Boomers Just Like Their Parents?

Another account as to why boomers are ending up like their parents--this time based on a Keele University survey
of boomers in their 50s

Dr Leach said: 'Most have fairly modest aspirations, hoping at best to maintain current lifestyles and activities provided health and finances permit them to do so. 'The range of lifestyles is greater than would have been the case with previous generations but there is little evidence of alternative models of consumption.' She said the surveys showed that only around one in 20 of the hippie generation now uses the alternative medicines which were the height of fashion in the 1970s.

Rather than following alternative lifestyles, the baby boomers are the generation obsessed with their houses, the report said. The explosion in home ownership since the 1950s means a third own their homes outright, half have mortgages and one in six have second homes. 'Home improvements form a significant part of boomer lifestyles,' the report said. 'So does increasing value of homes, especially in terms of using housing to fund retirement.'

But the credit crunch now seems more influential on the situation than any distinct boomer cultural attitudes--as the study suggests:

"The harm done to expectations of income from their homes by the credit crunch adds to other financial pressures that early generations did not have. Four out of ten of those in their late 50s still have children living at home. More than a third are also supporting grandchildren, for example by paying for childcare, and around half spend some time or money caring for their own parents. "