Plight of Baby Boomer accountants
For many accountants born in 1946, this year marked the point at which they probably planned to retire. But the “Baby Boomers” who will follow them will face increasingly straitened circumstances as they try to plan their exit from the profession.
This is the stark message from practice development expert Mark Lloydbottom as he prepares for his speech at The National Accountants Conference in Birmingham on 23 June.
The double impact of the economic downturn and demographic trends have occupied Lloydbottom’s thinking for the past 18 months.
Baby Boomers, in particular, are going to have to learn to adapt to some key truths, Lloydbottom said. “Their life policies have let them down and their savings and investments are not going to realise what they expected. They benefited from the property rise and a stock market driven by savings. So they’re going to expect the younger generation to pay what they think is due. But can the upcoming generation pay it?
“The upcoming generation is racked out with debt from their student days. They may have kids and will have stretched themselves to buy a house. Bank managers won’t lend to them to pay out your retirement partners.”