courts in the 80 & 90’s and became the most divorced generation ever. The latest trends suggest that as Baby Boomers enter retirement they are continuing to prefer to get divorced rather than head to the coast to slow down.
This has major implications for marketers especially those working for financial service companies. Whilst all other Generations show a reduction in divorce rates, Baby Boomers, because of their driving values and the windfalls they have made from the housing boom (watch this space…) feel wealthy enough to get divorced and start new lives. The products that are developed and marketing campaigns aimed at the over 50’s market need to take note of these changes in societal trends. The Baby Boomers are now making a very visible impact on over 50’s lifestages and we predict they will change retirement behaviour completely. Marketers that miss this change will quickly loose favour with Baby Boomers who move onto products and brands that continue to connect with them.
The Times post or here to read
The Guardian post
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