Three Sisters Group at TEDx Canberra

“It’s time to look at where we want to go. To create a new future. A different future. A future that utilises and maximises this gift of longer lives.”

~Catherine Rickwood, TEDx Canberra 2018~

September was an exciting month for Three Sisters Group with our Founder, Dr Catherine Rickwood, stepping onto the red dot – the round red carpet that adorns stages for TEDx events around the world. Catherine’s compelling TED talk took us on a journey that questioned the long-held premise of retirement and how we currently live our lives – at a time when our lives are so long and becoming longer.

What are the implications of longer lives for organisations?

It’s crucial that organisations start re-imagining their workforce and create structures, policies and practices unbounded by existing age stereotypes. It’s time to acknowledge the impact of our ever-increasing life spans and challenge our current approaches to older workers and customers.

“Remove the invisible but fully present age ceiling in our thinking, attitudes, beliefs and behaviour about what we believe people can or can’t do based on their age.”

~Catherine Rickwood, TEDx Canberra 2018~

Why?

Because traditional views of ageing (ones of decline and decrepitness) no longer stack up. Imagination and innovation are limited by our outdated understanding of what it means to age. Today older Australians (aged 55 and above) are typically wealthier, healthier, more active and more technically savvy than previous generations. And, as Catherine says:

Planning our working lives to this end point in our sixties limits our potential and robs our world of knowledge, skills and experience that could contribute to positive social, economic and environmental change”.

 

What next?

Discover the revenue benefits and cost savings of building business and HR strategies that smash age stereotypes and eliminate ageism. Consider introducing one of these 3 strategies:

  1. Intergenerational job-sharing.
  2. Product innovation through co-design with customers of all ages.
  3. Communications audit of printed and electronic media. How are age stereotypes being reinforced?

More specifically:

Hiring managers and HR teams – have you considered the impact of enforced retirement age policies? What retraining opportunities exist for all staff and do you have a cross-mentorship program?

Product designers, developers and marketers – have you thought about diversifying the product offering to the over 55s? If so, are you treating the over 55s as one homogenous customer segment or developing products and marketing campaigns based on outmoded cultural stereotypes – like Apple?


ABOUT THREE SISTERS GROUP

Three Sisters Group specialises in working with organisations to develop age-inclusive business strategies. Addressing ageism, age stereotypes, and removing biases associated with generational labelling are foundational to our work as these issues limit creativity and opportunities.

Sought for her strategic skills, insights on longer lives, and as an informative and inspiring speaker, Three Sisters Group Founder and CEO, Catherine Rickwood, has developed a reputation as one of Australia’s leading experts on the ageing population.

Contact us to find out more about our services and/or to arrange a complimentary one hour consultation.

Can financial planners change the conversation about ageing and retirement?

Yes! In fact at the recent Professional Planners Post Retirement Conference I suggested that financial planners (FP’s) had both an opportunity and responsibility to dig deeper with their clients on understanding ‘retirement’. Typically, clients are seeking clarity about their financial situation. However, in digging deeper, FP’s are likely to discover that their clients haven’t considered the details of life after full-time employment. And herein lies the opportunity.

In 2015 Deloitte released a report – The Advice Based World – and suggested that the financial advisory industry had a bright future. With the shift to a fee-for-service remuneration model, financial planners are at a point where they can position themselves as Advisors – not solely financial planners. What does this mean?

Financial Planner vs Advisor

What is a financial planner?

According to the Australian Security and Investment Commission’s (ASIC) ‘MoneySmart’ website, a financial planner is: 

“a person or authorised representative of an organisation, licensed by ASIC, to provide advice on some or all of these areas of your finances: investing, superannuation, retirement planning, estate planning, risk management, insurance and taxation.”

Note the emphasis on finances.

What is an Advisor?

According to the English Oxford Dictionary an advisor is:

“A person who gives advice in a particular field.”

What if financial planners broadened their service offering beyond guiding their clients on money management and creating the nest egg for retirement?

What if financial planners became advisors to their clients? Advisors on preparing for life beyond full-time work, or the job their client may currently be doing. What possibilities would arise both for the advisor and their clients?

