Year over year, the number of baby boomers retiring from their jobs are creating significant impact not only on the national economy but on businesses as well. Baby boomers – those born between 1946 and 1964 – has begun to turn 65 years of age, and their spending power surely has a direct impact on the growth of many businesses.
In a study from McCrindle Research, it was revealed that Australian baby boomers own more than half of the nation’s wealth. With their strong economic power, a lot of small business owners are now asking how the changing age demographics of baby boomers would affect the demand for their products and services. And since most of this generation is already retiring from their jobs, it also means wide-reaching effects on the workplace, and possibly, on business environment as well.
In this infographic, we will look at the current state of baby boomers, and how their ageing population growth can impact business organisations this year and beyond.