Once again, the cultural obsession with intergenerational wealth transfers has raised its ugly head. Everywhere, someone is demanding that boomers – born between 1946 and 1964 (my birth year!) – cough up more money.
The narrative is predictable: Gen X, millennials, and the much-maligned Gen Z claim that boomers have hoarded wealth and profit at the expense of the young. It’s a recurring motif: a backdrop to every housing problem, student debt crisis, and cost of living increase. And, frankly, it’s tired.
Let’s get something straight: boomers have paid our dues. Yes, we lived through a time of relative prosperity (as well as several recessions) and a booming property market. Yes, we bought houses for the price of a luxury car today and – if lucky – have pensions and some investments. But do we really need to be dragged into every economic conversation as the villains? Many boomers already contribute more than the narrative gives us credit for.
Take pensions. As we know, millions of boomers are retiring, and our pensions and savings directly fund the lifestyles of younger generations. Not only does that money support a vast industry of care workers, healthcare providers, retail staff and others, but boomers still pay taxes and contribute to public services. The idea that we are selfishly sitting on piles of cash while others struggle is misleading. The huge majority are just trying to get by in their twilight years.
Yes, house prices are eye-wateringly high, but boomers aren’t driving up costs. Speculative investors, an imbalance of supply and demand, and successive government policies that fail to address housing affordability are the real culprits. It’s systemic, but the focus on boomers suggests we are somehow personally responsible, demanding we leave our homes to downsize.
Most of us didn’t start off with a silver spoon. We worked tirelessly – five days or more a week in the actual workplace – to get to where we are now. There was no “bank of mum and dad” back then.
The real issue lies in our unhealthy obsession with home ownership and material success. The constant drumbeat of “buy a house” as the gold standard for a fulfilling life is unhealthy. We’re all trapped into believing the only measure of success is the ability to own property, and the only question: how can we afford a mortgage?
The assumption that life’s meaning is tied to home ownership is the real issue. We should ask bigger questions about our values and collective wellbeing. What about pursuing meaningful work, building communities, or finding happiness in non-material pursuits?
We must stop expecting boomers to solve problems that are bigger than ourselves. We should focus on creating a society where everyone – regardless of when they were born – can thrive. That necessitates investing in affordable housing, improving education, and building economies that don’t rely on inflated property prices. It means creating cultures where owning a home is not the ultimate dream, but leading fulfilling, healthy lives is.
Boomers have done their part. So, when and how will we stop looking at them as cash cows and start imagining a future where financial security isn’t tied to property? It’s time to stop asking the same tired questions and start thinking bigger. There’s more to life than owning a house – and the next generations can lead the charge on that.