Baby Boomers: Higher Total Income, Less Spending

Data-driven Marketing

 

With average total income topping $100,000 per household, Baby Boomers (born 1946 – 1964) are well positioned for the future. Even though their percent growth in income has trailed that of the average U.S. household over the last five years, they still have total income over 9% higher than the average household and have managed to cut estimated discretionary spending about 3%. Let’s take a deeper look at how Baby Boomers’ likely financial wallet has changed.

Did You Know? Change in Baby Boomer Financial Wallet

Source: Income360®, Discretionary Spending DollarsTM, CreditStyles® Pro

More Boomers with Credit Balances above $25,000

Compared to five years ago, about 1.7% of Baby Boomer households shifted from holding $0 to $25,000 in estimated credit balances to having balances over $25,000.

Percent of Boomer Households by Estimated Credit Balance Tier 2016 (change from 2011)

  • $0 – $25,000: 17.8%  (1.7%)
  • $25,000 – $100,000: 41.2%  (1.4%)
  • $100,000+: 40.9%  (0.2%)

Source: CreditStyles® Pro

 

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The post Baby Boomers: Higher Total Income, Less Spending appeared first on Equifax Data-driven Marketing.

 

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