Pollster John Zogby posed this question last summerto 4,000 Americans: "What will be the historic legacy of Baby Boomers?"The responses were startling.

Forty-two percent said boomers had "ushered in an era of consumerismand self-indulgence." Another group (27 percent) gave boomers credit forhelping to "bring lasting change in social and cultural values andending a war." After that, the answers ranged from "nothing reallyspecial" to "other" or "not sure." The loose translation: "Boomers mighthave done some good things back in the '60s and '70s, but where have youbeen lately?"

The Greatest Generation. . . the Silent Generation . . . And now, theOver-indulgent, Self-Centered Generation? It doesn't sound too good -- andit's an unfairly harsh judgment, from my perspective. Still, manyboomers are itching to re-write those poll results in the new decadejust beginning.

Older boomers are hitting retirement age at a time when a changedeconomy means that all traditional bets are off. Even before theeconomic crisis began, many boomers already were refocusing theirenergies on second careers -- and many are looking for work that will helpthem leave a positive legacy for future generations.

That trend has only intensified as the country faces intense,simultaneous crisis and upheaval -- a depressed economy, national securityand environmental threats, and the need to revamp our health care andeducation systems.

"The needs in the country and in our communities are more stark andpresent and in the news," says John Gomperts, presidentof Civic Ventures, a non-profit think tank focused on civicengagement. "People are alert to the fact that there are seriousproblems, and they are concerned."

Indeed, an AARP survey in 2008 found that only 20 percentof boomers and members of the Silent Generation -- born during theDepression and World War II -- believe they will leave the world in bettercondition than it was before, and 55 percent think they will leave theworld in worse condition.

The more serious mood also is evident in the way Americans arebehaving as consumers. Just before the holidays, the Wall StreetJournal published an article describing a sea change fromspendthrift spending patterns towards more saving. The Journal alsonoted research suggesting more socially-conscious consumer behavior,with one poll showing a 10 percentage point swing toward shopping forproducts for "social, political or environmental reasons."

The rapid growth of volunteer activity also is significant. The rateof participation in volunteer work has hit a 30-year high point inrecent years, according to the Corporation for National andCommunity Service, with a good deal of the growth fueled bymidlife and older adult volunteers.

Civic Ventures research has found that 5.3 to 8.4 millionpeople between the ages of 44 and 70 are doing work that combines incomeand personal meaning with social impact, and noted that half of thepeople in this age group not already doing "work with meaning" see it astheir future career direction.

Thinking of making a "work with meaning" New Year'sresolution yourself? Civic Ventures recently published a freeguide to getting started on encore careers that matter. The guide offerspractical advice on topics like job hunting, financing careertransitions and how to test a new field by volunteering or doing anadult internship.

"Until now, encore careers have been a do-it-yourself project," saysMarci Alboher, senior fellow at CivicVentures. "But we have tracked a lot of pioneers who have done itsuccessfully, and the guide reports back on what they have learned."

You can find the guide here: http://bit.ly/6MzonW.

 

 

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The Over-indulgent Self-Centered Generation | Personal Finances and Saving

© Mark Miller