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Encore
A blog about living in and planning for retirement

Boomers, Selfish? Think Again

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As I reported in my “10 things boomers won’t tell you” story, the boomers often get a bad rap as being selfish. Some of the complaints: They spend too much money (and so they can’t retire), they’re costing this country too much money, and they’re obsessed with their own aging.  But studies show the “Me Generation” may not be as as self-centered as some critics say.

For one, boomers volunteer at a higher rate than any other generation, according to data released earlier this year from the Bureau of Labor Statistics.  Roughly one in three baby boomers volunteer on a regular basis, the study found — about four percentage points higher than the national average.  And now, a new study shows that not only do they volunteer in huge numbers, they also hope to create non-profits to help the community.

Here are some of the interesting findings from the nonprofit Civic Ventures survey released this week:

  • One in four Americans ages 44 – 70 (about 25 million people) are interested in starting businesses or nonprofit ventures in the next five to 10 years; roughly half of them want to be  so-called “encore entrepreneurs,” making a positive social impact as well as a living.
  • Most potential encore entrepreneurs (72%) expect to create local, small organizations employing up to 10 people.
  • Fully 54% of encore entrepreneurs say they are “very likely” to start their ventures within the next 5 to 10 years.

Still, these boomers are well aware of the difficulty in starting a business like this (some of which we have outlined in this SmartMoney story.) Forty-seven percent of encore entrepreneurs believe they might not be able to obtain adequate financing to start their venture. And 52% say they have delayed launching their ventures because they do not feel secure enough financially right now. Read full study results here.

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About Encore

  • Encore examines the changing nature of retirement, from new rules and guidelines for financial security to the shifting identities and priorities of today’s retirees. The blog also explores news that affects retirement, from the Wall Street Journal Digital Network and around the web. Lead bloggers are reporter Catey Hill and senior editor Jeremy Olshan. Other contributors include The Wall Street Journal’s retirement columnists Glenn Ruffenach and Anne Tergesen; the Director for the Center for Retirement Research at Boston College, Alicia Munnell; and the Director of Research for Pinnacle Advisory Group, Michael Kitces, CFP.