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Retired boomers are saving instead of spending, impacting global economics. The challenges of developing drugs for women's health due to the lack of suitable animal models. The resurgence of wind power in the shipping industry to cut emissions and promote sustainability.
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Quick takeaways
- Retired baby boomers are saving more, defying economic predictions of increased spending in old age.
- Factors driving baby boomers' conservative saving habits include desire for inheritance, pandemic-related spending changes, and concerns about healthcare costs in retirement.
Deep dives
Baby Boomers' Spending Habits
Baby boomers, born between 1946 and 1964, account for half of America's wealth while constituting only a fifth of the population. Contrary to economic models forecasting increased spending as people age, baby boomers are saving more during retirement. Evidence shows a significant rise in savings rates among boomers aged 60s to 70s since 2015, reflecting a generational shift towards increased frugality even in wealthy nations like the US, Canada, UK, and Japan.
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