Changing the ageing conversation

Most of us will live into our 80’s and beyond. If we ‘retire’ at 65, are we really going to thrive and enjoy 15+ years of leisure? And for those planning an early ‘retirement’ at 55 or 60, that’s potentially 25+ years of … leisure? Really?

As an advisor specialising in ‘retirement transitioning’ or ‘life transitioning’, there’s an opportunity to introduce a range of products and services to challenge the idea of retirement. To not see it as an endpoint but rather as a time to reinvent ourselves. In fact, a planner recently told me that he’d renamed it ‘retyre’: finishing full-time work is an opportunity to change the wheels to ensure many more miles of activity.

If it’s not all about the money, what is a rich life?

We all know that money isn’t everything. For most of us, it’s a means to an end. It provides us with greater choice in our life.

One of the challenges often faced in retirement is relevance deprivation. To age well, and I mean really well, money ain’t enough. Individually, we must all continue to have intangible assets in our lives such as purpose and meaning; social relationships; and, physical exercise.

Because we’re living longer than at any other time in history, there is no model for how we age. In fact it’s our opportunity to innovate ageing. To age differently to our parents, grandparents, or great grandparents.

What does this mean for financial planners seeking to add value to their clients?

  1. Establish what is important for your clients – dig deep on their fears, uncertainties, and doubts about retiring.  
  2. Explore their hopes and aspirations.
  3. Coach clients to envisage and then create the next phase of their life. A life that could potentially be greater than they had previously imagined.

From financial planner to advisor

Financial planners are already subjected to changing educational requirements and standards. Particularly since the Financial Adviser Standards and Ethics Authority (FASEA) was established in April, 2017. Introducing a broader range of products and services that extends beyond financial advice requires planners to either:

  1. Undertake training as a coach, or
  2. Collaborate with a coach or organisation specialising in life transitions.

Clearly, it’s a commitment and not necessarily suited to all planners.

Fortunately, the shift to fee-for-service, introduced a number of years ago, assists with the transition. Clients are already aware that the days of financial planners earning their money from commissions are gone. Clients know that they pay for each service provided and the financial planning industry has restructured their pricing models accordingly. Consequently, financial planners who broaden their skill set could either:

  1. Build this into more comprehensive retirement planning products for added value; or
  2. Create new products and services offered at an additional cost.

3 benefits of being an advisor vs a financial planner

For planners prepared to make the investment and venture down this path, they could potentially deliver:

  1. Increased client satisfaction;  
  2. Improved client experiences;

And isn’t that what all service-based businesses seek?

However, there’s a third benefit:

  1. A healthier, happier, ‘retirement’ or next stage for clients aged 55+ who are ready to move on from the job or work they’ve done for most of their lives. And this contributes to changing the conversation about ageing.

Ultimately, a ‘rich’ life, a ‘wealthy’ life, is far greater than accumulated assets or money.

What does this mean for my financial planning business?

Over the next 15 years all baby boomers in Australia will reach the traditional retirement age of 65 years. Consequently, the time is ripe to start having these deeper and challenging conversations with your clients. There are numerous ways in which a planners might start to investigate the possibilities with their clients. This could include one-on-one conversations, small groups, or seminars. However, what’s essential is to ask open-ended questions, be genuinely curious, and unattached to outcomes.

Three Sisters Group specialises in providing expertise and research-driven consulting on the over 50’s. We deliver knowledge and understanding to create customer-driven strategic change.  

If you’d like to discover how Three Sisters Group can help to broaden your service offering to meet your clients’ changing needs, please contact us.

 

Dr Rickwood challenged the concept of retirement in her keynote address at the Professional Planner Post Retirement Conference. We’ll be sharing a video shortly with some of the key insights from the presentation. Stay tuned!

3 ideas for relevance in retirement

If you’ve heard the term “relevance deprivation” you may be older and possibly retired. Alternatively, you may be between jobs or a parent who has become an “empty nester”.  Regardless of your situation, remaining relevant is an individual responsibility.  And it can be challenging.

I’ve written before about my dislike of the word ‘retirement’. One of the many reasons for my preference to avoid the word is because it signals an endpoint. A time in our life when we’ll stop all the hard work and move to a life of leisure filled with choice. Our choice. Our way. No boss. Bliss!

