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How we are failing our younger generations

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In my generation of baby boomers, and probably the next, most would say that they planned and worked hard to give their children a better and easier life, with better opportunities than we enjoyed ourselves.

However, it seems that we have mostly failed. A recently released report by the Grattan Institute, Generation Gap: ensuring a fair go for younger Australians, suggests that younger generations are not making the same economic gains as their predecessors.

Clearly, it is harder for younger generations to buy a home, and perhaps secure a job, afford an education and so on. Economic growth has been slow since the GFC, wages have been flat, our population is ageing, and issues like climate change have been pushed forward for the young to deal with. The burden of these changes has fallen disproportionally on the young. The pressures are due to both economic and demographic factors, but also to several policy choices made by governments, and by us as a nation.

Older Australians today have substantially greater wealth, income and expenditure compared with Australians of the same age decades earlier. The wealth of households headed by someone........

© The Examiner