FTC Workshop: Changing demographics, evolving conversations

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The Federal Trade Commission recently held “The Changing Consumer Demographics” workshop to examine demographic shifts. As the U.S. population ages and gets more diverse, consumer protection strategies must evolve to make sure we’re protecting all communities. Workshop participants, including expert demographers and leaders in marketing, consumer advocacy, and law enforcement, discussed what the population will look like in the future – and what that means for consumer protection. Here are some highlights:

  • According to demographers, the U.S. population will be even more diverse in the future, and by 2060, no group will be the majority. The biggest growth is expected among Latinos born in the U.S., Asian Americans, multiracial Americans, and the aging baby boomers.
  • There are big differences across racial groups when it comes to reporting fraud – with minority groups less likely to report to the government.
  • Experts recommend working with trusted partners – such as community organizations and ethnic media – to reach diverse consumers, and using language and culturally appropriate messaging to best reach this audience.
  • The older population – people 65 and older – is growing at a much faster rate than other groups. In fact, demographers project that by 2030, one in five Americans will be 65 or older.
  • The baby boomer generation, which is driving the growth of the older population, is expected to live longer, have different expectations about retirement, and have a different economic situation than earlier generations of older adults.

We hope the conversation begun at the workshop will continue and keep informing the FTC’s consumer protection work in every community. Want to know more about the workshop? A video of the entire event, and event materials, are on the workshop page

Blog Topics: 
Money & Credit

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