What if …

We didn’t retire.  What if, instead of retiring we simply kept on living. Fully. Completely. Engaged.

Not thinking “I’m old” because old is equated with retirement.

What if, from a much younger age, we made choices and decisions knowing that life was long. Very long. Knowing that if we retire at 65 we’ll still live for 20 or more years.

What choices would we make? How differently would we live our life?

There’s work.  Then there’s retirement.

When working we remain relevant because we have purpose and meaning. There’s a reason to get up each day. At work people want us because of our knowledge, skill, or experience. We receive phone calls, emails, and invitations. Invitations to lunch. To Melbourne Cup events. To Christmas functions. Our birthday might be celebrated in the office with a cake. People notice when we’re away for an extended time and are usually grateful for our return. We’re valued. And all we have to do is show up to our workplace. Easy.

In retirement, this can all disappear. There is no office. The phone calls, emails, and invitations diminish. Whether or not we get up each day may not be noticed – by anyone.  Unless we’re in a relationship or we have adult children living with us. What happens in our day must be generated entirely by us. It requires energy, effort, and self-motivation. Less easy.

In a youth- focused culture, relevancy can feel even more challenging. Combined with an increasingly technology, digital driven world, becoming and remaining digital-savvy may also seem overwhelming.

Given this challenge, what are the options?

3 ideas for retirement relevance

In a recent podcast interview with SBS, I suggested that it was essential we all continue to learn and educate ourselves to remain relevant. Whilst the podcast was particularly focused on the disparities between millenials and older workers, those interviewed provided practical actions for reducing the gap. As I’ve said before, generational labelling was also suggested as divisive and not overly useful as a way of identifying groups of people.

Bridging a generational gap requires understanding and a willingness for both younger and older people to learn from each other. An openness and recognition that there is more than one way to do anything. And that attachment to “our way” or the “right way” limits the possibility for new ideas, innovation, and creativity.

Intergenerational relationships are crucial for us to age well. Consequently, building them into our lives is essential.

The 3 ideas?

  1. Continue learning. Whether that be through Open University, U3A, TAFE, University, free online MOOC’s, or by attending events at your local library. Foster a thirst for knowledge.
  2. Participate in community activities or hobbies where you’ll also meet and befriend younger people. Community gardens, bush regeneration, environmental or animal activist groups, book or film clubs. If there’s not one in your neighbourhood, create one.
  3. Be open. Say “yes”.

For inspiration on how to age we have role models in Judy Dench and Jane Goodall. One thing’s for sure. To remain relevant in retirement requires us to reject age stereotypes and embrace our whole life – from start to finish.

 

Photo by Benjamin Davies on Unsplash

 

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2 benefits of a big, hairy a** goal as we age

Goals have a significant impact on what we do each day, how we live, and how we feel about ourselves. They can be both motivating and disheartening. Motivating when we achieve the goal we set. Disheartening when we under-achieve or miss the goal altogether. Without goals we can become rudderless and life can lack real purpose and meaning.

What’s this got to do with becoming older?

The importance of goals

When thinking or planning for later life, setting goals is as important as our younger years when we often set goals associated with things such as sport, career, or money. Whilst establishing financial goals is important, money alone does not buy happiness.  Ease, comfort, and security perhaps.  But not happiness.  Goals about other aspects of our life give us something to get up for each day – to work towards so that there’s a sense of achievement in our lives.

As I’ve said previously, it would serve us all well if we eliminated the word ‘retirement’ from our vocabulary. Whilst most people do want to stop working at some point, setting ambitious personal goals to coincide with the event is not usually built into people’s thinking.

Crashing age stereotypes

Recently, I had the good fortune to meet a vibrant, active 65 year old woman, Astrid, who had walked the infamous Camino track – a walk of 780km from St Jean Pied de Port in the French Pyrenees to the stunning cathedral of Santiago de Compostela in Spain.  The walk takes up to 5 weeks. Astrid shared how many people were either surprised she’d done it, or considered her “too old” to be embarking on such an adventure.

Clearly, age stereotypes and ageism contributed to people’s perceptions of what’s OK and what’s not OK for someone with grey hair and some wrinkles.

There’s more to this story.

Astrid, had a big goal with a plan.

