Generation Y have every right to be angry at baby boomers’ share of wealth

The Grattan report shows that older Australians are capturing a growing share of wealth, while younger Australians are being shut out of the housing market

A new study by the Grattan Institute on wealth across generations shows that the older Australians benefitted the most from the strong economic times of the early 2000s, and that by virtue of being effectively shut out of the housing market, members of “Generation Y” may be the first generation to be less wealthy than that of their parents.

Whenever younger generations are discussed in the media, invariably comments will be made that Generation Y are unemployable, lazy, spendthrifts who need to learn discipline if they want to get ahead. They’re essentially the same comments that were made 20 years ago about Generation X and 15 or 20 years before that about the various incarnations of the baby boomer generation. Very little changes.

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