4 Things That Matter to Baby Boomers When It Comes to Money

Baby boomers in their houseBefore the millennials, there were the baby boomers. These are people born from 1946 to 1964. By now, these are the grandparents, the soon-to-be retirees, or those who have a more significant disposable income.

But where do they spend the money? Read on to find out.

1. Spacious Homes with a Few Bells and Whistles

It’s not only the millennials who are looking for homes – the baby boomers are doing it too. But their preferences are markedly different. The much older adults are more likely to buy open floor plans for ease of mobility. Others want a multiple-car garage and a backyard that isn’t difficult to maintain.

Colorado Home Realty notes that baby boomers may have an affinity with the mid-century modern houses. Not only do these properties possess the design they want; they also bring nostalgia.

2. Travel

Nothing can stop baby boomers them from packing their luggage. Many of them are planning to take at least four leisure trips this year. More than 45 percent of them will have relaxation as the primary objective.

It doesn’t mean, however, that they are big spenders. On average, their travel cost is $6,400 and it’s hardly an increase from 2017. Millennials, on the other hand, spend $400 more than the boomers.

3. Family

Coping with an empty nest is difficult, so no one can blame the boomers if they want to stay close to their family as much as possible. In fact, it plays a huge role in the decisions they make.

When it comes to choosing a house, they would want one with a multi-car garage to accommodate visiting children and relatives. They may also look for a new home near the address of their kids. Multi-generational travel is also becoming a trend.

4. Healthcare

The increasing number of baby boomers within the next ten years will drive the costs of healthcare and drugs. In the process, treatments become more expensive for them.

This group, however, is proactive. Many are going to the gym, with their membership spiking by 34 percent. In one of the boomer-related polls, 90 percent of the respondents said they adopted a healthier diet.

Indeed, with the boomers, wisdom comes with age. As they grow old, they focus more on life’s fundamentals, which are health and family.