In retirement, Effie has settled in Saint John near the Bay of Fundy – only a few hours north of her son’s family in Maine. Volunteering at the geopark allows Effie to pursue her passion for geology and meet like-minded Canadians. She puts on her best face when her son visits to prevent him from bringing up the conversation again about assisted living.
Wilfred and his wife right-sized to a retirement bungalow with a private garden in Sussex after Lovey fell off a ladder and broke her foot. To keep their minds sharp and meet other history buffs, Wilfred and his spouse participate in historical reenactments. Next up is the Flight of the Separatists.
Augusto lives in Santa Maria, Brazil, where its mild climate is perfect for painting in plein air with his painting posse of male retirees. After 15 years as a painter, Augusto has become accomplished enough to sell his landscapes at Praҫa Nova. He earns enough to pay for his supplies, travel and fun.
Alice lives in Christchurch, New Zealand, where she wanders the botanical gardens and takes photos on sunny days. To maintain a circle of friends, Alice joined the horticultural society. Her weekly year-round walks with the society boost her mood, keep her heart pumping, and give Alice new ideas for her nature garden.
74 years and older
Nearly three-quarters (72%) of beyond boomers are retired, and 5% are unemployed. An additional 5% classify themselves as full-time homemakers, and 4% are self-employed. Their top payment methods are cash and credit cards. More than half (54%) are technology adoption laggards, and a mere 6% are early adopters.
“They keep trying to get me to load my grocery deals on the mobile phone my son gave me.”
Effie usually shops at the closest grocer in St. John’s but thinks their card program is too complicated. She likes the convenience of single-serve takeout food and often stops on her way home on days she volunteers at the geopark while working up a hearty appetite.
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“What I spend in delivery is easily offset by reward vouchers.”
After Lovey broke her foot, Wilfred enrolled in the grocery delivery program for £7.99 a month. Wilfred finds grocery shopping tedious and hard to navigate at 77 years of age. Besides, Wilfred saves money by using the loyalty card to get points that can be turned into vouchers.
During COVID, grocery was the most popular choice among those trying new delivery services in the U.S., cited by 54% of new delivery customers. Learn more.
“I shop where I can get the freshest produce and meat.”
Augusto doesn’t like to eat alone. He shops at the supermarket in Santa Maria, where he often stocks up on fresh ingredients to make feijoada for his friends. When Augusto isn’t painting, he’s in the kitchen, perfecting his culinary skills. Augusto charges stock up trips on his credit card but pays in cash if he’s just grabbing food to take with him for the day’s painting trip.
Expect fewer older diners. Only 3% of Canadians indicated they’re likely to go out five times a month or more in a new normal, compared to 12% prior to COVID-19.
“It’s annoying to order a bag of oranges and get three peaches instead.”
Alice has been shopping at the same place for groceries since she graduated from nursing school. She has a loyalty card that she uses to get rewards to spend on groceries. Alice has tried shopping online with her credit card to pick up her groceries in the parking lot. She’s had successes and misses – mostly missing some products she ordered.
Beyond boomers’ preferred payment method for groceries reflects their frequent use of credit cards across multiple lines of trade. They are significantly more likely to prefer credit cards than any other generation.
Their preference for debit/prepaid cards is higher than that of Gen Z but lower than Gen X’s and baby boomers’ preferences.
Beyond boomers’ preference for cash is comparable to other generations except for Gen Z members who are significantly more likely to pay cash.
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Beyond boomers are more likely to prefer credit cards for travel than Gen Z and millennials.
They are less likely to use debit/prepaid cards than other generations.
Gen Z is more likely to use cash for travel.
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Beyond boomers are more likely to prefer using credit cards for online shopping than any other generation. However, credit cards are the payment of choice across generations.
They are less likely to use debit/prepaid cards than other generations.
Other generations are more likely to use mobile wallets for online purchases.
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Effie and her fellow volunteers at the geopark meet for lunch at least twice a month at a restaurant around Market Square. This week, Effie picks a local cafe to fulfill her resolution to eat more vegetarian foods a couple of days a week. Plus, it suits everyone's budgets. Effie taps her card on the register on her way out but leaves a cash tip.
“Once you get used to it, tapping your credit card on the register is much easier.”
Wilfred and Lovey often dine out since Wilfred has little interest in spending time in their downsized kitchen. On his day to close up shop, he swings by her retirement bungalow to pick up the still-limping wife and navigates to the pub for burgers and pints, charged to their credit card.
“I do love the gratuity added into the bill, so I don’t have to walk around with cash.”
Augusto and his buddies prefer to dine out at the diner to fill up on pastéis cheaply. Augusto could do without fried food, but the company of friends is more important than the quality of the menu. Augusto pays for his opportunity for indigestion in cash.
“I think these little local places appreciate the cash. We seem to get better service that way.”
Alice and her horticultural enthusiasts walk to lunch from the botanical gardens. Alice doesn’t mind spending a bit more to sit in the fresh air and eat lunch at the highly rated Chinese restaurant, plus the hot chili soy sauce clears her sinuses. If she’s got the cash, she pays with it. Otherwise, she charges her meal on her credit card.
“I’m indifferent about how I pay for lunch since it all comes out of the same pot.”
Beyond boomers are more likely to prefer to use credit cards to pay their dinner tabs than any other generation.
They are less likely to use debit/prepaid cards than millennials, Gen X members or baby boomers.
Beyond boomers rarely prefer digital payments. The percentage of those making them is far lower than other generations, especially Gen Z and millennials.
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“I waste so much time when I shop in person, and I don’t have that much time to waste.”
Effie has no idea where she’s going to buy shoes now since her go-to shop owners are retiring. She supposes she’ll try a name brand store since her feet need pampering, especially when she’s volunteering at the geopark. Effie’s in-store shopping has become limited to replacing what wears out. She usually makes payments with her credit card.
“We pay off our balance every month.”
While right-sizing their home, Wilfred and his wife have developed a passion for organizing. Lately, they’ve been buying all sorts of sizes and shapes of drawer organizers for their possessions. Wilfred has even thought about hiring a professional to help them get organized. Still, it might put too big a dent in their credit card balance.
The majority (62%) of beyond boomers manage their banking online, but only 27% use mobile devices to manage their banking. A paltry 13% use a mobile wallet to make payments, and 70% have no interest in doing so. In summary, this generation has little to no interest in using emerging technologies such as biometric authentication, messaging with a chatbot when shopping, or commanding a smart speaker to make a payment.
Beyond boomers are the most likely to use traditional payment methods when paying back friends and family, even more likely to use cash or checks than baby boomers.
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