A story about a big challenge. And a big idea. We need you to get involved! CHAPTER THREE We're Living Longer A story about a big challenge. And a big idea. We need you to get involved! CHAPTER FOUR Echo Boomers haven't started saving The World's population is growing at terrifying speed Living Longer is a GLOBAL trend. Check out China's shift towards a much older population. Moving right along...
Let's meet a crucial New Demographic Group... We are living longer. Most of us will struggle to make ends meet in old age It wasn't supposed to happen this quickly In Part One, we saw that the government has no money and is not in a position to help. We are on our own.
Here are the next two factors in the Global Perfect Storm of Inadequate Retirement Resources China Demographics GURU Hans Rosling gives a truly Wake Up and Smell the Coffee talk on global population growth And if you want the low down on Europe's aging population... Otherwise known as Generation Y, the Echo Boomers are the children of Gen X and the Baby Boomers.
Born between 1982 and 2000, Echo Boomers make decisions very differently to any previous generation.
They are the next Generation. They will soon RUN the WORLD. The Echo Boomers take very little time off between their highly structured, demanding activities. Very comfortable around adults, they have a keen sense of ENTITLEMENT! Echo Boomers value straight talking and hate spin.
They have no problem following the rules. They are team players Echo Boomers embrace diversity in all its forms, abhorring racism, sexism or homophobia. 35% of Echo Boomers are non-white. They are all about community and team values. They are sensitive to what their peers think of them and constantly expose themselves to the scrutiny of the tribe. Their TRIBAL approach to life means Echo Boomers are acutely sensitive to group values and cues. They take their direction from each other and rely heavily on word of mouth.
Traditional TV-based mass marketing to Echo Boomers is almost pointless. If their friends don't endorse it on FB, they're not buying. Echo Boomers are the most protected generation in history. They have never ridden a bike without a helmet, or been on a car trip without wearing a seat belt. Since birth, they have been hovered over by their "helicopter parents". Echo Boomers are Digital Natives. They are a new generation of "super communicators".
They do not need to engage in small talk when they meet up.
Their constant online chats mean they already know What's Goin' On! Teen-a-ger: noun. Someone who can send a text without taking his hands out of his pockets Highly optimistic about their prospects, Echo Boomers are daunted by nothing, FEAR LITTLE, are convinced the perfect job exists and that they are good enough to do it. The prospect of old age doesn't trouble them - it's too far away, it's hard enough saving for Uni and, anyway, there's a pot of gold out there waiting. But DANGER lurks:
The job market has been PUMELLED by the greatest economic downturn since the Great Depression.
It has never been more difficult to obtain a place at University.
Echo Boomers can find it hard to fit into the conventional workplace with their iPod-ic / dress how I want approach and general dislike of authority or criticism. "They see themselves as really well prepared and SUPREMELY good candidates for the job market. Over 90% think they have a perfect resume. The percentage who think they will have a job in hand three months after graduation is 57%. They're still supremely confident in themselves."
Edwin Koc, director of research for the US National Association of Colleges and Employers. Most WORRYING of all (given they are going to live for 100 YEARS and beyond), Echo Boomers do not save for (or even think about) retirement. FACT!!
Echo Boomers cite 29.2 YEARS as the ideal age to start saving.
But EBs would DOUBLE their retirement assets if they started saving in their late teens.
The EBs' parents did not start saving until they were 35.
Almost all the EBs' parents wish they had started saving much earlier.
Almost a QUARTER of the EBs' parents now believe they will have to work until they are 75 years of age. Even so... Echo Boomers' Eco System! Echo Boomers travel far more than any previous generation Because Echo Boomers are ultra-communicators...
(one of their most exciting characteristics)
You can talk to ALL of them...
AT THE SAME TIME... And they will talk back to you! Before we leave Chapter 3 for a session on Echo Boomerology, here's some final FOOD FOR THOUGHT: ...as you have spent WORKING. What's YOUR gameplan? Chapter Three. The Take-Aways The demographics of the world's population are changing at warp speed. Many more of us are likely to live into VERY OLD AGE. This is uncharted demographic territory and has PROFOUND socio economic implications. Unless you WIN THE LOTTERY or X-Factor, you need a SURVIVAL PLAN! Is there any HOPE?! Hold that thought... !!! possible, but unlikely If you're a Baby Boomer or Generation X, RETIREMENT IS NOT GOING TO BE EASY.
