Global Scans · Baby Boomers · Weekly Summary

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WHAT'S NEXT?: Over the next 20 years, more than 70 million baby boomers will retire, and the workplace will be dominated by experienced Millennials and Generation Z employees. Find out how Baby Boomers expectations and needs will change as this massive demographic shift takes place.

• With baby boomers retiring and a new cohort - much smaller, due to low birth rates - joining the labour force, the Federal Employment Agency expects the pool of workers to shrink by 7 million people by 2035. businesslive
• With the last of Baby Boomer generation approaching retirement, Millennials are set to become the primary beneficiary of the Great Wealth Transfer, which will see older generations pass on wealth of $100 trillion through inheritances. Galaxy
• Over the next two decades there will be a major transfer of wealth - collectively, $84 trillion - from baby boomers to younger generations including their Gen X children. Investopedia
• With baby boomers retiring and fewer young people entering the workforce, construction businesses will need an additional 250,000 workers by 2026 to keep up with demand. Archdesk
• With baby boomers retiring in higher numbers every year, the dearth of young people to replace an aging workforce could lead to a demographic and labour crisis within the next few decades. Fortune
• With Baby Boomers retiring, the global workforce will lose its largest contingent at a time when too few children are being born to replace them. The Telegraph
• Canada is experiencing a similar shift in demographics, with the number of retiring baby boomers expected to grow exponentially in the coming years. DNyuz
• With over 10,000 Baby Boomers per day reaching the age of 65, the youngest workers - Generation Z-will constitute about 30% of the workforce by 2030. Automation.com
• Labour shortages exacerbated by an aging population of baby boomers will force employers to increasingly cater to the desires of a smaller young workforce, which will likely want a combination of working from home and in-person mentorship. Vox
• The combination of retiring baby boomers and low birth rates in advanced economies will mean a shrinking working age population over the next decade, meaning fewer employees and no end in sight for inflationary wages as workers continue to seek out the highest compensation. Hospitality Net
• Baby Boomers are an incredibly wealthy generation, with a median net worth of $1.19 million and $30 trillion in inheritance expected to be passed down over the next couple of decades. GITNUX
• Globally 33% of GenZ and 26% of millennials (compared to 5% of Baby Boomers) will use social media to discuss illness. Media Post
• Over the next decade, with most baby boomers entering retirement, the number of working-age people aged 15-65 is projected to decline by over 3% in some countries, including the United States. Ceridian
• Gen Z will spend 56% more on gift cards in 2023 than last year - much higher than the 19% rise for millennials, 25% rise for Gen X and 9% rise for Baby Boomers. Modern Retail
• To monetise the expected labour shortage over the coming years as the larger population of Baby Boomers retire and Millennials move past entry-level roles, the healthcare sector stands out. Fund Selector Asia
• Just a few years away from the last Baby Boomers entering the expected retirement age, U.S. employers are facing a compounded crisis of labour shortage and losing older, experienced workers. Transport Times
• The number of single-person households headed by people over age 75 will soar in the coming years as Baby Boomers age, surpassing 14 million by 2038. CNN
• The number of retiring baby boomers will double over the next decade to 10,000 a day. GITNUX
• The insurance industry has been struggling with a talent shortage over the past few years, exacerbated by the mass retirement of Baby Boomers during Covid, and concerns for talent only grow as half of the insurance workforce is expected to retire in the next 15 years. Digital Insurance
• A wave of baby boomers set to retire in the coming years will add to costs. The Telegraph
• An estimated 75% of Millennials will comprise the global workforce by 2025, a figure that will continue to rise as Baby Boomers make the transition into retirement. The CEO Magazine
• Given that there will be an estimated $3.5 trillion transfer of wealth from baby boomers to younger generations by 2050, even slight biases will have billion dollar consequences. Per Capita

Last updated: 11 February 2024