First, she had to wait a year so that her foot surgery and hip injury could heal. Then Astrid worked with a trainer 3 times a week to align her body and strengthen her legs. She joined Weight Watchers to lose 15 pounds to reduce the load on her joints and made a deliberate decision to only carry a day pack for the duration of the walk.  Her heavier luggage was transported to her accommodation each day. And, throughout the walk, Astrid chose the road less travelled in order to enjoy the quieter paths and nature.

Astrid chose a big, hairy a** goal (BHAG).

Benefits of goals as we age

The benefits of a BHAG are twofold:

  1. Ambitious and less ambitious goals contribute to a more active and healthier life. Without them we risk falling into the trap of building our lives around meal times, coffee & cake breaks, TV viewing, holidays, and medical appointments.
  2. By setting goals that are challenging we defy ageism and age stereotypes. Attitudes and beliefs about what older people can or should do are outdated. Longer lifespans require us all to re-think what we do with our lives and be more ambitious and confident about what we can do in our later years.

SMART goals

These are the 5 keys to goal setting.  Make sure your goals are:

Specific: We’ve all heard of the bucket list. It’s a list of the things we want to do before we die. Interestingly, it’s become so much a part of our vernacular, even younger people talk about their bucket list! Goals can be a bucket list. However, the goals for living will influence what we do in our daily lives.  Whether that’s learning to fly a glider or volunteering. If volunteering is a goal, what type of organisation would you seek to work with? One associated with children, the environment, mental health, older people, the homeless, or refugees? The options are endless. Check that your goals match your current interests or are associated with an area you’d like to know more about.

Measurable: Ensure that you have a sense of achievement by putting measurable goals in place.  Simply thinking, ‘I’m going to volunteer’ is noble.  However, you may want to establish a goal of volunteering for a certain number of hours or days per week.  Alternatively, you may choose to work as a volunteer to raise money for a charity. Set a goal of how much money you’ll raise. When you’ve achieved the goal … reward yourself.

Achievable: Ambitious goals are great. And, they may take time to achieve. So, break the BHAG into smaller goals. Imagine trying to eat an elephant. The only way to successfully do that would be to eat it one bite at a time. Big BHAG’s are the same. One step at a time.

Realistic: Ensuring the goal is something that you can actually do is essential. Whilst you may have dreamt of flying to the moon, becoming an astronaut is probably unrealistic.  However, parachuting may not be. Going back to University may be something you’d like to do, however fees may make it prohibitive.  Look for a course via a free MOOC (massive online open community) or attend University of the Third Age instead.

Timely: Set a timeframe for taking action and then completion. All talk, no action leads to a lack of fulfilment and a sense of failure. The action may be as simple as researching which volunteer organisation you’d like to work with. When will you do this? By what date will you have made your decision? Then, when will you fill in the application or call to get on their list? When will you follow up? If not successful, which charity was #2 on your list? When will you fill in that application? And so on. Importantly, be realistic with setting timelines and deadlines.  Don’t make them too short, nor too long. Diarise the actions, or write a list and tick each item off once done. Each tick is another step towards achieving your goal. Another bite of the elephant.

Goal ideas

Ambitious goals might be:

  • Climbing to Everest base camp;
  • Hiking the Kokoda Track;
  • Sailing around the world;
  • Learning a new language;
  • Studying again.

Less ambitious goals, but equally valuable, could be as simple as:

  • Volunteering a certain number of days or hours per week;
  • Participating in a community-based activity such as walking or a cycling group;
  • Taking up a past hobby or interest such as a musical instrument or painting;
  • Ensuring that some time is spent with younger people each week/fortnight/month in order to benefit from the youthful energy and enthusiasm that those younger than us bring to a conversation and relationship.

By building on current interests, or exploring new activities, we expand our friendships, bring purpose and meaning into our lives, and increase our chances of a happier, healthier life – right up until the end. And surely, that can only be a good thing.

What are your BHAG’s?

 

Photo by Gautam Arora on Unsplash

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intergenerational community

Intergenerational understanding

It’s well known that baby boomers often feel invisible.

Often ignored by marketers, Baby Boomers can also struggle to get jobs as employers consider them “too old”.

The perception tends to be that turning 50 is the start of a slippery slide downhill towards physical or cognitive decline. To being old.

