CrossCheck Blog

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Check Processing & Payments Information

Baby Boomers - Spending More with Checks

Posted by Kevin Walli | Fri, Oct 05, 2012 @ 10:00 AM

shopcoupleWoodstock, Watergate, Vietnam, Nixon resignation... those that lived through these turbulent times in the 60s and 70s are getting close to retirement. As they move into the golden years, Baby Boomers are seeing the fruits of their labor as they plan for the changes that lie ahead. Boomers were born between 1946 and 1964 and number around 80 million. Baby Boomers are the most affluent group with plenty of disposable income and savings. How then do marketers reach this important group and what values do they need to employ to ensure success?

Boomers have seen enormous changes in society yet they retain many spending habits that they grew up with. Of all of the demographic groups in this country, Baby Boomers are the most likely to use checks for payment as opposed to credit cards, debit cards or cash. They seek convenience and security in their finances and spend big on travel, health care and gifts for children and grandchildren.

Boomers are concerned with health care as they age. The increased medical costs have Boomers concerned about their savings, cash flow and health insurance. Many Boomers have moved up to be business owners or executives and thus have made a higher income for a longer period of time. 


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Some interesting factoids about Boomers:

  • About 85% of Baby Boomers expect to continue working after retirement
  • 55% say that once they retire they want to work in a different profession
  • Boomers expect to care for their children instead of having their kids care for them
  • Only 32% of Boomers use Social Media and only 10% have written a blog

Since Boomers like paying by check and, since they have disposable income, it would benefit business owners to have a system in place that can easily accommodate this influential demographic. Using a check service to provide fast, convenient check approval at the point of purchase can give you an advantage over your competition. This can also protect your bottom line as checks are approved at the point of sale and the funds are electronically deposited into your business account. Not sure what check service is right for you?  Read our guide on Choosing a Check Service and find out how you can use checks to increase sales at your business.

 

Choosing a Business Check Printing Provider Guide
 

Written by Kevin Walli

Kevin Walli is an award-winning graphic designer with 18-plus years of experience in graphic design, web design and photography. Flexible and creative with an excellent sense of humor, Kevin enjoys spending time with his family, photography, reading, music and sports.