14 DAY TRIAL // Retro influences mark many new releases on the market, be it a clothing item, a film or a music album. The ‘80s and the ‘90s have left such a serious dent on young people’s personalities that they would rather live their lives looking nostalgically back than plan ahead for the future, as a recent report from Standard Life Assurance Limited indicates.
The retro influences are so powerful that people between 28 and 40 years old are actually experiencing a feeling of relief at the idea that many of the things they knew when growing up are making a comeback, whether those things are favorite music bands like Take That or foods like Findus Crispy Pancakes and Wispa bars. Not only that but this age segment identifies better with the past and is therefore unable to make plans for the future, even if that means thinking of pensions and insurances, as the report shows. Moreover, women seem to be at the greater loss when it comes to making financial plans, as opposed to men.
“The study indicates that that this generation – coined as the ‘Re-Runners’ - are particularly fascinated by brands, products, music and culture from their youth. […] In fact: At London Fashion Week one in five designers cited a retro influence in their 2010 Autumn/Winter collection; 128 major bands reformed in 2007-2009 with one in three of those being a number 1 hit band; Almost half of the top ten grossing films in 2008 and 2009 were remakes,” the report says. This nostalgia comes coupled with a feeling of anxiety when thinking about the future or the need to grow up and make more mature decisions.
“The Re-Run report shows we devote endless time, money and energy extending our youth, and yet by making the past so much a part of the present, we risk making our future riskier still. We have to start looking forward as well as back,” Damian Barr, social commentator, says of the findings. Mark Polson, head of Customer Management at Standard Life, agrees, “Re-Runners are one of the most diverse and fragmented of all generations who have grown up in a culture that was all about staying in the past. This is a generation which is opting out, hoping for the best and rationalizing on their feet. These are smart, educated, savvy people who know they are not doing what they should to secure their financial futures. They need a reality check to secure the future they hope for themselves.”
The irony inherent with the so-called “Re-Run” generation is that, while two thirds of those polled said they expected to live until their 70s and 80s, only very few actually knew what to do to make sure they got to live in financial stability at that age. About 29 percent of the others believed “fate” would somehow handle such an issue, the report goes on to say.