Reality is quite different.

Baby boomers, and beyond, are an active, engaged, experienced, interested, interesting, technologically literate, and wise group of diverse individuals. Despite greying hair, wrinkles, and a slight slowing down, our own research reveals that baby boomers generally feel at least 3 years younger, and often 10-15 years younger than their chronological age.

Recently, I had the privilege of staying with my Aunt in a retirement village. She was thrilled. And because she knows my work is focused on people over 50, and she loves catering, I was treated to a fabulous dinner party with a group of women from their mid-80’s to 92 years old! All independent, active and with a great story to tell.

In my work, I am lucky to meet and talk with a wide range of older men and women. The more people I meet, the more grateful I am to have the privilege of their company and conversation.

The challenge is encouraging organisations, marketers, advertisers, and PR agencies to recognise this valuable cohort of people. Usually, marketing departments and agencies are filled with millennials who “don’t get us”.

The key is to educate, inform, and inspire a new understanding that changes the cultural conversation about becoming older.

It’s a significant segment of Australia’s population comprised of nearly 8 million people!

Time to change

It’s time to change so that ageism and age discrimination don’t remain into the future.

Lifespans are becoming longer.  The desire to remain an active part of the workforce and the community well beyond 50 will only grow. Considering ways to shift entrenched cultural and organisational attitudes and behaviour is key. One way to achieve change is to bring generations together.

Why Intergenerational Understanding

Hollywood did it in a light-hearted way with The Intern. I love this demonstration that shows how bringing younger and older people together to gain understanding – even for a few minutes – completely changes attitudes and perceptions of what “old” is.  NBC Universal introduced a ‘Bring-your-parents-work-day‘ as a way of mixing generations for greater understanding. It enables young people to show off what they do by bringing their parents into their business environment. In a world where parents and children don’t necessarily live in the same town, an extension of this idea could involve simply bringing an older person you know with you to work for that day. And, whilst it is only a day, it does change the age ratios momentarily and provides the opportunity for increased understanding.

The potential for what could be created and the contribution that each could provide the other is vast. At a minimum, it could bring generations together. And that could be the start of a conversation that creates the ripple for change.

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Judy Dench Exotic Marigold Hotel

Judy Dench rejects ageing. Do you?

I admit it.  I’m a Judy Dench fan – particularly in her recent movies of The Best Exotic Marigold Hotel, the sequel The Second Best Exotic Marigold Hotel, and Victoria & Abdul.  My appreciation for Dench extends beyond her skill as an actor.  In this interview she suggests that ageing is “hideous”, and that the ‘ageing’ word isn’t allowed in her home.  What I particularly enjoy is that Dench re-frames ageing.

Re-framing ageing

In her interview, Dench feels 49 and says she likes to learn something new every day. Importantly, changes in her body and ability to do things have nothing to do with her, but rather with something else.  For example, if it takes her longer to get out of a chair it has nothing to do with her being old.  It’s all about the chair.  As my friend Eric said, “Think old and you become old“.

Unsurprisingly, Dench’s attitude towards ageing is one held by many.  Invariably, older people feel much younger than their chronological age.  Recently, I had the privilege of being at a dinner with a number of women ranging in age from their mid 70’s to 92 years old!  It was a lively discussion and fun evening with unanimous agreement that no one felt their age (with everyone feeling 10-20 years younger). All lived independently and were still active members of their community.

Age-appropriate. What is that, and according to whom?

Author of This Chair Rocks, Ashton Applewhite suggests that it’s up to us to figure out what’s us-appropriate at any point, not necessarily what biology predicts or an ageist culture ordains.  In fact, there’s no such thing as age-appropriate.

Whether fashion, leisure activities, holidays or work, it’s up to us to wear, do, be whatever is comfortable based on how we feel and what we believe is possible for ourselves. Not based on any idea that we’re “too old”.

Many younger people are disparaging about older people, but then older people aren’t generally positive about being older either! Hardly good role modelling. Yet as Applewhite says,

“Other groups that experience prejudice, like gays or people with autism, develop buffers that can reinforce group identity, and even pride, at belonging to what sociologists call an out-group.”

What are we older’s doing to ourselves?

