I’m a Boomer, on the late side, but still one. I totally acknowledge that I have lived, especially in adulthood, a charmed life. (My childhood was not a pleasant one, but no need to go into that).
Younger people are growing up in a different world. True.
However, I never once took a vacation that I couldn’t afford, that I hadn’t saved up for. I didn’t go to the spa for massages or treatments. We lived on one income in our marriage. It was our agreement. There were a few years when the kids were older that I worked outside the home. Before that time, I volunteered my time to our church, my kids’ school, and the community as a scout leader.
I purchased two new outfits for my kids every season, but other than that, everything was second hand. That was ALL we could afford.
We didn’t try to keep up with the Joneses.
The younger kids today who complain so much about the housing spend their money on frivolities. They rack up credit card debt like you wouldn’t believe. However, they take lavish vacations, eat out FREQUENTLY, throw ridiculous birthday party celebrations for their kids, and seriously, indulge themselves at nearly every turn.
My own kids do some of these things. Amazingly, the one with the lowest income is in the best financial shape, because he doesn’t live lavishly. He pays his bills and saves his money.
Our oldest is the one who is up to his eyeballs in debt, though his undergrad schooling was completely paid off within a year of graduation. He lives in a place where he can’t afford to live, but somehow doesn’t put 2 and 2 together.
The middle child is a cross between the older and the younger. Completely paid off her college several years ago. Has a lot in savings, owns a home, but still lives a very comfortable lifestyle.
The one that bellyaches about Boomers the most is our oldest, who is trying so hard to keep up with the Joneses that I think he and his wife ARE the Joneses. One day, if they don’t start to get a handle on it now, they will really be hurting. What do they say? The more you make, the more you spend? That’s him (and his wife) to a T.
Compared to what young people face today with social media, I think it's fair to say... "we didn't even know who the Jones were". It's a brave new world.
I'm also a Late Boomer. I think we need a different category. OG 'Boomers' had a far different experience. I was married and 26 when I tried to by my first home. Mortgage rates were close to 20%! All I could afford was a 30+ yr old, frame home that was barely 1200 Ft2. For that, my house note was ~ $600 a month.
Meanwhile, my bosses were paying $400 a month for newer houses that were 3000+ Ft2, custom built, all brick... financed at rates as low as 3%. I certainly didn't feel any "privilege".
The article starts with an interesting chart. But I think he draws the wrong conclusions. LESS 30 yr old are married at all now.. far less. That lowers the pool of potentials.
The ones who are married, aren't yet earning enough to buy a home because prices have been driven up so much? Why? Mainly because of the lack of supply. Zoning restrictions, increasing regulation, and destruction of the purchasing power of our money. Decades of inflation have put younger people behind more than any because they lack real assets that protect one from inflation.
People will adapt. Younger kids today eat out less, drink less, buy used things more. They are adjusting their lifestyles to fit their actual situation. The BEST thing we could do for them is: STOP monetary devaluation.