Infographics

Baby Boomer Wallet

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Baby Boomer Outstanding Credit ASSETS WELCOME CREDIT HOME Average Total Credit Balance: $112,243 Account Type Non-Mortgage Credit Allocation: Baby Boomers vs. All Households Mortgage Bank/Retail Card Auto Loan Student Loan Other $ 89,333 i2.4% $6,877 i5.1% $6,677 i9.0% $7,091 i16.4% $2,264 i1.4% 2016 Average Balance (change from 2011) Boomer Households Other 9.9% Bank/ Retail Card 30.0% Auto Loan 29.1% All Households LOGOUT Student Loan 31.0% Other 7.2% Bank/ Retail Card 24.4% Auto Loan 33.5% Student Loan 34.9% Baby Boomer Assets ASSETS WELCOME CREDIT HOME Average Total Asset Balance: $319,852 Account Type Asset Allocation: Baby Boomers vs. All Households Deposits Stocks Mutual Funds Bonds Other $87,052 h32.5% $ 79,550 h36.7% $105,505 h40.5% $25,011 h32.3% $22,734 h38.6% 2016 Average Balance (change from 2011) Boomer Households Other 7.1% Bonds 7.8% Mutual Funds 33.0% Stocks 24.9% All Households LOGOUT Deposits 27.2% Other 6.6% Bonds 5.6% Mutual Funds 34.3% Stocks 27.4% Deposits 26.1% Rising Assets and Steady Portfolio Allocation: Boomers tend to allocate their wealth slightly more conservatively toward deposits and bonds compared to the average U.S. consumer. Since 2011, Baby Boomers have made a modest, less than one percent shift from deposits to mutual funds, while their allocation toward stocks has stayed about the same. Boomers control about 65% of all bond assets, with average bond balances over 73% higher than the average U.S. household. Contact Us Today To find out which metro areas in your footprint have had a large growth in Boomers and to discover their likely financial profile, please contact: 800.210.4323info.data-drivenmarketing@equifax.com info.DDM@equifax.com www.equifax.com/DDM Copyright © 2017, Equifax Inc., Atlanta, Georgia. All rights reserved. Equifax is a registered trademark of Equifax Inc. All other registered marks, service marks and trademarks listed are the property of their respective owners. 17-7113 Data-driven Marketing We are Equifax — a global information solutions company. Through our Data-driven Marketing capabilities and unique insights into household economics, Equifax enables brands to convert marketing precision into customer value. Fueled by our superior data, technology, and analytical expertise, our integrated marketing solutions enable targeted, meaningful interactions across the customer lifecycle — helping drive acquisitions, increase engagement and loyalty, and improve marketing ROI. Baby Boomer Wallets are Booming Insights That Drive Marketing Which Cities Attract Boomers? Boomers represent about 37.5% of all households. Here is where to find them. Boomers on the Move Cities that have LOST the Most Boomers 2011-2016 Markets with the Highest Boomer Assets n Jackson, WY ............................$1,438,000 n Bridgeport-Stamford, CT ........$1,294,000 n Naples-Marco Island, FL .........$1,208,000 n San Jose, CA ............................$1,054,000 n Hood River, OR .......................... $928,000 Markets with the Highest Boomer Total Income n Bridgeport-Stamford, CT....... $170,000 n Austin-Round Rock, TX ......... $166,000 n Raleigh, NC ............................ $156,000 n Los Alamos, NM ..................... $155,000 n Houston, TX ........................... $154,000 Number of Average Average HHs Boomer Boomer City GAINED Assets Income New York, NY 81,000 $591,000 $127,000 Charlotte, NC 78,000 $310,000 $145,000 Phoenix-Scottsdale, AZ 57,000 $307,000 $120,000 Miami-Fort Lauderdale, FL 45,000 $436,000 $102,000 Los Angeles, CA 36,000 $445,000 $100,000 Number of Average Average HHs Boomer Boomer City LOST Assets Income Wilmington, NC 20,400 $323,000 $118,000 Washington D.C. 14,000 $538,000 $136,000 Charleston, WV 13,000 $196,000 $71,000 Springfield, MA 13,000 $197,000 $74,000 Toledo, OH 9,000 $253,000 $83,000 How Do Baby Boomers Borrow? Boomer Outstanding Credit Diminishing Outstanding Credit, but High Mortgage Balances: Baby Boomers may have reduced their outstanding credit by about 4% between 2011 and 2016, but their average total outstanding credit balance is still about 7.3% higher than that of the average U.S. household. The leading contributor to that is likely their high mortgage balances, which are almost 16% higher than the average household. That said, Boomers have made good strides in reducing their outstanding auto and student loan balances in the