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@Sage04 wrote:
@Laura14 wrote:If you hear rap music they are aiming the ad at Millenials.
It was a huge revelation to me about two years ago when I realized the insurance commercials had moved from my mother's music to my 80s tunes.
It was at that moment I realized advertisers think I am old and worse want to be responsible.
@Laura14 so good to see you. Is this the Laura with the cute FIAT?
@Sage04 That be me! 
I am not around here often but I stir up trouble now and again. 😂 Nice to run into lovely friends again on this end too. 
It appears that advertisers are focusing on the WRONG consumers...... It seems the older Boomer generation and empty nesters have more expandable cash to spend....Meanwhile the millennials are deep in debt...Hey retailers, continue to ignore us Boomers retailers and you are failing to tap into consumers with money to spend! Here's some facts.....
Baby Boomers
Not only are Baby Boomers the wealthiest generation, holding 70% of the disposable income in the U.S. and spending over $548 billion a year, but they also they spend more than any other generation, across all categories. This includes spending the most per transaction.
Maybe the retailers/advertising companies should focus on music for Boomers instead of Rap.....................
And compare with the Millennials-----
Bloomberg---"Millennials Are Running Out of Time to Build Wealth"
By Olivia Rockeman and Catarina Saraiva June 3, 2021
Millenials are only 80% are as wealthy as their parents were at the same age.
In almost every way measurable, millennials in the U.S. are doing worse financially than the generations that came before them.
Fewer millennials own homes than their parents did at their age. They have more debt — especially student debt. They simply aren’t as wealthy.
Now, if predictions of a long, post-Covid economic boom are to be believed, this may be the last opportunity an entire generation has to build wealth before heading off into retirement.
Wealth Woes
Net worth has declined since 1989 while wages remain stagnant
Source: Federal Reserve
I
The oldest U.S. millennials — born in 1981 — turn 40 this year. Older members of the generation — mocked recently as “geriatric millennials” — came of age during a long stretch of prosperity in the 1990s, the second-longest period of expansion in U.S. history. Unemployment was steadily falling. If millennials remember a recession at all from their childhood, it might be a brief one in 1990 in which the economy contracted less than 2%.
But since entering adulthood, they’ve been hit with major recessions at critical stages in their financial development: They were 27 years old when Lehman Bros. went bankrupt, and the Great Recession dug in when they should have been establishing themselves in the workforce. “The Great Recession knocked everyone for a loop,” said William Gale, senior fellow in the Economic Studies Program at the Brookings Institution. “It caused unemployment. It caused slow wage growth. It made it harder to accumulate wealth.”
Then, as millennials hit the point in their careers where people traditionally move into higher-paying managerial roles, the pandemic hit. In 2020, the U.S. economy contracted 3.5%; When the oldest Baby Boomers turned 40 in 1986, the U.S. economy expanded at a 3.5% rate.
Now the U.S. economy is humming again, with sectors like retail sales and manufacturing stronger than they were before the pandemic. Stocks are at record highs, and wealth is swelling — especially for the wealthiest Americans. It remains to be seen whether jobs and wages will catch up.
Student debt
Some of the differences in wealth among the generations can be attributed to student debt.
More millennials borrow to pay for college than previous generations, and the loans are bigger. Millennials, who started college in 1999, paid an average of $15,604 per year for undergraduate tuition, fees and room and board. When Gen Xers and Baby Boomers started college, that number — adjusted for inflation — was about $10,300 for each of them.
Changing Debt Burden
Millennials have more student-loan debt but less mortgage obligations than their Boomer and Gen X counterparts
Source: Federal Reserve
Some economists predicted millennials would avoid buying homes after the 2008 housing market crash. They haven’t, but their homeownership rates are lower than previous generations at the same point in their lives: 61% for older millennials, 68% for middle-age Gen Xers and 66% for middle-age Boomers.
“The basic way that middle American households build wealth is through their homes,” said Richard Fry, a senior researcher at Pew Research Center. “Millennials have been less likely to be homeowners. Fewer of them have begun the process of building home equity.”
One culprit could be housing prices, which have increased — especially compared with earnings. Millennials are paying a median of $328,000 on homes. Baby boomers only had to spend $216,000 — adjusted for inflation — in 1989. Wages, on the other hand, have only risen 20%.
Soaring Prices
Millennials are paying 50% more for homes now than Boomers were in 1989
*Note: Inflation-adjusted to January 2020 dollarsSource: Federal Reserve Bank of St. Louis
In 2020, 18% of millennial renters said they planned to rent forever, up for the third consecutive year, according to a report from Apartment List. Among millennials who do plan to buy a home, 63% have no money saved for a down payment, the report said.
The share of millennials living with their parents is also significantly higher than in previous generations. “Conceptually, that could help their wealth accumulation because they’d be paying less for rent and they could save more,” said Gale of Brookings, a co-author of the NBER working paper. “But in practical terms of what happens is it’s an indicator of lack of economic status.”
Another factor: The housing market right now is ultra-hot, thanks in part to ultra-low mortgage rates.
“That’s great if you’re a homeowner,” Gale said. “But it’s terrible if you’re a renter trying to buy a home.”
Net worth
The typical Baby Boomers had about $113,000 — in today’s dollars — in wealth in 1989, when they were in their early 40s. Older millennials had a net worth of just $91,000 in 2019.
we’re really going to have a hard time achieving financial stability and upward mobility more broadly among American families,” Ricketts said.
Catching up
For individuals, the first step is figuring out where you are — and what you need most, whether that means minimizing taxes or expenses, or generating more income, said Juan G. HernandezAriano, a certified financial planner and director at WealthCreate, a financial advising firm in Spring, Texas. Many people would benefit from figuring out a new payment plan for student debt. In addition, people who have newly hit middle age have some flexibility their parents didn’t have: more ways to invest, different car insurance options or the ability to work from home, for example.
“Bottom line: Are millennials behind? Yes. Can you catch up? Yes,” he said. “How? First and foremost, defining your goals. Once you define your goals: build a budget, improve that budget, diversity not only from an investment perspective but an income perspective.”
Older millennials can move the needle, starting with an emergency savings account — and even small amounts can help, said Signe-Mary McKernan, an economist and co-director of the Opportunity and Ownership initiative at the Urban Institute in Washington. They can then focus on contributing to retirement accounts, or buying — and keeping — a home.
“I don’t think it’s too late,” she said. “If we set up this stronger foundation for economic security, if it’s institutionalized for everyone, then it could make life better for young millennials, for older millennials, for future generations and for the country as a whole.”
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