It seems to me a convertible craze has overcome Toronto. I can’t speak for the rest of the country — and my research methods are not the most scientific — but as I drive to and from work, I can’t help but notice the number of people driving with their tops down.

There are the Porsches, the Chryslers, the Beetles, the Beemers, sports cars from the ’50s and ’60s, even the adorable new Mini Cooper convertibles. The big lumbering SUVs still dominate the roads of Toronto but the sporty, carefree convertibles are giving them a gentle nudge.

And it certainly isn’t because of the weather. The past week was cold and sunglasses were only needed to keep the bugs out of your eyes. In fact, the other day, I saw two drivers wearing tuques. It could have been a fashion statement, I guess, or it could have been to keep warm.

Having established the trend, the next step in my research was to document who was driving. So when the Porsche roared past Friday evening, I decided to add to my data. I
picked up the pace and checked out the driver. Before he left us in his dust as he weaved in and out of Yonge Street traffic, I was able to ascertain that under the tuque was silver hair and behind the expensive sunglasses was the face of a man in his 50s.

Driving back from walking the dogs at Cherry Beach on Sunday, I had the opportunity to do a little more research. At the stop light ahead of me was a shiny, grey vintage sports car.
As I pulled past, I got a clear view of the driver: definitely grey-haired. Not only that but sitting on the other seat, nose to the wind, ears flapping, was a mostly black Lab, its muzzle sporting a lot of grey, as well.

This is just a taste of my findings. My conclusion: aging boomers are behind the wheels of these cars. Which supports another theory I have long held: boomers are not going to go quietly. No sedate sedans, no quiet homes in the suburbs, putting in time until the grandchildren come for a visit. Once the kids leave, they’re going to sell the house in the ’burbs and move into a condo in the city. They’re going to go the theatre, travel, golf, ski — buy convertibles.
They’re going to make being 60 or 70 seem
young.

They’re going to continue to live life to the fullest — and spend.

Then there is the younger generation. The goals of its members don’t seem so very different. According to my sampling, travel — and spending — figure prominently in their plans.

Our researchers Nicole and Brigette are both saving for overseas trips later this summer. Earlier researchers, Matthew and Caitlin, left to go travelling. My younger daughter, Rachel, who is home for a visit, is looking to Europe, probably Paris, to study art conservation once she has completed her bachelor of fine arts at the University of Calgary. Older daughter Kate is in London doing research for her master’s degree in history, after a month in Rome.

The world is a very small place for them and the possibilities are endless.

All this “research” has some interesting ramifications for financial advisors. How do you convince the guy driving the convertible to buy long-term-care insurance? Or that he or she should save for a stage of life that may not include travel and golf? Do the boomers really think they are immortal or is the convertible merely a way to thumb their noses at their own mortality?

What about “seeing the kids settled”? Here I am on the leading edge of the baby boom, knowledgeable about personal finance, and I have mentally put off saving for retirement until the kids are settled. Talk about denial!

Advisors face a huge challenge. Better you than me.

Tessa Wilmott, Editor-In-Chief