last five years. Shift to Higher Asset Tiers Compared to five years ago, there are many Baby Boomers that have climbed their way into higher asset tiers; almost 10% of Boomer households grew their wealth to have over $125,000 in estimated assets. Percent of Boomer Households by Estimated Asset Tier in 2016 (change from 2011) $125,000 + 43.1% (h9.7%) $25,000 - $125,000 21.3% (i2.0%) $0 - $25,000 35.6% (i7.7%) Percent of Boomer Households by Estimated Credit Balance Tier in 2016 (change from 2011) $100,000 + 40.9% (h0.2%) $25,000 - $100,000 41.2% (h1.4%) $0 - $25,000 17.8% (i1.7%) Real-life Boomers Baby Boomers are more likely than the average consumer to portray these characteristics and behaviors. If you are marketing to Boomers, then consider incorporating these preferences into your marketing campaign messages and offers. Life Stage n Considering retirement and may have children leaving for or graduating from college or getting married Financial Habits n Prefer credit/debit cards that offer airline miles, hotel and car rental awards, and gifts n More likely to turn to brokers for advice or price quotes n Prefer to contribute to arts/cultural organizations Shopping n Splurge on golf and walking shoes n Items they like to purchase either online or by phone/ mail include: airline tickets, car rental reservations, bedding/linens, CDs, coffee/tea, collector's items, flowers, gift baskets, and prescription drugs Leisure Activities n Gambling, listening to sports events on the radio, buying lottery tickets, and fine dining Travel n Prefer foreign travel, combining work with pleasure trips, and watching 24-hour cable news at the airport Transportation n Regularly check traffic reports and prefer to take train, bus, or subway for weekday transportation n More likely than most consumers to own or lease 4+ vehicles n More likely than most consumers to buy or lease an imported vehicle, a hybrid vehicle, or a convertible Attitudes n Consider themselves to be Category Influential Consumers regarding business travel, gardening, interior decorating, news, politics, and real estate n Feel that they are culturally connected n Many consider themselves to be techno-laggards although some think of themselves as tech-thusiasts Baby Boomers Key Stats: High Assets Can Fund Their Future n Over 46 million households – represent about 37.5% of all U.S. households n Control over 46% of total U.S. invested assets, with average assets at almost $320,000 per household n Increased share of total U.S. assets by about 2.1% in the last five years n Total income of almost $103,000 – 9% higher than the average U.S. household n About $48,000 of annual discretionary spending n Hold about 40% of the nation's credit balance with average outstanding credit of about $112,000 per household All data and statistics from Equifax Inc. June 2011 – June 2016. Cities data includes MSAs with over 50,000 households. More Boomers with Credit Balances above $25,000 Compared to five years ago, about 1.7% of Baby Boomer households shifted from holding $0 to $25,000 in estimated credit balances to having balances over $25,000. Cities that have GAINED the Most Boomers 2011-2016 How Do Boomers Spread Their Wealth? Boomer Portfolio Allocation Baby Boomers, born 1946-1964, may have faced lower interest rates in the last few years, but for many of them, the rising stock market and high incomes have stacked the cards in their favor. Their wallets are booming! How do Boomers handle their finances? Where can marketers find this attractive audience? If you are planning to market to Boomers read on, and then contact us to gain a more detailed picture of your best customers and prospects for enhanced marketing effectiveness. Los Angeles, CA 1,642,000 HHs Chicago, IL 1,349,000 HHs New York, NY 2,803,000 HHs Philadelphia, PA 923,000 HHs Dallas-Fort Worth, TX 902,000 HHs $100,000 $104,000 $127,000 $109,000 $132,000 Boomer Households Boomer Households Average Boomer Assets Cities with Highest Boomer Concentration Cities with Highest Number of Boomers Flint, MI 58.1% 69,000 HHs Canton, OH 58.2% 67,000 HHs Portland, ME 59.1% 92,000 HHs Bridgeport-Stamford, CT 58.6% 141,000 HHs Buffalo-Niagara Falls, NY 58.5% 194,000 HHs $445,000 $448,000 $591,000 $443,000 $322,000 Average Boomer Income $67,000 $83,000 $99,000 $170,000 $94,000 Average Boomer Assets $140,000 $215,000 $352,000 $1,294,000 $314,000 Average Boomer Income

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