Dear Boomers, please, do the country a favour and stop spending.
First off, let me say of course, #notallboomers. I know plenty of older Australians who are still renting or working, and many of you are struggling to get by.
But many of you are not in a pinch. You are likely to own your home outright, and have a nest egg that’s growing as interest rates have risen.
As a collective, over-65s increased spending by 6 per cent year-on-year to September, while inflation rose by 5.4 per cent.Credit: Michele Mossop
That means more money to spend, and I know you have worked hard for the right to do so.
A recent report from CommBank iQ showed that spending behaviour varies quite markedly between generations, and you Boomers have picked up spending.
As a collective, over-65s increased spending by 6 per cent year-on-year to September, while inflation rose by 5.4 per cent. And that lift in spending was for almost everything, from home insurance to dining out.
I know dining out is fun, and you want to treat your children and spoil your grandkids this holiday season. But right now is not the time to splurge.
Let me explain why.
The cost-of-living pressures that have made near-daily headlines since early last year do not affect us all equally. Take interest rates for starters.
Boomers, I beg you: please stop spending
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26.11.2023
Dear Boomers, please, do the country a favour and stop spending.
First off, let me say of course, #notallboomers. I know plenty of older Australians who are still renting or working, and many of you are struggling to get by.
But many of you are not in a pinch. You are likely to own your home outright, and have a nest egg........
© The Sydney Morning Herald
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