| The "Matures" are the generations that came | | | | there is an increase in the number of |
| along between 1909 and 1945. Born to and | | | | female-headed households in this group. Many |
| tempered by economic uncertainty, older | | | | have substantial sums of money in cash |
| Matures were nurtured by the New Deal and | | | | equivalents. They are good prospects for |
| served in the mightiest armed force fielded | | | | travel services, restaurants and leisure |
| by any nation. The Matures' core values are a | | | | activities, as well as estate planning and, |
| roll call of traditional American culture: | | | | increasingly, long-term care products. |
| Honor; optimism, selflessness, dedication to | | | | |
| a higher purpose (self-sacrifice equals | | | | - Age 74 - 84: People in the 75-to-84 age |
| virtue). | | | | group have been classified as the "young |
| | | | old"--though you'll find that many women |
| Having made the World safe for democracy, the | | | | prefer 'of a certain age,' especially if you |
| men and women whom we now refer to as the | | | | don't want a hatbox in the face, cautions the |
| "Matures" attended college on the G.I. Bill, | | | | New York Times. |
| opened businesses, raised families...and saw | | | | |
| the Marshall Plan rebuild Europe from the | | | | The 9 million people in this age bracket |
| ground up (many as participants!). | | | | represent assets worth close to $100 billion. |
| | | | Concerned with the possibility of serious |
| Shared Experiences -- Seeing is Believing | | | | illness, their priority is health care and |
| | | | maintaining their independence despite |
| As a result of these shared experiences, | | | | greater difficulty with routine tasks. There |
| Matures tend to believe in the ability of | | | | are many more women than men in this group; |
| institutions and people with expertise and | | | | they spend 25% of their incomes on health |
| the will to achieve to solve problems and get | | | | services, and tend to invest heavily in cash |
| things done. Still, like other people, the | | | | equivalents, saving their money instead of |
| Matures want options and need to know the | | | | spending it. |
| long-term benefits of the things they buy and | | | | |
| buy into. While they may have a soft spot for | | | | - Over 85: People over 85 are now the |
| their own grandkids, at heart these people | | | | fastest-growing segment of the Mature market |
| are unemotional pragmatists who distrust | | | | in percentage of growth. According to the New |
| marketing hype, resist canned sales tactics | | | | York Times, "The number of Americans who are |
| and insist on doing business with trusted | | | | 85 or older is rising rapidly: The total |
| professionals with proven track records, not | | | | jumped 51 percent from 1980 to 1996, and is |
| just anyone claiming to be an "expert." | | | | expected to climb an additional 32 percent by |
| | | | 2005. Genontologists, not to mention |
| Mature Market Segments | | | | marketers, already call this age group the |
| | | | 'oldest old'-an unfortunate moniker that |
| The Matures tend to think and associate with | | | | sounds only slightly better than 'prime of |
| people many years younger than themselves. | | | | geezerdom.'" |
| With that in mind, it is worthwhile to | | | | |
| understand the common characteristics | | | | Thirty years ago, many in this market segment |
| associated with the various age-based market | | | | were among those who moved into |
| segments that make up this large generational | | | | first-generation retirement communities in |
| cohort and be prepared to help prospects | | | | Florida, Arizona and other Sun-Belt states, |
| address age-specific subjects: | | | | attracted by the offer of an "active |
| | | | retirement lifestyle," replete with |
| - Age 50 - 64: The 33 million pre-retirees | | | | year-round golf, swimming pools, bridge at |
| between ages 50 to 64 control assets worth | | | | the clubhouse. More recently, these |
| approximately $575 billion and have the | | | | establishments have been busily reinventing |
| highest disposable income of any age group. | | | | themselves to accommodate the growing number |
| This age group has a self-image of a much | | | | of now-elderly retirees, doing everything |
| younger generation, is concerned with | | | | from making home health care available to |
| appearance, fitness, nutrition and | | | | installing elevators in no-longer accessible |
| self-fulfillment. They are good prospects for | | | | two-story buildings, and turning up the |
| exercise equipment, cosmetics, luxury cars, | | | | lights in the bingo hall. Many offer services |
| financial services, investment advice and | | | | to residents who are taking the next |
| travel. While there are more or less equal | | | | inevitable steps to full-time nursing home |
| numbers of men and women in this age group, | | | | care. |
| many are new grandparents and spend a lot of | | | | |
| money on their grandchildren. | | | | Many older Matures are caring for friends and |
| | | | family on their own through programs in |
| Also among this group are members of the | | | | churches and temples. "Forty million |
| "Sandwich Generation." That is, younger | | | | Americans are 60 and older. 'Senior |
| Matures and older Boomers who may still have | | | | Companion' programs, and others like it, both |
| children in college and are in the midst of | | | | formal and informal, were formed to improve |
| planning for retirement, but who also find | | | | the lives of the elderly...The relationships |
| themselves having to provide a certain amount | | | | they foster may even allow seniors to stay in |
| of financial support and make important | | | | their own homes longer, which is better for |
| decisions for their own parents. To keep | | | | them and less expensive for |
| themselves marketable some people in this | | | | everybody...Seniors who help others get as |
| situation are going back to school looking | | | | much out of it as those they help." (Source: |
| for additional income opportunities through | | | | "Companions in Caring," by Karen Long, Tampa |
| adult education (in effect, using what they | | | | Tribune). |
| learn at school tonight on the job tomorrow). | | | | |
| | | | The adult children of Matures may understand |
| - Age 65 - 74: The 17 million people in this | | | | their parents' need for financial security |
| market segment control assets worth | | | | planning, but may be reluctant to urge action |
| approximately $195 billion. Largely, but not | | | | for fear of coming across as a bit too eager |
| entirely, retired now, most have a great deal | | | | about their own inheritances, suggests Elaine |
| of free time; yet they are still very active | | | | Floyd, CFP of Bellingham, Washington, author |
| and are concerned about diet and health, and | | | | of J.K. Lasser's Investor's Tax Guide. It |
| are very sensitive about being excluded from | | | | might help to have friends their parents' age |
| society. | | | | who have already done their own planning |
| | | | bring the subject up and help them see the |
| They tend to choose lighter foods, use | | | | light. |
| prescription medications, and buy services | | | | |
| that help them accomplish daily chores. | | | | If it works, why not? |
| Because most women still outlive most men, | | | | |