5 questions to ask yourself.

Perhaps it’s time to turn a mirror on ourselves.  Whilst not everyone uses the older age card, it’s certainly a card that’s used more often than is healthy.

Try this quiz.

If you answer yes to one or all of these questions, then perhaps it’s time to stop embracing ageing and have a change in attitude.  Time to re-frame your idea of what it is to become older.

Do you say or think …

  1. “I don’t do that because I’m past it (i.e. too old).”
  2. “That’s simply what happens when you get old …”
  3. “Going to the doctors is just part of ageing.”
  4. “I’m way too old for that!”
  5. “My legs/eyes/body just aren’t what they used to be.” (Really? Compared to when – 18 months or 18 years old? And, who cares?)

For some final inspiration, watch this interview with 91 year old Sir David Attenborough.

Image source: Exotic Marigold Hotel – 2011

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5 things worse then dying

5 things more scary than dying 

It’s reasonably well-known that many people fear public speaking more than they fear dying.  However, as we age, a number of other fears enter our consciousness beyond the sense of foreboding, dread, or denial that can occur as we age.

A bonus of ageing is that we commonly celebrate another decade passing.  Whether that celebration involve a party, an adventure, or a quiet dinner at home with a loved one or friends. We’ve lived another 10 years!  However, the celebrations are usually for the life we’ve lived, not the life before us.

Who celebrates a 50th, 60th, 70th or 80th birthday because of what they’ve experienced and because of your enthusiasm for the next decade? Compare this feeling to the experience of celebrating an 18th or 21st.  Generally, these birthdays are celebrated as a milestone because they represent a turning point in our life.  A time when we can look forward to new and exciting experiences and adventures.  What can we possibly look forward to in our 50’s, 60’s, 70’s, 80’s and beyond?  Isn’t this a time when “it’s all downhill from here”?

No.

Well, it doesn’t have to be.

As this well known quote so succinctly states

“If it’s going to be.  It’s up to me.”   

With lifespans longer than at any other time in history, it’s time to re-think how we look forward to, think, and plan for our later years.

5 things scarier than dying

In a recent survey of baby boomers conducted by Three Sisters Group, we discovered that this age group found these 5 things more scary than dying:

1. Physical and/or cognitive decline

2. Nursing homes

3. Retirement villages

4. Loneliness

5. Being like our parents

The question is:  If we’re afraid of these things, what are we doing about it?

The reality is, physical exercise combined with good diet and a healthy lifestyle (not smoking, low alcohol intake) are the two things most likely to make the biggest difference to our lives.  Furthermore, just these two ideas could influence whether or not a nursing home becomes a reality or simply an unfounded fear.

There’s so much to look forward to as we become older.  In fact, one study (1) has shown that our life satisfaction in our 60’s and beyond is equivalent to when we were teenagers!  As a friend shared with me, being physically active and not playing the age card are essential to enjoying our later life.  And Jane Goodall simply doesn’t think about ageing.

Of course planning everything in our life isn’t necessary either.  It’s really about our level of enthusiasm for what we’re doing and what might happen in the future.  I’ll never forget my grandmother telling me that she always carried her passport with her wherever she was in Australia just in case a friend called asking her if she’d like to go overseas with them.

And if you’re wondering … there was a time she spontaneously went on a cruise and asked her friend in Perth to pack her bag for her and she’d meet her in Sydney at the cruise ship (she was in Darwin) .  Unfortunately she did end up in a nursing home – despite her best efforts to live a very full life. At least she maximised her able years to the best of her ability.

 

Source:

(1) Qu, L., & de Vsus, D. (2015). Life satisfaction across life course transitions (Australian Family Trends No.8). Melbourne: Australian Insitute of Family Studies.

 

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Over 50 paradox

The 5 paradoxes of ageing & stereotypes

Ageing is the opposite of the term WYSIWYG: ‘what you see is what you get’. What you see is not what you get. Often there’s a chasm between outdated stereotypes of the over 50’s and their actual lived reality.

Invariably, when we think of an older person we see grey hair, wrinkles, and a stack of stereotypes often associated with ageing. For example, people over 50 are often considered less capable with their technology use, less fit or able, or someone with a poor memory, or simply “past it” when it comes to working or being employable. In fact, being over 50 is often associated with loss: loss of hearing; loss of eyesight; and, loss of memory.

