The Baby Boomers, Australia’s largest ever generation of retirees, have firm opinions about the lifestyle they demand as they age and they want it known they have retired from the office - not from life.
A landmark study has uncovered that the generation born between 1946 and 1965 are repurposing for a productive and active future without the responsibilities of work and family.
The advice Boomers wish to share with the young is: travel earlier, marry later, don’t smoke, drink less, stay active and buy land.
The inaugural Ageing Australia Study, commissioned by Aveo, received insights from more than 1,000 members of the booming “Grey Wave” who represent 21.5 per cent of Australia’s population.
The lives of Boomers, now aged 58 to 77, were shaped by momentous world events including President Kennedy’s assassination, the Vietnam War, the Moon Landing, the Swinging Sixties, The Beatles, the Pill and the Covid pandemic.
Aveo’s Chief Executive Officer Tony Randello said the study’s findings would help shape Aveo’s communities of the future.
“The results were enlightening but not unexpected for the demographic who view themselves as the ‘lucky generation’,” Mr Randello said.
“They are a generation who revelled in their independence, were self-sufficient, adventurous, enjoyed a higher standard of living than their parents and they demand to continue living this way.
“The next decade will be one of great opportunity for the retirement living sector as we meet the high expectations of Boomers while also playing a vital role in supporting the general demand for housing supply across Australia.
“By meeting the needs of retirees and downsizers, retirement living communities are helping to free up desperately needed family homes for the next generation.
“We create places and services where retirees thrive. The survey highlights the desire of Boomers to live where there is a real sense of community and belonging, but a high standard of living, entertainment, health and wellness facilities to indulge their passions and interests.”
One survey respondent said: “In your 60s you are not old. We are taking part in and moving forward with life. We don’t want to get left behind, we need to grab and use the next 20 years.”
Another said: “The older generation is finding purpose in the younger generation’s lives. We are life counsellors who trade lived experience for the vibrancy of the young. We show empathy, have life experience to impart, are good listeners and counsellors.”
Several survey respondents still work part-time, and many were active volunteers who expressed a desire to give back and use their life experiences to help others.
Craig Hunter, Managing Director of Blacksheep Strategic Group, who compiled the report, said the research highlighted valuable life lessons from a generation who remember a carefree childhood, where they learnt respect and inherited a sense of frugality from their parents who lived through the Great Depression and world wars.
“The Ageing Australia Study found that Boomers are proud of their strong sense of individuality and not easily influenced by others around them,” Mr Hunter said.
“Boomers were young when their children left home, they worked for longer, are openminded, healthier and lifestyle oriented.
“Unlike their parents’ generation who only socialised with people of their age, 68 per cent of those surveyed said they encourage and enjoy friendships with others younger than themselves.
“They consider themselves good listeners and counsellors and enjoy the vibrancy of the younger generations, with one respondent describing the way they were able to ‘subtlety shape the character of our younger friends’.”
The survey’s respondents live in Sydney, Melbourne, Brisbane, Adelaide, the Gold and Sunshine Coasts, Port Macquarie and Coffs Harbour.
WHAT BOOMERS WANT YOU TO KNOW:
• ‘We are retiring from the workforce but not from life!’
• They represent 21.5 per cent of Australia’s population.
• They enjoy the vibrancy of younger generations who they say are attracted by their wisdom. We show empathy, have life experience to impart, are good listeners and counsellors.’
• Their advice to the young: Travel earlier, marry later, don’t smoke, drink less, stay active, buy land.
• They want to reinvent living (simplicity and ease) to focus on the things they value: intergenerational friendships and a healthy lifestyle.
• They have no desire for aged care but wish to live independently with services on hand if needed.
• They are embarking on the next stage of life: embracing it, not withdrawing.
• They are openminded, healthier and lifestyle orientated.
About Aveo
As Australia’s leading and most innovative retirement living provider Aveo owns and manages a diverse national portfolio of communities across Australia. For over 30 years, Aveo has been dedicated to helping retired Australians be their best selves across every stage of their later life journey.
Aveo is committed to delivering the best retirement living options, continually listening and learning about what our customers want so that we can provide and foster communities where you can truly live well.