Debt and Sustainability: Mature Marketing Links of the Week
While it may not be Monday, any day is a good day good for sharing mature marketing news that had people talking over the course of the past week. Today, we share a MarketWatch article regarding the surprising number of seniors stuck with college debt and survey insights about Millennials and their thoughts regarding sustainability in the workplace.
MOST CLICKED: Student Debt Affecting Boomers
Student debt is putting a strain on Boomer finances, according to a recent MarketWatch article. In fact, the number of borrowers over the age of 60 grew to 2.8 million in 2015 (up from just 700,000 10 years prior). I can totally relate to this story, as I continue to pay off my own college education and will be doing so for far longer than I’d like to think about. Don’t get me wrong, I am proud of the education I received and the good I’ve done with it, but it can be very overwhelming when I look at what remains on the debt and think about the other things I could be doing with my hard-earned dollars.
But, according to the article, Boomers and seniors have bigger problems due to the debt they have. This includes calls from debt collectors (40% of seniors are in load default) and issues setting up payment plans.
“When they are unable to get a payment plan for example, or get released from a cosigned loan, those kinds of problems can have a larger impact on an older borrower who is no longer in a position of their lives that they’re likely to have increasing income,” says Stacy Canan, Assistant Director for the Office of Older Americans at the Consumer Financial Protection Bureau.
So what does this mean for those targeting this cohort for active adult or senior living communities? It’s important to understand the financial challenges that your prospects may be facing – showcase how your community or offering will help them liver better instead of adding to the worry pile.
MOST SHARED: Generations Value Sustainability
Nine in ten Millennials are drawn to employers who focus on sustainability, according to a Lightspeed survey summarized within a recent GreenLodgingNews article. And what do other generations think about the importance of sustainability in the workplace? 77% of Boomers value it, along with 84% of GenX.
Specifically, the article noted that the survey focused on recycling within the workplace, noting that many of the more than 1,000 Millennials surveyed went as far to say that they would consider leaving a job if their employer wasn’t recycling. What this tells us is that this is a generation that values environmental sustainability and will go so far as seeking out people and opportunities who share that mindset.
While this article is not Boomer/senior specific, there is certainly something that those who market to these generations can take away and apply. I believe it’s this: knowing what matters to your target market is important. So listen and apply accordingly. Be it a senior living community whose residents partner with area schools to make a positive impact on younger generations, or a community that highlights the arts by regularly showcasing the talents of its members.