The reality of the over 50’s

People over 50 are fit, healthy, technology literate, and keen to maintain some type of either full-time or part-time employment. In a study we recently conducted comprising in-depth interviews, small group discussions, and a survey of 500 baby boomers technology was generally not an issue – particularly for the younger baby boomers (between 50-65 years).  In fact this generation use technology for news, movies, staying in touch with friends (they’re big Facebook users), emails, games, and messaging. However, there are paradoxes.

5 paradoxes of ageing

Our study,  revealed these paradoxes:

  1. Whilst we might see a person with grey hair and wrinkles, according to our survey, baby boomers consider themselves at least 3 years younger than their actual age. In conversations with this age group they often say that they feel 10-25 years younger!
  2. On working … the paradox is that baby boomers often want to work, however, they want greater flexibility (potentially part time), and potentially less responsibility.
  3. The greatest paradoxes exist in the area of health. For example, over two-thirds of respondents rated their health as good/excellent. Yet, the majority also suggested that they were slowing down and experiencing poorer eyesight.
  4. Over half of our sample reported arthritis and aching knees. Similarly about half of this sample stated that they experienced forgetfulness and were concerned about dementia/Alzheimer’s.

“The only thing I hate about getting older is that your health starts to deteriorate, and that to me is the most important thing – having good health.” (Female, 50-64)

  1. Nearly everyone in considers diet and exercise as essential for healthy ageing, yet:
  • Only 20% of respondents had a fitness monitor (representing a huge opportunity for                                       the fitness monitor market);
  • None indicated that they undertook resistance training or did weight-bearing exercise                                  (crucial to healthy ageing, particularly for bone density and strength).

Forget the age stereotypes

The lived experience of a baby boomer is generally quite different to perceptions. The opportunity lies in delivering products and services that meet the needs of the over 50’s. However, when it comes to marketing don’t sell to ‘old people’.  Outdated stereotypical views of the over 50’s limits thinking and stifles creativity (e.g. Cliched images of silver-haired couples on a yacht or a couple strolling hand-in-hand on a white sandy beach are over-used, corny and misleading).

This age-group is varied and interesting. Don’t miss the opportunity.

If you’d like to know or understand more, please drop us a note at livinginsights@threesistersgroup.com.au with your details.  We’ll get in touch to arrange a time for a discussion about your challenges in reaching this significant market segment. We’re committed to changing ageing. We look forward to speaking with you.

 

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Wonder Woman

I am woman: Hear me roar!

For many women turning 50 is a time of discovery. There’s a sense of freedom. Children are usually older or have left home. As a result, women have more time, feel more confident, and are often keen to reinvent their lives – particularly if they haven’t been working. It all adds up to women feeling powerful.

But what about the hot flushes I hear you say? The mood swings? The wrinkles? The grey hair? The sagging body bits? It’s true.  It happens. Responses to these natural processes varies. Some are unconcerned. Others hold onto youthful beauty – whether through the use of hair dye, botox, or plastic surgery. In the discussions I’ve had with women over 50, they are unperturbed about what other women choose to do. If one person chooses botox or plastic surgery and another doesn’t – both are considered fair choices.

I’m over 50. My work is focused on the over 50’s.  Consequently, I have a theory.

Women & menopause

My theory is that menopause and hot flushes are simply a reminder to us – women and men – that change is occurring. For women it’s the time to harness this energy. For men … a woman in her 50’s is a person to employ, date, or befriend. She’s powerful and interesting, seeking new challenges with a purpose that utilises her strengths and acknowledges her intelligence and ability.

I’ve spoken with many women over 50, and without exception, they all express a sense of confidence that they didn’t have in their younger years. Hence, they are either less concerned or unconcerned by what others think. They’re willing to be their own woman. At 50, women are less likely to be defined by stereotypical views about what they should be doing, how they should look, or how they should be. They’re adventurous, interesting, and interested.

What does this mean? What do they do?

Like so much of what happens over 50, regardless of gender, it varies. From changing careers, starting a business, working part time, or simply being more confident in their existing day-to-day lives, it’s a time of reinvention. Some of this re-creation is internal and some of it is obvious to all (such as career changes).

