American Express News: Baby Boomers
American Express news update: Baby boomers stop to smell the roses according to American Express OPEN ages survey that also surveyed a generation Y sample.
American Express has recently carried out research into what impression the recession has made on the so-called ‘Generation Y’, those in age groups between 24 and 35 and also what impression the recession had made on the baby Boomer generation in age groups between 48 and 70. Following up on a study that they conducted in 2007 American Express found that those in the younger generation had responded to straightened economic times by being more risk averse with only just over half in the group studied saying that they liked taking risks, a drop of some 25% on the 2007 findings. Amongst the older generation the attitude to financial risk had not really altered with a rough half and half split over the two research periods.
Looking at the frequency with which college leavers had launched their own businesses after their studies or qualification, it was found that the higher cost of living had curtailed these activities as more young people remained living at home and struggled with student debt. The figure for those starting a business had dropped from around 30% in 2007 to around 15% in the most recent study.
But, American Express report, there have been some benefits derived from the turbulent economic climate with those in both age groups who had started businesses reporting that having to navigate choppy financial waters through the recession had made them better at what they did. Entrepreneurs reported that they had had to become more creative with their marketing and sales ideas and that watching the bottom line had honed their financial skills.
Both groups reported that they had had to become resilient to weather the financial storm and those in the younger age groups had channelled their efforts and demonstrated their passion by adopting innovative thinking. To some extent this age group seemed to thrive in the face of economic challenges and by using innovation to get them through while those in the older age group relied on their experience of life to help them keep trading and to ensure that they kept a good work life balance.
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