three sisters group who is the 50 plus market

Who are the over 50’s in Australia?

The over 50’s are a third of Australia’s population.

In this 4 part series, we provide insights on baby boomers (born between 1946 and 1964) encompassing a range of topics from work and health to attitudes and technology. As a burgeoning market, it’s worthwhile investing time to gaining understanding as knowledge is necessary for new markets. This first part provides a brief introduction and then talks about work.

Abolish assumptions about the over 50’s

What do baby boomers need and want?

It varies.

In the first instance, it’s important to recognise the diversity within this age group. In fact as we age, we become more different rather than similar. Assuming a 50-year-old is the same as a 70-year-old is like assuming that a 20-year-old is the same as a 40-year-old. There’s as much variability amongst baby boomers or those 50+ as there is with any age group (in fact more so).

Overall baby boomers seek to be recognised and not ignored.

What about work?

One of the challenges for people as they age, particularly for the over 50’s, is that either retaining a job or getting a job becomes more difficult. However, even in employment, there’s diversity.

Often younger baby boomers don’t want to give up work. They’d like to continue to contribute in a workplace. Some seek to work full-time. Others would prefer to work part-time with a level of flexibility that accommodates volunteering, mentorship, or caring responsibilities (baby boomers are also part of the ‘sandwich generation’ – a topic I’ll explore in the future).

It’s also possible a baby boomer would like to remain working part-time in a role that carries less responsibility. The movie ‘The Intern’ is a great example of employing an older person.

Reverse mentoring” is also an emerging trend that some organisations are embracing and something that can go both ways. There’s also an opportunity for intergenerational job-sharing.

Simultaneously, older baby boomers are ready to finish work and seek other ways of being involved with community and remaining engaged and mentally stimulated.

Confused?

Don’t be. Given the increasing move to flexible workplaces, baby boomers could conceivably be the perfect fit for organisations willing to think laterally. The first step is to gain insights for understanding. Understanding potentially reveals opportunity, and ultimately, with imagination and desire, leads to innovation.

 

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Retirement: Recreation or Re-creation?

Around 500,000 Australians will retire this year. What are you looking forward to in retirement? Maybe some travel? Catching up on reading all those books you always planned to get through? More time on the golf course?

With lifespans longer than at any other time in history, the reality is, if we retire at 65, or even earlier at 55 or 60, travel, reading, and leisure doesn’t necessarily sustain us for a healthy, happy later life of up to 20+ years.

Recreation plays a big part in the hopes and dreams of the pre-retired. However, the aftermath of an extended European vacation or a move to the countryside, can present retirees with a host of new emotional challenges they hadn’t anticipated.

 

Post-retirement blues?

The unexpected loss of purpose that can strike retirees is often a challenge. The euphoria of the daily grind of work now replaced with the lack of stimulation, interaction with colleagues – of all ages, and relatively mundane routine with friends of the same age or older. A sense of emptiness that can ensue as a result of being an empty nester and simply remaining at home with you and your partner can be both confronting and testing.

Those who choose a sea change, tree change or downsize from a house to an apartment, or move to over 55’s living or a retirement village, have a new set of challenges associated with becoming established in a new community as this couple discovered.

So what’s retirement then if not travel, relaxation, and not working (yay!)?

Retirement is more than recreation.  It’s a time for re-creation.

 

The Third Phase

Whether lonely or bored or neither, retirement is a time for recreating ourselves and maximising this Third Phase of life.

Volunteering and being involved with community activities are essential for healthy ageing, as is physical exercise and healthy eating. Expanding existing interests such as joining a book club (from being a casual book-reader) and resurrecting past hobbies (I’m finally going to restore that old bike that’s been sitting in the garage…and go riding again) are a great place to start. However, discovering new interests (I’m going to take up French lessons), hobbies (tai-chi, University of the 3rd Age, piano playing, dancing), and even re-training (go back to uni as this 93-year-old did, or qualify as a personal trainer or yoga teacher) are all possibilities for our re-creation.

 

Re-creation & dementia

Dementia is the single greatest cause of disability in older Australians (aged 65 years or older)[1]. Throwing yourself into completely new hobbies, interests, and learning not only keeps you busy, but by forcing the brain to learn new things, it staves off cognitive decline. It is imperative that a concerted effort be made to keep the brain stimulated with active learning and ‘doing’, otherwise we raise our likelihood of becoming part of the dementia epidemic.

So … with potentially 20 or 30 years (or more) of life to live after retirement, how will you re-create yourself when you retire? What are your plans?

Let me know. I’d love to hear from you.

 

This article is part of a series by Three Sisters Group on changing attitudes to marketing to the over-50s. It calls attention to the need to challenge our stereotypes about getting older and seeks to build understanding about how attitudes to ageing impact all aspects of our lives – from research, to workplace practices, marketing activity, community services, planning and housing.

[1] 1 Australian Institute of Health and Welfare (2012) Dementia in Australia.

 
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What if we acknowledged people older than us in our own culture

Does the Australian culture respect older people? 5 questions worth asking.

I love the welcome usually given prior to a conference, school occasion, or other event in Australia. We’re asked to do two things: acknowledge the traditional landowners as the custodians of this land AND pay respect to Elders past and present. But, has this practice spilled over into a cultural tendency to respect all Elders regardless of our heritage? Read more

Forget Generation X, Y, Z, and Baby Boomers

Generational labels that divide.

Population divisions based on the year we are born.

What if we removed the labels and simply met each other as people, with a variety of wants, needs and challenges that span age?

What would happen to the smashed avocado debate then?

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Shades of white

White is white.

Until you try to choose white paint.

If you’ve ever tried to choose white paint you’ll know just how tricky it is to choose the shade of white you’d like to paint a room or a house.

Ageing is the same.  Here’s why.

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What’s your Plan B?

In a perfect world I’d like to remain at home until the end of my life. Wanting this is one thing. Creating the environment in which this is possible is another. Can I really stay at home to the end? Planning is crucial.

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Retirement living. Doing it differently.

Inspired by a program on housing for the older population that appeared on an SBS Insight program, I contacted two of the participants who had talked about the retirement community they had created with four other long term friends. It’s a remarkable story.

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Advice to my older self …

We’re often asked about what advice we’d give our younger self, but how often are we asked what advice we’d give to our older self? Rarely … if ever. Recently I had the privilege of attending a Seniors School run by the Uniting Church in Balgowlah. It was fun and inspiring. There was a double birthday celebration for two women – one had turned 80 and the other, 90 years of age. As a result of that brief visit, this is the advice I’d give my older self …

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4 personal lessons about ageing

The creeks had burst their banks, the only road out was flooded with water hurtling past at over 1metre high and powerful enough to sweep any vehicle downstream along with trees and all manner of debris that was loose and vulnerable to such strength and intensity. There’s no landline, no mobile, no Internet and I’m by myself.  Whilst I’m happily ensconced in the warmth of our shed with a fire constantly burning I’m acutely aware of my isolation. Combined with my forced isolation and the company of Martin Seligman and Gloria Steinem, here’s the four things I discovered about me and ageing …

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One simple idea to disrupt ageism.

Getting older is potentially powerful. Nearly 8 million Australians are over 50 years of age – that’s one-third of the country’s population! Yet how we perceive getting older and how older people are treated influences employment opportunities, lifestyle choices, health management, and marketing campaigns. Here’s one simple way that we can all challenge and disrupt age stereotypes.

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