Several months ago, I took an excursion across the country to visit my grandparents at a senior living home in Florida. Due to my unique area of expertise, a certain buzz loomed that a “social media expert” was coming. Upon my arrival, the vibrant community of seniors and boomers were visibly excited and adamant to learn about these new technologies. Given their interest, I put on short social media workshop to show them the ropes. As I presented information about Skype, Facebook, and Twitter, their eyes beamed with enthusiasm to learn about these cutting edge technologies.
After the presentation, the group of men and women asked questions and hopped online to test the waters. The energy and excitement I felt in this community is a microcosm of how seniors are interacting with social technologies throughout the world. As social media integrates more deeply into the fabric of our culture, the participation of seniors and boomers is skyrocketing. According to the Pew Internet & American Life Project:
- One in three online seniors uses social networking sites like Facebook and LinkedIn
- From April 2009 to May 2011, social networking site use among Internet users ages 65 and older grew 150%, from 13% in 2009 to 33% in 2011
- Half of adults ages 65 and older are online
An interesting article by in there are 10 reasons boomers need to be in your social media plans:
- According to Census data, the over-50 crowd will grow 21% in size in 10 years. The 18-49 age cohort will remain the same size.
- They buy things, lots of things. Overall, the over-50 crowd outspends the under-50 crowd by $400 billion. That’s more than Walmart sells annually.
- They try new things. Boomers were raised in front of the T.V. and they listen to the radio. They are easier to target than younger generations.
- With a median age of 54, boomers are far from being done. They think they are in the middle of the middle age. They don’t think they will reach old age until age 75 or so. You have plenty of years of strong renewal income.
- They use the internet. They search, they shop, and they buy. There may not be as many of them on social networking sites, but they are online-just as many and just as often as younger generations.
- Some 40% of all boomers are already grandparents. Over 55% of all grandparents alive today are boomers. They love to connect with them on social media.
- They control their parents’ consumption of health care and kids’ education. They are a sandwich generation that likes being in the center of it all. Think “ham”. They like to influence everyone-family, friends, Facebook buddies
- They like advertising. Sure, they’re skeptical , but they are also fans of good advertising. They will respond to your effort if it speaks to them.
- They are the future. “Old” is where the action is for the next 20 years and boomers are the new “old”. New products, businesses and industries will cater to the new “old”.
Stay tuned! In Part II of this blog series, Financial Social Media will showcase live interviews with individuals at a senior living community about how they are using social media.
Amy McIlwain
@amymcilwain
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Hi Amy,
Thank you for the work that you are doing in Financial Social Media. Having worked mainly in banking, accounting and financial planning for the past 40 years I know how important the work that you are doing is. I know that compliance is important having worked as a Compliance Manager in the banking industry, but I believe that you will be helping change the culture of financial services by focusing on customers and the service they receive.
Well done.
Regards
John Cosstick
John,
I really appreciate your words. It is a pleasure teaching financial professionals how to harness these platforms in this new social media age. Thanks for your readership and support!
This is very insightful and overlooked. I`m interested in viewing more articles from this blogger.
Great article Amy. I’m 60, a baby boomer, and most my siblings are. Everything that you talk about is so insightful and helpful to our business. Now I know why Joe, who is 66, was so open to learning about what our small business does. It’s time for us to target the baby boomers! By the way, our Dad is 85 has a MAC laptop, iPad, iPhone, and is online all of the time, even if we go to Panera he has his iPad. My 50 year old sister showed him the ropes and he was off and running. That generation as well has the time, money, and are open as well to technology.
Thanks!