A new study of Baby Boomers in Melbourne’s City of Monash by KPMG demographer Bernard Salt, shows that nearly 70 percent of the “Me Generation”, as they are now known, plan to stay in the family home in retirement.
The study is the first time the Baby Boomer generation has been looked at from a local council perspective, giving valuable insights to councils across the country about this growing group.
“This study confirms that not all Baby Boomers want a seachange. Most will stay in the family home,” said Mr Salt.
“As Boomers’ bodies age they will require health support and access to information to assist and prevent chronic diseases. As Boomers’ houses age they may need assistance in modifying their homes and gardens,” Mr Salt added.
The Monash Baby Boomer study was commissioned by the City of Monash to ensure that services meet the changing needs of an ageing population.
The study examined census data, interviewed relevant stakeholders and directly engaged Monash Boomers in workshops, focus groups and surveys.
“One of the surprise findings of the study was the extent to which Baby Boomers are unaware of the range of services and support already provided by council,” said Mr Salt.
“A key priority is an awareness campaign to inform Boomers of the range of services and facilities available to them in their local community,” added Mr Salt.
The Monash Baby Boomer study found that Boomer concerns could be distilled into five themes: wellbeing, finances, engagement, housing, and family and social connection.
Other key findings of the study are:
- Men’s Engagement – Some Baby Boomer men in their late 50s are concerned about the role they will play beyond work given their weak social networks outside the workplace. Council programs targeting men can assist this, such as the Men’s Shed program.
- Good Design Guide – More than two-thirds of surveyed Boomers are happy with their current housing but may require Council assistance through a ‘good design guide’ to help modify house design as occupants age.
- Volunteering Opportunities – Boomers want to utilise the skills they have acquired over their working lives through meaningful and “valued” volunteering opportunities.
- Costs of Retirement – Boomers are concerned about their ability to maintain their lifestyle beyond work and seem unaware or unwilling to use senior discount schemes, perhaps because they don’t see themselves as old.
- Intergenerational Connection – Council can provide assistance to care-giving grandparents by facilitating support groups such as grandparent playgroups.
Bernard Salt is Australia’s best-known demographer. He is the author of several books on demographic change. For further information and comment about the Monash Baby Boomer study, please refer to the below contact details.