Baby boomers were thought to be the wealthiest and most active generation when they arrived. Born in an era of huge population growth, the post war economy also boomed, creating new business and industry and along with it, new opportunities for wealth, The boomer generation expected the economy to improve all the time. Some boomers were able to save and enjoy wealth while others kept expecting the wealth to fall into their laps, whether it was a by-product of their sense of entitlement, or an expectation that the money would keep coming and there would be time to save in the future. Boomers were also criticized for their increased consumerism.
Researchers have also suggested that boomers tend to ignore their own mortality and, in doing so, haven’t planned properly for their old age, retirement or end of life care. This will create significant pressure on their children who will bear the economic and emotional costs of caring for their aging parents in their later years. Of course, this may also lead to new business opportunities. It will certainly put pressure on business and industries providing services to the senior population,