With the 2012 election season coming down to the wire, debates, ads and talking points targeting niche voters are out in full force. One of the largest of these groups is the Baby Boomers and politicians are intensely courting their favor.
While all the buzzwords about retirement, the federal debt, taxes and Medicare are hot topics, many Boomers face a series of economic challenges. When looking at generational marketing, credit unions and banks should research these Boomer financial pitfalls and analyze their own offerings to see if they can help bridge the gaps.
According to a recent article, the biggest financial challenges facing Baby Boomers today are:
- Miniscule growth in real income
- Education costs
- Adult children
- Housing-related expenses
- Healthcare costs
While on the surface it may appear as if there is little your financial institution could do to help with these obstacles, a closer look at the situation might reveal otherwise.