Baby Boomers Are In Trouble
An interesting study by Demos, shows that low- and middle-income consumers 65 and older carried $10,235 in average card debt last year, up 26% from 2005. Card debt for all borrowers surveyed rose 3% during that time, to $9,827. (”Credit card debt rises faster for those 65 and older“)
It is clear that baby boomers are in trouble right now. Many lost their big portion of savings and now can’t even afford to retire. I can easily predict a huge spike of people over 65 on the job market in the next couple of years, but will they find a job without needed skills set in the 21 century? This time is going to be hard not only for baby boomers but for their adult kids, who will have no choice as to support them.
