Lina Ko January 27th, 2010
According to the Hamilton Spectator, affluent baby boomers intent on offsetting the ravages of time are leading a wave of anti-aging product sales worth billions of dollars. The global market for products ranging from skin renewal to brain games is already worth $160 billion a year and is expected to rise to $275 billion in 2013.
Currently focused on the new trend of edible beauty products such as collagen-infused coffee and anti-aging water to improve the skin, millions of boomers are joining celebrities like Mick Jagger and Sharon Stone in exploring how to fulfill the age-old quest for the appearance and feel of youth in their progressively mature years.
With the first wave of boomers in Canada now hitting 63, anti-aging products are projected to account for just under 20 percent of total skin care sales.
Growth in nutracosmetics – supplements that are ingested in order to change one’s external appearance – is also climbing. One of the newest developments in skin care is a little red pill, taken daily, that supposedly provides nutrients to prevent wrinkles by increasing skin elasticity.
If you’re still not yet convinced about the market potential of anti-aging products, the lineup for a recent Paris lingerie fashion show included new, anti-aging underwear, described as bras and undergarments designed with anti-wrinkle properties that help hydrate the skin. Even in men’s grooming, the fastest growing category is now anti-aging. With older men increasingly competitive with a younger generation, they have to look better.
So much for the body and complexion. What about the brain? The brain fitness market is also booming with new brain games to help boomers keep their minds sharp and boost productivity well into old age. According to a report by SharpBrains, a U.S. market research firm, the brain fitness segment – spending on games, computer programs, training systems and other anti-aging products – has the potential to grow to $5 billion by 2015. Brain maintenance will become a mainstream trend from retirement homes to gyms as boomers seek to give equal importance to cognitive fitness.
Buying time has never been easier!
Lina Ko January 18th, 2010
In recent weeks, another roadside pedestrian death has raised questions about whether seniors over 80 should be allowed to drive. Last week in Toronto, a mother pushing her infant son in a stroller was killed by an 83-year-old woman who allegedly ran a red light.
So, when should seniors park it? According to the Toronto Sun, it’s one of the toughest things you can tell an older person to hand over the car keys. Taking a person’s car means taking away their independence. However, as the population ages, this will become a bigger issue. Many baby boomers are passionate about maintaining their independence and they won’t give up the car keys without a fight.
Ministry of Transportation figures actually show that over the five-year period 2002-2006, the average yearly fatal collision involvement rate per 10,000 young drivers (aged 16-19) was 2.15; the rate for seniors (aged 65 and above) was 1.11. According to the Insurance Bureau of Canada, it isn’t age that impacts driving so much as it is medical conditions that predominantly affect seniors. Others, with conditions such as dementia or failing eyesight, should not be on the road at all.
I think it’s ultimately a sense of responsibility. Many boomers are now very agile and fit to drive. It will be a long time before they will be asked to give up their car keys when they become seniors. But, as with parental guidance for their children, people around seniors should really advise them to stop driving when the time comes – that maybe sooner for some people and later for others. Independence is important, but not when it is at the expense of pedestrians’ or other motorists’ safety.
Lina Ko January 14th, 2010
It’s ironical that as boomers age, freedom at this life stage almost becomes as important as the freedom we enjoyed when we were teenagers. According to the National Post, there’s an inner hippie in all boomers that is saying – Break out. Flee suburbia. More colour, more texture, more of what I like. Who’s going to judge me anyway?
Few aging boomers aspire to stiff and patrician. Quiet is like being dead and that’s what boomers avoid by running towards vibrant youthful images. That explains why trendy buildings nowadays have lots of boomers who don’t want to be relegated to a senior’s ghetto. Retailers used to assume that it’s futile to market furniture to 50- and 60-year-olds. However, after all those years of putting the children first, parents now buy that formerly too expensive leather sofa.
Whether hippie once, or not, boomers as a generation were the centre of attention in their youth. Rather than run away to where retirees are supposed to hide out until they die, more boomers want to continue in the spotlight and at the centre of the action. For these, it’s a loft condominium downtown, not a cabin in the mountains.
I’ve always been an urban, big-city kind of person. This applies to my residence as well as my choice of vacation destination. I’m ashamed to admit that I’ve never enjoyed any ‘in unison with nature’ moments although Canada has lots to offer in this category. Don’t get me wrong, nor do I enjoy big crowds either. I get my energy by keeping younger company. Whether they are my multi-generation colleagues; or my younger neighbours in my condominium; or the arts- and theatre-loving New Yorkers and Londoners, I’m constantly re-energized by those around me. And I’m sure there are many other boomers like me who refuse to move into luxurious condominiums with hidden panic buttons; who continue to work in a profession that constantly requires new and innovative thinking; and who love to experience what big, urban cities can offer us in terms of diversity, energy and passion.
Lina Ko January 7th, 2010
According to a poll released this week by The Investors Group, Canadian boomers are stressed by the dual responsibility of taking care of both their own children as well as their aging parents. In some cases, providing extended financial support may jeopardize their own retirements.
Ten percent of boomers with children also provide support to aging parents, with 42 percent stressed by the dual role. The same report indicated that boomers are not whining about it. Two-thirds feel they are merely repaying their parents for the upbringing they enjoyed themselves as children. However, they are less keen to give money to their adult children. In fact, 25 per cent are bothered by the need to provide financial assistance. Six in 10 boomer parents provide an average of $3,675 a year to their grown kids.
This could jeopardize their own retirements if providing such assistance runs longer than expected. According to retirement planning experts, the sandwich phase may be temporary, but boomers should make it as temporary as they can. This should not be a full-time, long-term solution for grown children. On the other hand, waiting for inheritance is not a good strategy for boomers either. People are living longer and spending more. Based on this recent poll, the wealth transfer is going in the opposite direction. Whether it’s taking care of their aging parents or paying a steep price for parenthood, boomers should involve their financial advisors when gauging the impact of these duties on their future retirement.