Boomers are facing tough choices as they near retirement, and a recent article in the Financial Post gives us the view from the “great white north.”
Sherry Cooper at BMO Capital Markets offers a perspective both personal and professional.
“[W]hile times maybe tougher for Boomers as they watch their portfolios swoon, there is still plenty of time for a turnaround. ‘The bulk of the Boomers are 10 years [before] retirement and all historical evidence suggests the stock market will rebound,’ she says. ‘But this is a cycle the likes of which we have never seen before.’
Ever she admits the economic crisis is getting to her as she is bombarded with information about it on a constant basis. ‘It feels worse because there is 24/7 news coverage. I can tell you personally, by the time I leave the office at night my head is aching. It is psychologically very difficult to be constantly confronted with pessimism,’ she says.”
The reality is that this recession will have a lasting impact on how people view saving, working, and retirement. Those nearing retirement will be racing to make up lost ground. And marketers will have to recognize that as the economy rebounds slowly, the cautious and pessimistic attitude of consumers will take longer to improve.
