Single again, Sandra worries about whether she’s saving enough for retirement to continue her San Francisco lifestyle. Sandra has spent her career working as an elementary teacher – personally rewarding but financially challenging in the expensive Fog City. She debates whether to take a second job, apply her skills to a better-paying line of work or move.
Ahmet lives on the coast of Turkey in Antalya, where he works as a doctor at a full service health agency. Ahmet will be happy and healthy when his daughter’s specialist degree from university pays off. To his wife’s annoyance, powerboat racing is becoming Ahmet’s death-defying passion.
Pablo is ambivalent about turning all responsibility of the family’s cattle ranch in the La Pampa province over to his sons and daughters. His older brother bought a condo in Buenos Aires and thinks it’s also time for Pablo to relax and enjoy the ocean view. Pablo’s wife agrees, but Pablo fears that deterioration will follow him into retirement.
During her lifetime, Lee has witnessed the tremendous evolution of Singapore into a sophisticated society. Lee has one foot in retirement and the other in part-time work as a component engineer. She helps out with her grandchildren but doesn’t want babysitting to hinder her and her husband from touring the world when they fully retire.
55 to 73 years old
A large percentage of baby boomers has entered retirement, and the remainder is on its way. Forty percent are still working, 12% are self-employed and 35% have retired. Compared with younger generations, baby boomers are significantly more traditional in how they want to pay, preferring paper or plastic over digital. Only 12% are early adopters of technology compared with nearly double that (21%) among Gen X.
"I'd rather pay lower everyday prices than get a few rewards."
Only living with a furry animal since her “singlehood,” Sandra shops at a small grocer in San Francisco for smaller portions, and lower prices on its private label. She tries to stop by on her way home from work. Otherwise, she pays a surcharge for the necessary valet parking to shop in the city with a car. Sandra pays with her debit card to keep spending in check.
“I’d rather pay more and spend less time walking through grocery aisles.”
Ahmet and his wife sometimes shop in-store for groceries at a specialty grocer, for organic products not found at discount grocers. They often use the grocer’s online shopping and delivery-to-the-door services since both of them work long hours, Ahmet’s wife signed them up for the loyalty program online and registered with her mobile number.
Learn more about generational different through our insights report.
“We have to drive a distance to shop, so we stock up when we go.”
About once a month, Pablo and his wife travel South to Santa Rosa to stock up on groceries and household items. In between, Pablo’s wife shops mostly at nearby farmer’s markets. Pablo’s family gets a discount with the grocer's debit card. He could keep track of his account on his mobile device but usually checks it with his computer.
“I’d like to be able to combine points from in-store, online, and café programs.”
Lee and her husband sometimes shop at open markets in Singapore, especially for produce and spices. But their go-to grocer offers more specialty like healthier choices, refined sugar-free snacks and kombucha to whittle their middles. Their three separate loyalty programs provide points redeemable for discounts on future purchases.
Baby boomers’ preferred payment methods for groceries are nearly the same as those of Gen X’s – more card-dipping than younger generations and less cash payment preference than Gen Z (35%).
Compared to baby boomers, beyond boomers rely even more heavily on credit cards (36%).
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Baby boomers’ payment preferences for travel are nearly identical to those of Gen X.
The most significant differences are found between baby boomers and Gen Z members who are far less likely to use credit cards for travel and more likely to prefer cash.
To a lesser degree, baby boomers are more likely to book travel with a credit card than millennials, while more millennials prefer debit/prepaid cards than baby boomers.
24% of Canadians will plan international travel once COVID restrictions are lifted. Learn more.
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Baby boomers’ payment preferences for online shopping also mirror those of Gen X.
They are more likely to prefer to purchase online with a credit card than Gen Z or millennials.
Beyond boomers are even more likely than baby boomers to prefer credit cards for online shopping.
Gen Z and millennials are more likely to keep their cards on file.
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On her teacher’s salary, Sandra’s big night out with friends consists of dinners at a fast food joint, where she consistently orders the cheeseburger, fries and a chocolate shake. Her married friend Marlene comes armed with a photo of a local professor of geology, a proposed fix up who looks as if he’s been in the sun too long. Sandra pays for her meal with her debit card.
“Fast food fits our budgets, but the app doesn’t allow me to pay.”
Ahmet, his wife and their friends head out to a popular restaurant – known for its Bosphorous view of Istanbul and where he has less chance of running into patients. Watching his diet more closely than their finances, Ahmet orders the grilled fish. He pays the bill with his credit card and leaves a healthy cash tip.
“I want to keep up with a healthy lifestyle motto.”
More health-conscious these days, Lee and her husband try to make healthy restaurant choices and persuade their also-aging friends to join them. The nearby vegan cafe is a favorite, but its name holds less appeal to some of their friends than the local organic restaurant. When dining at either restaurant, Lee pays the bill with her credit card.
Baby boomers’ payment preferences for dining out – like travel – are nearly the same as those of Gen X.
The most significant differences are found between baby boomers and Gen Z members who are more likely to prefer cash over credit cards.
To a lesser extent, baby boomers are more likely to use credit cards for eating out than millennials. In contrast, millennials are more likely to use contactless payments or mobile wallets.
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“The sizing for cheaper clothes is inconsistent, so shopping in-store is better.”
Sandra’s pajama bottoms have lost their grip at the waistline and put her in jeopardy of indecent exposure when she lets the dog out late at night. She heads to a department store and uses the retailer’s credit card at checkout to get cash rewards to use next week to replace her holey socks.
“The older I get, the more I loathe spending time shopping for clothes.”
Ahmet would rather be racing his powerboat around the Sea of Marmara than shopping in a store, but twice a year, he sacrifices an afternoon to update his dress wardrobe. One suit, three shirts and seven pairs of socks send Ahmet on his way. He checks out with his credit card.
“I’m just the truck driver on these trips.”
Pablo’s wife is a department store fan, so that’s where they head when holiday shopping for the children and grandchildren or when they need to replace an appliance or a piece of furniture they can’t buy from elsewhere. They take Pablo’s truck for large purchases since the delivery charges to the ranch are outrageous. Pablo pays in cash for small purchases but pulls out his credit card for big-ticket items.
“At our age, shopping has just become another chore.”
Lee and her husband keep their shopping budget in check by heading to the outlet mall when they need to replace well-worn clothing or fill an eyeglass prescription. Some of the stores have rewards programs, but Lee feels she would need to spend much more to be able to use them. She pays with her mobile wallet.
42% of U.S. consumers made more purchases through their mobile device during COVID. Learn more.
Baby boomers’ payment preferences for in-store shopping continue to align with those of Gen X.
They are more likely to prefer to purchase in-store with a credit card than Gen Z.
They are significantly less likely to use digital payments than Gen Z or millennials.
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Although two-thirds (68%) of baby boomers manage their banking online, less than half (47%) use mobile banking, and only one-quarter use a mobile wallet to make payments – 10 percentage points below the global average. Further, 46% of baby boomers have no interest in using a mobile wallet to make payments. Fifty-three percent have no interest in managing their loyalty cards with a mobile wallet.
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