Boomers not making big purchases

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Tuesday, November 13, 2012

Baby boomers are holding off on purchasing homes and cars, making Federal Reserve officials concerned about the impact of record low interest rates aimed at creating jobs.

Each day, 10,000 of the 78 million Americans born between 1946 and 1964 — the so-called baby boomers — turn 65. The share of the population in that age group will swell to 18 percent by 2030 from 13 percent last year, according to the Pew Research Center in Washington.

People usually save more as they near retirement. Now, the effect is magnified because Americans’ wealth has been depleted by the financial crisis, which slashed home values and retirement accounts invested in stocks, said Britt Beemer, chairman of America’s Research Group Ltd., a consumer­-behavior research company based in Summerville, S.C .

Read more at The Register-Guard.

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