WHAT THE DATA SAY: Age 80 replaces 60 as today's definition of 'old'

By: Ray Day

CONTACT:

Ray Day
ray.day@stagwellglobal.com 

We wanted to share our latest consumer and business insights, based on research from Stagwell. Among the highlights of our weekly consumer sentiment tracking (fielded Aug. 11-13):

WEEKLY WORRIES ABOUT ECONOMY MIXED

Today, 87% of Americans are concerned about the economy and inflation – up 4 points from last week and higher than December’s 82% rate.

• 80% worry about a potential U.S. recession (up 3 points)
• 70% about affording living expenses (down 3 points)
• 74% about political divisiveness (down 3 points)
• 83% about U.S. crime rates (no change)
• 70% about the War on Ukraine (up 2 points)
• 52% about a new COVID-19 variant (down 5 points)
• 48% about losing their jobs (down 8 points)

80 IS TODAY’S DEFINITION OF “OLD”

A new era of aging is upon us, and what’s old is new again, according to The Harris Poll’s “New Age of Aging” report.

• While age 60 was considered “old” in many peoples’ grandparents’ time, 80 is the median age considered “old” today.
• 79% of adults 50+ think today’s older adults are more active, and 58% say they are more open-minded and curious compared with the previous generation.
• Vocabulary also is starting to reflect this shift: 69% of U.S. adults 50+ find the term “longevity” more appealing than “aging.”
• 83% of U.S. adults 65+ say it’s more important for them to feel useful than youthful in their retirement years.
• 71% say the best time of their lives is right now or in front of them.
• 66% of Americans age 50+ see retirement as a new chapter in life, while only 16% say it’s principally a time for rest and relaxation.
• 59% of pre-retirees and retirees say they want to work in some form in retirement.

62% OF HIRING MANAGERS PLAN TO HIRE BY YEAR END

Despite continuing economic challenges, businesses across the country remain in hiring mode, according to our Harris Poll research with Express Employment Services.

• 62% of hiring managers say their companies plan to hire additional workers before the end of 2023.
• 52% said additional employees are needed to manage higher volumes of work.
• 48% said their companies have newly created positions to fill.
• 42% cite needs to fill open positions left by employee turnover.
• 28% say they need more help after expanding into new markets.
• However, some hiring managers also report reluctance in taking on new hires: 20% say they would likely wait to see how workloads shake out in coming months before making any hiring plans.
• 17% say they will put off hiring until after the economy returns “to normal.”

CHILDCARE MORE IMPORTANT THAN HEALTH INSURANCE TO GEN Z

Once a niche perk, child care benefits are now essential in employers’ efforts to attract and retain employees, especially Gen Z talent, based on our Harris Poll survey with KinderCare.

• Gen Z parents (30%) rate childcare benefits slightly above health insurance (29%) when considering whether to stay or leave their current job.
• Millennials, Gen X and Boomers rate health insurance as most important.
• 43% of Gen Z parents would switch jobs for financial assistance to cover childcare costs – compared with Millennials at 33%, Gen X at 26% and Boomers at 21%.
• 52% of Gen Z would switch jobs for on-site childcare.
• 36% of Gen Z parents have accepted a job that pays less but has more flexibility, and 29% have moved to a new location to find childcare.

ICYMI

In case you missed it, check out some of the thought-leadership and happenings around Stagwell making news:

• Almost Half of Americans See Automation Replacing Their Jobs
• 67% of Americans favor paying college athletes
• 46% With Federal Student Loans Don’t Know How Much They Owe