“Okay, boomer.” – is the go-to retort for when boomers insist they don’t have it better than millennials, when categorically speaking – the exact opposite is true.
Here are 12 reasons why boomers are better off than millennials.
The housing market was better.
Statistics show that most boomers were homeowners by age 33, which is far from the case with millennials.
The property ladder becomes increasingly challenging to get on – even for millennials earning a good wage – and rent is higher than it used to be. As a result, home-owning costs are approximately 40% higher than when boomers were securing their first deposits.
Degrees actually meant something in their day.
While education is typically more accessible than in the boomers‘ heyday, a degree nowadays is little validity in someone’s aptitude for the job.
Thirty-plus years ago, a degree was considered a significant achievement and an automatic foot in the door of the job market.
Student debt is much higher.
In the 21st century, most student debt is in the six-figure region, which wasn’t the case when baby boomers got their degrees.
Those who studied in the latter part of the twentieth century would have a debt of just $2,300 by today’s standard.
Salaries don’t go far now.
Since the 2008 crash, western society’s cost of living has sky-rocketed due to debt, inflation, and other political or economic issues.
While millennials are technically more affluent than boomers, they see considerably less of their profit because of the cost of living.
Pensions were better
Boomers reaping the benefits of their pension investments are considered much more comfortable.
Despite pension schemes being mandatory in places like the UK, millennials’ future is very uncertain when they hit retirement age
The retirement age was lower.
The legal retirement age is creeping up on an annual basis.
During the 1970s and 80s, the typical retirement age in the US was 65; it then crept up to 68 during the 90s. Most millennials are looking at circa age 75 to retire comfortably.
The cost of living was lower.
While millennials in the USA make up around a quarter of the population, their wealth only equates to just 3%.
When boomers were in their 30s, their wealth averaged around 21%.
Environmental problems are more of a threat.
It’s no secret that older generations have been running the planet’s wellness up the creek.
According to an article published in the Independent in March 2022, boomers are responsible for nearly one-third of greenhouse gas emissions.
Boomers are wealthier – despite earning less.
Because student debt was lower, houses/mortgages were easier to attain. The cost of living was lower. Boomers saw roughly 20% more of their take-home than millennials.
While salaries are considered higher nowadays, younger generations see less of it, therefore, are less able to save and invest.
The 2008 crash saw many people out of work. While that area of the economy has picked up a little, many young people can’t get by on one salary.
This often leads to millennials and gen-x taking second jobs or “side hustles” to tide them over, meaning the job pool is less abundant.
Millennials are more prone to depression.
Boomers will call millennials “snowflakes” when they complain of depression. Still, statistics show this generation is more prone to depression than boomers and the silent era.
This is said to be owing to struggling to support themselves and generational overlaps of ideologies.
Less likely to be insured
Simply put, boomers are more likely to be insured than millennials because they have more wealth and security.
This is coupled with millennials being younger and having less reason to attain insurance, which will impact the insurance industry.
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