Who are the baby boomers? They are a generation born after World War II between the years of 1946 and 1964. They are sandwiched in between the Greatest Generation and Generation X. The term “baby boomer” according to the U. S. Census Bureau, is also used in a cultural context.

In both North America and Europe baby boomers are typically associated with privilege because many grew up with widespread government subsidies in post-war housing, education, and increasing affluence.

Collectively they were the wealthiest, most physically fit, and most active generation up to that time. Baby boomers were the generation that acquired peak levels of income; therefore, they are known to reap the benefits of generous levels of food, apparel, and retirement programs. Baby boomers have been criticized for being excessive regarding their consumerism.

Sometimes baby boomers think of themselves as a special generation, extremely different than those previous generations. During the 1960s, as the baby boomers were coming of age, created a discourse among their companions and the change they were bringing about. This in turn had an important impact in their self perception and the way they viewed the world around them.

Why are they called baby boomers

It was a time when an apparent increase in the birth rate occurred. Hence, the term baby boom. In a column of the New York Post on May 5, 1951, Sylvia F. Porter first used the term “boom” referring to the increase in the US population in 1950 to 2,357,000.

The baby boomers are divided into two categories. The leading Edge Baby Boomers who were born between 1946 and 1955. They came of age during the Vietnam War era. Slightly more than half of the generation, or around 38,002,000 were born at this time. Those born between 1956 and 1964 are called Late Boomers or Trailing-Edge Boomers. They represent about 37,818,000.

Baby boomer economics

As the baby boomers began retiring in 2007-2008 an economic slowdown occurred. It is projected that by 2020, 25% of employees will be at least 55 years old.

Baby boomers control more than half of all consumer spending and 80% of personal financial assets. Of all prescription drugs, 77% are purchased by baby boomers along with 61% of over-the-counter drugs, and 80% of all leisure travel.

According to a survey, nearly a third of baby boomers would prefer to leave their inheritance to charities than to their own children.

Aging and end-of-life issues

As of 1998, baby boomers, it was reported, that as a generation, they tended to refrain discussions regarding planning for their demise and avoid much long-term planning. On the other hand, around that same year, however, growing dialogue regarding how to manage aging and end-of-life issues began as the baby boomers began aging. A number of commentators have debated that Baby Boomers are in a state of denial regarding their own aging and death. Unfortunately, that leaves a heavy burden on their children for their retirement and care.

According to a 2011 Associated Press and LifeGoesStrong.com surveys:

60% lost value in investments because of the economic crisis

42% are delaying retirement

25% are still working and claim they will never retire