Nothing was handed to us: Boomers hit back over ‘generation-gap’ report

Baby Boomers have furiously hit back after a report claimed that the living standards of today’s young Australians are being harmed by the effects of an ageing population. It’s no secret that Boomers and Millennials don’t always see eye to eye, but the latest research by the Grattan Institute, which was published over the weekend, has sparked outrage among many.

While some Starts at 60 readers claimed today’s generation expect their parents to provide financial aid because they’re not prepared to do without – compared to Boomers who worked tirelessly for what they have – more argued that many young Australians who complain about finances have never lived with hardship thanks to their hard-working parents.

Another reader wrote:  “My husband was self employed for 30 years so all our Super was paid by us, no one else contributed and we own our home and have done lots of travelling. It’s called being able to budget. Nothing was handed to us, we just worked for what we have.”

While one commentator revealed at their children’s age they were probably struggling with high mortgage rates, had an old car, rarely ate out and had one television set, adding: “There are plenty of people out there to blame for the supposed woes of the younger generations – marketing gurus, developers, ‘celebrity stars’, their peers and their overweening sense of entitlement.”

A third wrote: “I’m 69 and had never traveled overseas until NZ [New Zealand] in 2013. These so called Millennials have traveled all over the world and they are struggling? Spare me.”

Meanwhile, an enraged Baby Boomer on Twitter added: “Ban smashed avo, cut up the multiple credit cards, forgo superannuation for 10 years, stop whinging, stop sponging of parents and relatives, and prove personal financial responsibility. Times are tough for all generations.”

Herald Sun columnist Renee Viellaris echoed the comments made by Boomers and branded today’s young Australians ungrateful, claiming “whingeing” Millennials are “too ignorant to understand the sacrifices, the hard work and social justices they have today because of their parents, grandparents and great grandparents”.

The columnist said older generations saved for what they needed and only spent what money they had, compared to Millennials “who have never had to learn the art of saving… and it has contributed to their foot stamping when they can’t get what they want”.

It comes in response to the Grattan Institute report, titled ‘Generation gap: ensuring a fair go for younger Australians’, which was published on Sunday. It found that seniors in Australia are spending more and have more money to spare than previous generations, while younger demographics cannot boast the same.

And, while it is often suggested that the youth of today have no spare cash due to their spending habits, with smashed avocado on toast often blamed for their hardship, the report claimed these myths are simply not true. Report authors Danielle Wood and Kate Griffiths said in a statement: “It’s a myth that young people’s spending habits and lifestyles are to blame for their stagnating wealth. This is not a problem caused by avocado brunches or too many lattes.

“In fact, younger people are spending less on non-essential items such as alcohol, clothing, and personal care, and more on necessities such as housing, than three decades ago.”

The report also revealed that the wealth of older households across the country has jumped up by 50 per cent since 2004, due to the likes of superannuation and the housing boom. However in contrast, Millennials are now far less likely than their parents and grandparents to be able to afford their own home.

Part of the problem, according to the think tank’s report, is that young people are being squeezed by the public system as it caters for the growing ageing population, as more people transition out of work and rely on aged care, the Age Pension and the healthcare system.

According to Grattan, an ageing population could cause financial problems for the young as there will be fewer working-age people for every retired person to bear the costs. The report stated that the number of 15-64 year-old Australians for every person aged 65 or older fell from 7.4 in the mid-1970s to 4.4 in 2014-15, and is expected to fall further to 3.2 in 2054-55.