Businessman’s answer on which generation struggles the most sparks debate: ‘It’s not smooth sailing’
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The age-old debate of which generation has had to endure the toughest challenges has been reignited by a viral video that has Australians across the country voicing their opinions.
The video featured media personality and businessman Russel Howcroft claiming that life in Australia is 'the hardest it’s ever been' for 30-year-olds’.
This bold statement has sparked a fiery discussion about generational inequality, with many weighing in on who truly has it worse.
'It’s the hardest it’s ever been for a 30-year-old in Australia’s history,’ Howcroft said on ABC’s Gruen.
‘It’s true that 30-year-olds are going to be less well off than their parents are. It’s a fact.’
Howcroft, a member of Generation X, compared the financial hurdles of today's 30-year-olds with those of his own experience.
In 1995, when Howcroft was 30, the national median house price was $129,800—a figure that was 3.8 times the average full-time salary.
Fast forward to today, and the national median house price has skyrocketed to $1,005,242, which is more than 15.4 times the median full-time salary.
But it's not just the housing market squeezing the wallets of younger Australians.
Howcroft pointed out that the HECS indexation—the system through which higher education contributions are calculated – has doubled over the last 15 years.
Today, young people can rack up six-figure debts for degrees in fields like medicine and law, with their HECS debts climbing annually.
Taxation is another area where the pinch is felt.
‘It’s true that a baby boomer paid half the tax that a 30-year-old pays now when they were 30 years of age,’ Howard said.
‘The reality is, it is extremely difficult to be a 30-year-old in Australia right now.’
The video has not only highlighted the financial pressures on Millennials but has also shed light on the broader issue of generational inequality.
Data from the political research organisation RedBridge Group indicated that more than half of 18 to 24-year-olds in Australia are delaying starting a family due to rising costs.
‘The Boomers climbed the ladder but kicked it away as soon as they reached the top,’ one user commented.
‘Once you get your house, it’s not smooth sailing,’ another wrote. ‘We are struggling to keep our homes, which NEVER happened to older people.’
Other social media users have expressed concerns about the future, with one commenting, 'We can’t even afford to keep our parents looked after when they retire, let alone ourselves or our children.'
‘If it’s hard for 30 year olds now, imagine what it’s like and is GOING to be like for Gen Z and Alpha,’ another agreed.
While the debate is heated, with some arguing that Millennials are not necessarily worse off than previous generations, it's clear that each era comes with unique challenges.
'Every generation faces new challenges. This generation is no different than any other generation,' one social media user pointed out.
You can watch Gruen’s video below:
Credit: @abciview / TikTok
In a similar story, a video from the 1970s highlighted the financial differences students experienced compared to today.
Australians reacted with astonishment to the low living costs in the 1970s, especially regarding free university education and the small portion of income spent on rent and food. You can watch the video here.
Do you believe that today's 30-year-olds have it harder than previous generations? Or do you think that every generation faces its unique set of challenges? Share your thoughts with us in the comments below!
The video featured media personality and businessman Russel Howcroft claiming that life in Australia is 'the hardest it’s ever been' for 30-year-olds’.
This bold statement has sparked a fiery discussion about generational inequality, with many weighing in on who truly has it worse.
'It’s the hardest it’s ever been for a 30-year-old in Australia’s history,’ Howcroft said on ABC’s Gruen.
‘It’s true that 30-year-olds are going to be less well off than their parents are. It’s a fact.’
Russell Howcroft said that 30-year-olds are struggling the most. Credit: @abciview / TikTok
Howcroft, a member of Generation X, compared the financial hurdles of today's 30-year-olds with those of his own experience.
In 1995, when Howcroft was 30, the national median house price was $129,800—a figure that was 3.8 times the average full-time salary.
Fast forward to today, and the national median house price has skyrocketed to $1,005,242, which is more than 15.4 times the median full-time salary.
But it's not just the housing market squeezing the wallets of younger Australians.
Howcroft pointed out that the HECS indexation—the system through which higher education contributions are calculated – has doubled over the last 15 years.
Today, young people can rack up six-figure debts for degrees in fields like medicine and law, with their HECS debts climbing annually.
Taxation is another area where the pinch is felt.
‘It’s true that a baby boomer paid half the tax that a 30-year-old pays now when they were 30 years of age,’ Howard said.
‘The reality is, it is extremely difficult to be a 30-year-old in Australia right now.’
The video has not only highlighted the financial pressures on Millennials but has also shed light on the broader issue of generational inequality.
Data from the political research organisation RedBridge Group indicated that more than half of 18 to 24-year-olds in Australia are delaying starting a family due to rising costs.
‘The Boomers climbed the ladder but kicked it away as soon as they reached the top,’ one user commented.
‘Once you get your house, it’s not smooth sailing,’ another wrote. ‘We are struggling to keep our homes, which NEVER happened to older people.’
Other social media users have expressed concerns about the future, with one commenting, 'We can’t even afford to keep our parents looked after when they retire, let alone ourselves or our children.'
‘If it’s hard for 30 year olds now, imagine what it’s like and is GOING to be like for Gen Z and Alpha,’ another agreed.
While the debate is heated, with some arguing that Millennials are not necessarily worse off than previous generations, it's clear that each era comes with unique challenges.
'Every generation faces new challenges. This generation is no different than any other generation,' one social media user pointed out.
You can watch Gruen’s video below:
Credit: @abciview / TikTok
In a similar story, a video from the 1970s highlighted the financial differences students experienced compared to today.
Australians reacted with astonishment to the low living costs in the 1970s, especially regarding free university education and the small portion of income spent on rent and food. You can watch the video here.
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