Grandparents in 2020: Tech-Savvy Financial Contributors
Jan 13, 2020
Marketers that have overlooked grandparents as a compelling customer group should reconsider. 47% of younger boomers aged 56 to 65 are grandparents who still work full time. They represent more than 15 million people, with a collective spending power of about $700 billion—money they’re spending on their families.
Today’s grandparents provide significant resources to their kids and grandkids. On average, grandparents spend an average of $2,500 per year on their grandkids. They buy toys, pay for vacations, or pay school tuition. They also provide indirect financial help by providing free childcare or meals.
Younger boomers prioritize values like sharing, family and duty more than non-grands; these values motivate giving behaviors towards their kids and grandkids.
Evaluate if and how your organization markets to grandparents. Do you have outdated or even stereotypical ideas about them? Do your messages presume they are less active or technologically unsophisticated? These ideas don’t apply to younger boomer grandparents, 91% of which have a smartphone, compared with 77% of younger boomers who don’t have grandkids.
Replace outdated ideas of grandparenthood with the modern model of an active, technologically savvy and financially stable older adult. Brands like the travel tour provider Road Scholar and financial service firm Kindur are already adapting their messages to cater to active grandparents who want to invest in their families.