BUT … it’s not all a bed of roses.

Women as carers

Women over 50, whilst free of their children, often become carers for older parents. The journey can be long, emotionally challenging, and a difficult road to navigate – a path filled with tricky decisions because our parents are adults too. They’ve been independent, competent, and capable. Balancing a desire to care and love our parents whilst knowing that they are safe can become a delicate and complicated tightrope walk – a juggle between supporting not smothering, enabling not disabling, empowering not disempowering. Whilst this is a path most of us ultimately tread, it comes at a time when most women feel strong.

So, if you see a woman wearing a t-shirt and fanning herself with a fan or a magazine at a bus stop in winter … That is a powerful woman on her way to work or in the process of reinventing herself to be even greater than perhaps she imagines.

Wonder Woman …

If you’re seeking to develop products and services that appeal to these women through marketing and advertising campaigns, acknowledge their confidence and independence. Women in their 50’s are like Wonder Woman – feet hip-width apart with hands firmly placed on their hips ready to take on the world.

And of course, this isn’t what happens for all women.

If you’d like to know more, contact us:  livinginsights@threesistersgroup.com.au

In the meantime, we’d be interested to hear your experience.

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Three sisters group

3 reasons why Baby Boomers are ignored

Right now approximately 15% of Australia’s population is over 65.

By 2050, the number of people over 65 is forecast to increase to over 20% of the total population.

Furthermore, Baby Boomers will be the single largest consumer of products and services in the future according to a report by the McKinsey Global Institute released last year (2016). In their report, McKinsey suggests that any organisation that ignored this consumer, did so at their peril.

In fact, compared to previous generations, Baby Boomers are …
– cashed up;
– technology literate;
– fitter and healthier.

They are also bigger spenders than Millenials.

Given these facts, why are Baby Boomers ignored?

 

3 Reasons Why Baby Boomers are Ignored

  1. Lack of understanding.Young people dominate marketing departments, advertising, and PR agencies. They generally don’t understand Baby Boomers and simply aren’t aware of the opportunity they represent.
  2. Lack of insights.Organisations don’t know what they don’t know. There is a severe lack of knowledge and understanding of people in this age range if age brackets in surveys finish at 55, 60 or 65 – as outlined in our white paper.
  3. Legacy approaches to marketing.Market growth has historically come from younger generations. The Baby Boomers were those younger generations. They were the post-war boom for baby products, then young family products and services, then older family products and services and so on.  Baby boomers are now over 50.  They became older.  Not old.  Simply older.  Organisations seem to have ignored this fact.

 

Understanding Baby Boomers

The first step to understanding Baby Boomers is to let go of assumptions.

For example, in one conversation with older people recently, a gentleman in his 60’s said that he knew younger people would see him walking down the street and think “there goes an old codger”.  His problem with the label was that it wasn’t how he felt and therefore didn’t consider it relevant.  He considered himself fit, healthy, and actively engaged with the world – despite his grey hair, wrinkles, and slower pace of walking. How we may perceive a person with these characteristics probably differs significantly to how they perceive themselves.

Looking to dive deeper? Download our White Paper to get a deeper sense of Boomers.

Filled with facts gathered from around the world, and sharing insights from our own proprietary research, this Paper reveals the impact of ageism and the basis of the opportunity available to astute businesses that embrace this ever-growing age group.

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What does this mean for business?

Organisations seeking to reach this market must:

  1. Undertake relevant research to gain insights into the needs and wants of Baby Boomers for the products and services offered.
  2. Question possible assumptions and stereotypes of the over 50’s by internal staff and external suppliers.
  3. Educate staff about this generation.  Education can occur in a number of ways including training, reverse mentoring employment programs, intergenerational design teams, or ongoing engagement with older people through community groups.

To explore the potential of the over 50’s it is vital that an organisation investigates the market for insights.  Doing so identifies opportunities providing the knowledge and basis to innovate for success. Investigative techniques include bespoke research; customer journey maps; and key stakeholder interviews, to name a few.

The gap between older and younger generations is not necessarily as enormous as labels would suggest. And, when younger people meet older people their perceptions of old change.

If you’d like to know more, please contact us.