Two of a Kind: Millennials and the New Retiree

At Ipsos, our qualitative research team aims to distil the insights that help you connect more meaningfully with people to improve their lives. And we do that by putting real people at the centre of everything we do. One way we do this is through Conversations, Ipsos UU's syndicated qualitative offering that focuses on bringing specific population segments to life, identifying who they are, what they value, and their attitudes and beliefs. Through these "Conversations", we get as close as possible to Real People to help our clients connect their brands with Real Life.

In its first year, we focused on Millennials - generally considered to be born between 1979 and 1995, and representing approximately 23% of the Canadian population. This year, we turned our focus to Boomers (those born between 1946 and 1964), and discussed a major shift coming to this demographic over the next decade - retirement. We called this group the "New Retiree", those who are retiring in the next three years, or who retired in the past three years. While we discovered great insights about Millennials and the New Retiree, the question that we have been recently thinking about is: are these two segments, two generations apart, really so different? The answer might surprise you.

Searching for Identity

Today, Millennials are in the midst of an identity crisis. Emerging from years of education, they face a world of uncertainties and seeming impossibilities - a job market they struggle to get a foot in, a housing market they feel is out of reach. Many also have "helicopter parents" who are involved in their lives at unprecedented levels, telling them that they can "be anything they want to be" and that "anything is possible" if they work hard enough. But for many Millennials today, this does not align with the realities they are facing. It is no surprise that they are wrestling with how to define themselves, what they want, what is important to them, and what they "should be" at this point of their lives. As they emerge into full adulthood, Millennials are asking themselves a fundamental question: who am I?

The New Retiree is also suffering from a loss of identity, in this case, from leaving a job that has defined them for years (or even decades!). After years of working daily, the transition into retirement can be scary. Many question what they will do with themselves, how they will remain personally fulfilled. Many question what life will be like when they are no longer "productive" or "contributing" at work. With days to fill, they must now figure out what they want to do, and in some cases, what they like to do. In short, they are struggling to let go of one identity, and establish or embrace another. As they move into retirement, New Retirees are asking themselves the question: who am I now?

Carpe Diem, because... YOLO

As they try to learn more about themselves, Millennials and New Retirees alike are increasingly turning towards experiences. There is a noticeable trend of rejecting the accumulation of material possessions, so-called "stuff" which no longer provides a sense of personal fulfillment or satisfaction. Instead, they seek experiences which allow them to learn and grow, push their personal boundaries, and connect with others. The move towards what we at Ipsos UU have called the "Learn-See-Do Mentality" is readily apparent in the ambitions and aspirations of both Millennials and New Retirees. What differs is the driving force behind this.

For Millennials, the common motto "YOLO" (You Only Live Once) was commonly heard in our Conversations. For Millennials, it suggests a need to push their limits, test boundaries, and just go for it. It is a helpful mnemonic for those looking to find personal fulfillment, to understand their role in the world - "I'm not sure if this is the best idea, but ah hell, I might as well do it!" Millennials might be lost, but they know they have a lot of time to figure things out. Contrast this with the New Retiree who, when faced with both an abundance of time after retiring and the harsh realities of time and aging, are trying to cram as many experiences into their lives as possible. It is less YOLO, and more Carpe Diem. Here, the words of Horace's Odes apply wonderfully: "carpe diem, quam minimum credula postero" ("Seize the day, trusting as little as possible in the next day"). The New Retiree must seize the day, make the most of today, because there are no guarantees for tomorrow. Today they are healthy, mobile, full of zest and energy, but they recognize this will not last forever.

So Who's Entitled Now?

Millennials have been a hot topic over the past few years, with countless articles penned on them. Many commentators have pointed to Millennials as an "entitled" generation. But we at Ipsos UU have argued that this assertion misses the mark. It is deceivingly simplistic to state categorically that Millennials are demanding that which they have not earned, nor do they deserve. Is a stable job or affordable housing too much to ask? It is perhaps a little ironic that so many opinion pieces written about the so-called "entitled Millennials" are written by Boomers. After all, many Millennials are looking up to their Boomer parents, simply trying to achieve what their parents once had available to them.

Interested in learning more about Millennials or Boomers and how your business can capitalize on the forthcoming opportunities? We provide thorough analysis and detailed implications that marketers should consider in Conversations. Read more about Ipsos UU's syndicated qualitative offering Conversations here.