• Finance, Lifestyle

Recession Watch: Baby Boomers turning to freelancing?

“Freelancing” often brings to mind “a twenty-something graphic designer or computer whiz,” one member recently bemoaned to us. But those aren’t necessarily the people who are most hurt by this recession. One unexpected consequence of this recession may very well be an increase in the number of Baby Boomers—a generation raised with the idea of company loyalty and pension plans—starting to go freelance. Adults 45 and older have been disproportionately unemployed for 6 months or longer, and they experience a steeper decline in their earnings when they do find a job, according to a recent Times article. Age discrimination is one culprit for this problem. At the same time, industries like healthcare, education, and government will continue to need workers and be more welcoming to older individuals. (Plus, we’re hiring.) There is also an opportunity for many older workers to use the skills they’ve accumulated over their professional careers to explore the idea of becoming self-employed. It may seem risky, but it’s something that many workers are pursuing. In fact, last week alone, 36% of our new members who joined were over age 50. On the other hand, maybe it’s not so much that the older demographic is capitalizing on their experience as taking advantage of a chance to try something they never before dared-like becoming a club DJ.