MOST people reading this seniors column will be “Baby Boomers”, those born between 1946 and 1964.
They will be reminded how lucky they were to be brought up in an era in which, although interest rates were very high at times, house prices were also very cheap when compared to today.
Although things were tight, it was fairly easy to get by.
Superannuation was non-existent, except for some government positions, and was introduced later in their lives as governments woke up to the fact that at some stage in the future it was going to cost a lot of money to support the older generation.
Right now, inflation is still not in the range desired by the RBA and interest rates could still be on the up.
And we are being urged to rein in on spending our good fortune for the sake of younger people, whose lives are being made tougher by further interest rate rises.
But is that a valid comment and is that a true statement?
“Focus on your needs, and not your wants” … so says Rand Low from Bond University, asking all Australians to dial down their spending, and “have the wisdom to discern the difference”.
Baby Boomers are said to have collectively 1.9 trillion dollars to their name. So if that money is not spent, will the next generation be wallowing in money due to the generous gifting made by their parents?
Renowned for their robust work ethic, Baby Boomers were moulded by values like loyalty, perseverance and hard work.
Parents of the baby boomer generation stressed that they needed to work hard to attain their desires, making them incredibly self sufficient.
Australia’s age pension was introduced in 1909 when life expectancy was only 59 – today, it exceeds 80 years.
Boomers are still an important generation to understand and engage with. They are more currently active in the workforce for their age than those before them.
Baby boomers are reinventing retirement. Now 65 is the new 50.
Boomers are being blamed for everything from home rental hikes to inflation because of hoarding their wealth.
But older generations have always accumulated wealth, simply because they have been in the workforce longer.
Part-time work, contracts and family commitments to children have all changed the way we look at things. Kids in day school and kindergartens are the norm now that both parents may be working.
Money is becoming invisible, and the credit revolution where there are multiple ways one can borrow, have changed dramatically.
There has been a cultural shift in our attitudes to saving and spending. The term “generation gap” was coined to describe the cultural gap between Boomers and their parents, but there seems now to be an even wider divide between the different groups.
Those born in the silent generation, learned about loyalty, often staying in their jobs many years, often married for life. They appeared to get their values straight at an early age. Instilling in their children good work ethics and good life values.
The world is changing, things are not the same, different generations hold different values. What are yours!
