I'm only 44 would not call that pretty old. I've had CBA in the portfolio for 22 years 2 months and 28 days. Started a shares portfolio fresh out of Uni and earning good money, on my first professional job. Many older Australians own CBA but you have to remember the older generation had a very unhealthy distrust of anything you can't touch. The old saying of bricks and mortar was drilled into me by my parent, parents generation and older. I can attest to that. I would not put money in your assumption that a lot of CBA holders will be older. I actually think the distribution will be pretty even across the generations.
What I said above 4 years ago still applies. Post #:53151550 I give myself too little credit on that old post when I said "more luck" than skill. I did treat CBA shares like a savings account, true but the fact of the matter is the world economic backdrop was not that hot in 2003 either. The world was staring recession square in the face.. US, EU, Russia and Asian Region was in recession and many thought UK, Canada and Australia would soon to follow. Picking quality like CBA over risky was important. In a world without ETF's you really have to know your stuff...
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