Hand Up; Not a Hand Out; Stand Out!
Research is part of my twice a week investment real estate blog; there are tidbits of facts I find a little disturbing, and it forces me to think outside of my world from time to time. Today’s blog may have originated from investment real estate research and is focused on an idea I had of enhancing all of our living legacies and making a difference in someone’s life today.
Around 30% of Boomers currently have no more than $1000 as their net worth. As a society, we are compassionate about our aging and a net worth this low is a bit scary.
Our youngest Boomers are in their early fifties, and the oldest segment of the Boomers are entering their early seventies.
What Was On My Mind?
I was having a discussion the other day with a friend regarding Seniors’ discounts and even though the government deems 65 as the starting number for a senior; this is the age the government gives you your OAS (Old Age Security) cheque.
The commercial world has old age starting as early as 55. (If you have seen any retail establishment offering a seniors’ discount at an earlier age, please let me know where (put the information in the comment box below)
My friend has two children in University, and he was a little upset. The seniors he knew did not need the discounts; his your adult student children required the discounts more. With almost a third of our Boomers, many of them now seniors having a net worth less than $1000, my friend and I did not know enough aging Boomers.
The commercial world you ask? Yes, the retailer; brick and mortar or online merchants are chasing the seniors for a share of their business. It is a marketing technique that has been around before the advent of television.
These seniors discounts can be significant; some start at 10%, but I noticed they could go as high as 45%; sweet.
The question is, are these seniors discounts a hand up or a handout?
I am guessing that retailers, restaurants, and services would not be giving these discounts as a hand up or a handout. The retailers, restaurants, and services are factoring these discounts into their gross margins and the revenue created helps to drive the businesses bottom lines.
How can you and I help?
I don’t think most of the businesses that are giving these senior discounts are thinking about their customers’ quality of life.
The side benefits of most of these discounts are they built around food, (groceries and restaurants) recreation and entertainment. Most of us when we think of “The Quality of Life”; we look to the food we eat, enjoying some great restaurant meals from time to time, making it to a gym or park for some physical activities and going to a movie or live entertainment.
It brings me back to the fact that around 30% of Boomers currently have no more than $1000 as their net worth.
Today could you look around at the seniors in your lives; yes that includes many Boomers and think about how you could unconditionally give a hand up by helping one of these folks take advantage of these senior discounts. Phone them up or at the very least text them and let them know you would like to get them out for a morning, afternoon or evening.
If some of these discounts are only every Tuesday than make Tuesday your Unconditional Hand Up Day; the power of discounts can make someone’s life a little bit better.
Cheers to Unconditional Hand Up Day!!