But the NEXT generation CAN get its act together while there's still time... You can't blame them. Between now and retirement, they have to pay through the nose for an Education, a Mortgage, and a Family. Saving up for retirement is just about the last thing on their minds... Maybe... There is a tide in the affairs of men.
Which, taken at the flood, leads on to fortune;
Omitted, all the voyage of their life
Is bound in shallows and in miseries.
On such a full sea are we now afloat,
And we must take the current when it serves,
Or lose our ventures.
Julius Caesar Act 4, scene 3 They are the most intensive communicators in history. However secure you think you are, you're not secure enough. Demographic Stuff You Should Know Best Place to be born in the UK is Kensington & Chelsea which has the highest life expectancy at birth - 84.4 years for males and 89.0 years for females.
Worst Place to be born in the UK is Greater Glasgow & Clyde - it has the lowest life expectancy at birth: 73.1 years for males and 78.9 years for females
Office for National Statistics Statistical Bulletin These folk live TEN YEARS LONGER than these guys! If you were a man born in 1850 and you lived to age 85, you had like ZERO chance of living to 100. (Actually you only had a 3% chance of living to 85). In 2003 there were 398,000 people aged 90+ in the UK
In 2031, there will be about 1,000,000 Top 10 Places to LIVE LONG in the UK Top 10 Places to NOT Live Long in the UK It matters where you live... The Poor Law Commisioners' Report (1834) It also matters what Job you do... MEN WOMEN It still matters where you live... UK'S MORTALITY MAP FOR MEN Doing some jobs means you get to live longer Same for the ladies Average Life Expectancy for Men born in 1850 was 40.2 Years
A MAN born in 1950 who lives to 85 will have a 10% chance of hitting the 100 mark. For a WOMAN it's a 13% chance. A Woman born in 1850 expected to live for just 43.6 years (on average)
A Woman born in 1950 is projected to live MUCH LONGER: 81.7 years (on average) Echo Boomers may be too young to remember the Berlin Wall, the Soviet Union or the Cold War... But they do know all about the threat of TERRORISM - which means they value ADAPTATION and FLEXIBILITY Echo Boomers are acutely aware of the importance of SUSTAINABILITY ISSUES and see themselves as part of the solution using SOCIAL MEDIA and COLLABORATION. They are keen on INNOVATION and LEARNING, they are born multi-taskers and get bored easily which means they value variety and opportunities to be CREATIVE. AND... Welcome to THE ECHO BOOMERS How to Tell Us Apart You will probably spend AS MANY YEARS IN RETIREMENT... Somehow, YOU NEED TO FIND THE MONEY TO FUND the second half! (ECHO BOOMERS) (The NEXT Generation) Maybe we can even cure the "AGEING DISEASE". That way, we can live FOR EVER! There's no free lunch. If we all live longer, it's going to cost us. A lot! A PWC Report reckons a rapidly ageing population means: Forget retiring at age 68. State Pension Age (SPA) HAS to go up to 70 by 2046 The government has underestimated its TAX INCREASES / SPENDING CUTS and will need an ADDITIONAL GBP 14-20 Billion by 2020 This is because of TWO cumulative effects: The Baby Boomer Generation is getting ready to RETIRE and - as we have seen - is living much longer The RATIO of PEOPLE WORKING to PEOPLE IN RETIREMENT is set to PLUMMET Current Government Policy just isn't going to work: Which means the burden of caring for an aged society will fall on fewer shoulders Now In just 40 years Current Policy = OUT OF CONTROL! by 2050 Getting back on track means working longer and higher taxes. Here's what it's going to cost.... A big challenge. And a big idea. Part Two by dawid konotey-ahulu @dawid1 follow Mallowstreet.com
Founder and Co-CEO connect with me on LinkedIn If you're sitting comfortably, then I'll begin. Huge increase in life expectancy for Men and even more for Women UK'S MORTALITY MAP FOR WOMEN Very High Death Rate Very Low Death Rate Very High Death Rate Very Low Death Rate and vice versa Thank you for watching...See the full transcript