The baby boomer generation has been dubbed “Super Boomers” because of their greater wealth and more outgoing lifestyle by new research from the United Kingdom, which says they are a wealthy and healthy group driving the UK economy.

Over-50s are redefining what it means to be older as they embrace “a second go at being youthful”, according to the study by The Future Laboratory, commissioned by technology firm Huawei.

A classic example of the phenomenon is UK entrepreneur Richard Branson, who is famous for his risk-taking ways, enjoys extreme sports and is now shooting for space with Virgin Galactic. He shows no signs of slowing down.

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As of this year, there are more than 1.7 million entrepreneurs over 50 in the UK and one in five over-50s is self employed, according to the study. And as one of the wealthiest generations in history, controlling 89 per cent of disposable wealth, they are also redefining views on lifestyle, fashion and technology.

“Super Boomers are embracing the fact that they will be living for longer and are having a second go at being youthful. No longer does their age define them: their hobbies, interests and passions move them,” the report says.

“A second life awaits them and they have the financial security, health and vigour to make the most of it.”

The UK study is not the first to use the term. In fact, the Regional Australia Institute believes it coined ‘Super Boomers’ in a report released in July.

“It was something that we came up with internally, so that’s really interesting, and good to see others are spotting the trend as well,” says Jack Archer, general manager of research and policy at the Regional Australia Institute.

The Institute’s report describes Super Boomers as entrepreneurs, community leaders and volunteers, mentors to young regional Australians, employers, and investors – all qualities that can make a huge difference to regional areas.

“Boomers are ‘Super’ in the choices they’re making in choosing to stay engaged and contributing, and ‘Super’ in the potential impact they can have,” Mr Archer told The New Daily.

Not all boomers are super

But Professor Graeme Hugo, who compiled the research for the Regional Australia Institute, is wary of the term ‘Super Boomers’.

The Professor, who is director of the Australian Population and Migration Research Centre (APMRC) at the University of Adelaide, says many baby boomers are indeed ‘Super’, in that they stand out drastically from previous generations of retirees.

But bringing all baby boomers under this umbrella term neglects those who are struggling, he says.

For example, between 2010 and 2013, there has been a 40 per cent rise in the number of people over 50 claiming the Newstart unemployment allowance, while many are scared of retirement. 

“The thing that worries me about the term is that it presents this homogenous image of baby boomers as being all educated, all cashed up, with lots of money to spend – this sort of aggressive view. The fact is, the baby boomer generation are quite segmented and differentiated,” Professor Hugo told The New Daily.

Super charged finances

While some baby boomers certainly are struggling, a larger proportion than ever before are financially well-off.

‘Super Boomer’ may be an accurate description of their financial position, based on a report published by the Reserve Bank in March.

Over-55 households are wealthier, have more disposable income, and are spending more than when their parents were in the same age bracket, according to the report.

The disposable income and spending of older households has risen over the past two decades compared to the average household income, whereas younger and middle-aged households have less disposable income and are spending slightly less.

More financially comfortable than the young

New research from ME Bank confirms that Super Boomers are doing better than younger Australians.

The ME Bank study of just over 1500 households, conducted twice yearly, found that retirees reported the highest level of financial comfort, and had experienced an increase of six per cent in comfort since December last year, whereas all the other main household groups experienced falling comfort.

For example, the financial comfort of those aged 65+ increased by 9 per cent to the highest level since the survey commenced, while Generation X fell four per cent to the lowest level ever reported.

“Asset-rich households, including self-funded retirees and home owners, have benefited from a sustained rise in global and local equity prices as well as significant gains in residential prices, especially in Sydney, Melbourne and Perth,” ME Bank consulting economist Jeff Oughton said in a statement. 

“In contrast, limited household income gains and rising concerns about cash savings among most other households have seen their financial comfort falling.”

– with AAP.