During the boom time of the 1980s an exciting new social ‘tribe’ emerged. They were young, highly ambitious and money motivated twenty and thirty-somethings, living and working in urban areas. As their trendsetting characteristics became more distinct, they become known as ‘Yuppies’, or ‘Young Urban Professionals’ – a phrase originally coined in the US.
‘Yuppie’ was a word that was to define an age characterised by:
- Corporate and personal greed.
- ‘Jobs’ being replaced by ‘careers’.
- Long working hours becoming the norm.
- Technology emerging as a status symbol.
- Schmoozing and networking to get in with the right people.
- Being constantly busy and in touch – making the most of every minute.
With a sequel to the 1987 hit movie ‘Wall Street’ about to hit our screens, RIAS spoke with people who would have been in their 20s or 30s during the age of the Yuppie to see how their priorities and attitudes have changed. The RIAS ‘Yuppies of Yesteryear’ report shows that in many ways, the traits of the 1980s remain evident, especially when it comes to money.
‘Greed is still good’
’Wall Street’ immortalised the yuppie in its famous mantra ‘Greed is good’.
The research shows that this still resonates with some over 50s. Three-quarters (78%) of 50 – 65 year olds still admit to loving money. Half say it’s as important as it was 30 years ago and almost a third (29%) claim it matters more now than before. A sixth of over 50s also admit that they still want to earn even more money in the future.
Technology still a key focus
Four out of ten (39%) are more interested in the latest gizmos than ever before. While they’ve let go of their ‘brick-like’ mobile phones and sushi makers, laptops are now the most popular gadgets relied upon by the 50 – 65 year olds today, with vacuum cleaners coming a close second.
Which electronic items can you not live without?
Laptop/ computer 58%
Vacuum cleaner 46%
Mobile phone/ iPhone/ Blackberry 29%
TV/ home cinema 28%
Microwave 26%
Dishwasher 20%
None 20%
Sky/ Cable TV 18%
Coffee maker 7%
Mp3 player/ iPod 6%
GHDs (Good Hair Day straighteners) 4%
Bread maker 3%
Home gym equipment 2%
A Tale of two generations: The Yuppie then and now
| Then |
Now |
| Greed is good |
Greed is good |
| Big phones |
Blackberries |
| Sushi makers |
Vacuum cleaners |
| Financial frivolity |
Financial security |
| Modern apartments, urban chic |
Mortgages, country chic |
| High pressure career |
Work/life balance |
| Schmoozing |
Social networking |
Still connected
While the bulging Filofax may no longer be packed with networking events, the yuppies of yesteryear are taking advantage of the exploding social networking movement to stay connected.
Almost a quarter (24%) own a smart phone, and over two in five are now on Twitter or Facebook, satisfying their desire to keep up.
Which technology do you currently/have?
Wifi/ Broadband 67%
Laptop 64%
Sky/ Cable 54%
Sat Nav 46%
Twitter/ Facebook account 42%
Camcorder 31%
iPod 28%
Games console/ Wii/ PS3/ X-box 26%
Exercise equipment 21%
Home cinema system 13%
Mobile internet dongle 12%
Other ‘smart’ phone 12%
Blu-Ray DVD player 8%
Blackberry 6%
iPhone 6%
None of these 4%
Powermat wireless battery charger 1%
Yuppies of Yesteryear – Older, richer, wiser
The RIAS research reveals that once a yuppie, always a yuppie in some respects. However, as the yuppies of yesteryear hit and exceed the age of 50, they are changing their priorities and attitudes on a range of issues.
Today, the yuppies of yesteryear are wiser with their hard earned money, and nearly one in four (23%) are preparing for retirement. One fifth (18%) plan to pay off a mortgage or debt, and a further 11% are saving more generally in case of need.
Changing living environments
Famous for never leaving their cities or large towns, the yuppies of yesteryear are slowly moving out of their urban environments, and many have even moved further out to the country. In the 1980s, 77% lived in urban or suburban areas. Now, only 57% live in such areas and one quarter live in the country.
The Yuppies of Yesteryear – Where are they now?
They may have set down their sushi makers, braces and fax machines, but there are still some similarities between the 1980s whizz kids remaining in the ‘Yuppies of yesteryear’.
Here’s a look at what they’re up to now:
What they do and how much they earn
- Rather than burning the midnight oil in the office and at networking events, they choose being at home with family and invest in their free time, spending money on travel, art and culture.
- Research shows that this is the generation most likely to have a decent sized household income over £75,000*, but they’re not all about spending it – they are more prudent with their cash, choosing to save and invest over splurging.
- They are topping up their pension pots (if not drawing on them)and saving for the future including putting money aside for their children.
- Many have left the City and have taken their business nous with them. You’ll find yuppies of yesteryear perhaps running their own small businesses and websites based on a favourite hobby, setting up ‘green’ initiatives, heading up art galleries, working in advertising, City PR, or even TV production.
Family, hobbies and lifestyle
- Many are becoming ‘empty nesters’ – having recently seen a child leave for university. Some of their children have recently married or had their first grandchild.
- The yuppie of yesteryear hasn’t lost a love of quality and is happy to pay more for it – they’ve earned it after all.
- Many yuppies of yesteryear have developed considerable ‘green consciences’ – over half are concerned about climate change and pollution, and are happy to make lifestyle compromises in order to benefit the environment. They love being seen to be green – perhaps to atone for years of urban excess?
- They demonstrate their green credentials in the labels they buy, going to farmer’s markets and investing in environmentally friendly gadgets, and even green cars.
Media
- The yuppie of yesteryear enjoys a broad range of media, from broadsheets through to mid-markets and magazines about their favourite hobbies – gardening, interiors, fishing and DIY. Their favourite newspaper titles are the Daily Telegraph, the Guardian and the Sunday Times.
- They love the financial pages in newspapers – perhaps a testament to their yuppie youth.
*Source: GB TGI 2010 Q1 (October 2008 – September 2009). Target: ABC1 50-65, Audience size: 6,841,000, Sample size:3,370