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.’

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.

Key Takeaways

• A viral video featuring media personality Russel Howcroft claimed that life for 30-year-olds in Australia is the hardest it's ever been, sparking debate on generational inequality.
• Howcroft pointed out that current 30-year-olds face an expensive housing market, high HECS debt, and increased taxes compared to previous generations.
• The discussion highlighted the financial pressures faced by younger Australians, including the postponement of starting families due to rising costs.
• Opposing views suggest that every generation has challenges, and Millennials may not be worse off than earlier generations.

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!

 

[Anthony Ellul]

A summary like this video highlights shows some facts to support the theme being presented but ignores the collective changes in saving and spending habits by the young. The emphasis today by the young generation is to go out and have a good time. It is always a matter of priorities and choice. In the older generation the priorities required the setting up of the family and at the centre of that was housing that family above all else. In my case(from the older generation) I could not achieve that in my home state so my wife and I decided to shift states to try to achieve that objective. What transpired was that after getting a new job we managed to take that step but it involved getting 2 mortgages( i.e. we needed a 2nd mortgage at a higher rate as well). The repayments on those mortgages used up 65 % of the after tax income and that was not an easy burden. Today’s mortgage rates are similar to what we had to deal with particularly as we were a one income family as my spouse was carrying our baby. In those days there were no Government handouts for housing as we have today and the support for families. We had child endowment payments which were quite low compared to today’s situation of FTA and FTB etc.. The reality is that starting a home is always hard for any family but there needs to be a relentless focus on prioritising that aim. Good luck to all who are trying to do so. We are with you.

 

[lynstacker]

Each generation has had it's challenges, but to say that older people didn't struggle is a gross exaggeration. Yes, houses were cheaper but wages were lower. Interest rates were at 17.5% when I bought my first home. I was not out having lattes & smashed avo. I was working 3 jobs as my home was my priority. I also bought where & what I could afford. Not the 5 bed, 3 bath mcmansion that first home buyers expect to have. Yes, HECS was not an agenda item for me however job opportunities for females were very limited. Also, no tax payer funded handouts no bank of mum & dad. Yes, the world has changed. We need to change with it

 

[Joydie]

As written above, any discussion like this needs to take many more variables into account. Strangely enough, I began to realise how priorities have changed while watching Millionaire Hot Seat. Contestants would be asked what they'd use the money for if they won it, and the majority of young people said travel. At their age, I would have said saving for a house.

Also, eating out is commonplace now, whereas it's special occasion only for many of my generation. Takeaway coffee on a daily basis is the norm, and very few 30 something women shop at Millers . My daughter in law uses only designer brand cosmetics. No Avon, even if it were still available, or Kmart cosmetics for her. She and my son can afford this though, many can't, but buy them anyway.

In my 30s we had to save up for major purchases. These days, credit cards are a way of life, with many getting into credit card debt, which can be crippling. Payday loans are common now and seem to be a noose around the neck. Most borrowers don't take the interest rate into consideration, and if the balance isn't paid at the end of the month, the debt mounts up.

I received the princely sum of $15 a month Child Endowment for our son until he was 16, and paid full price for his childcare. There was no baby bonus or assistance of any kind for childcare. If you wanted it, you paid for it. Also, let's not forget that at one point in the 80s, interest rates were 17%.

So all in all, I believe every generation has challenges, but in the case of many 30 somethings, their spending habits are a factor that they could change if they were serious about home ownership.

 

[mylittletibbies]

A summary like this video highlights shows some facts to support the theme being presented but ignores the collective changes in saving and spending habits by the young. The emphasis today by the young generation is to go out and have a good time. It is always a matter of priorities and choice. In the older generation the priorities required the setting up of the family and at the centre of that was housing that family above all else. In my case(from the older generation) I could not achieve that in my home state so my wife and I decided to shift states to try to achieve that objective. What transpired was that after getting a new job we managed to take that step but it involved getting 2 mortgages( i.e. we needed a 2nd mortgage at a higher rate as well). The repayments on those mortgages used up 65 % of the after tax income and that was not an easy burden. Today’s mortgage rates are similar to what we had to deal with particularly as we were a one income family as my spouse was carrying our baby. In those days there were no Government handouts for housing as we have today and the support for families. We had child endowment payments which were quite low compared to today’s situation of FTA and FTB etc.. The reality is that starting a home is always hard for any family but there needs to be a relentless focus on prioritising that aim. Good luck to all who are trying to do so. We are with you.

"We are struggling to keep our homes which NEVER happened to older people."
Not so. Unfortunately many people lost their homes back in the days of 18% interest.
Every generation has had their struggles, but I do think the situation has got a lot worse.
Prices are out of control and it is almost impossible for young people to even get a deposit together today.
Why do we, the purchasers, pay these ridiculous prices.
I renovated a house about four years ago, which I sold for $405,000. Eighteen months later it sold for $570,000. What improvements had been done, absolutely none. In fact, they had let all the gardens, both back and front yards die. The gardens were a beautiful feature of the house. It makes me wonder what the inside of the home now looks like.
They even had the cheek to use my original photos of the house when they sold.
Nonetheless, despite no improvement to the gardens the property recently sold again for $650,000.
It is our fault, the current purchasers , that prices are so high. People are paying way beyond what properties are actually worth in bricks and mortar value. Where will it stop and just how many people will loose their homes when the next inevitable crash happens.

 

[mylittletibbies]

Each generation has had it's challenges, but to say that older people didn't struggle is a gross exaggeration. Yes, houses were cheaper but wages were lower. Interest rates were at 17.5% when I bought my first home. I was not out having lattes & smashed avo. I was working 3 jobs as my home was my priority. I also bought where & what I could afford. Not the 5 bed, 3 bath mcmansion that first home buyers expect to have. Yes, HECS was not an agenda item for me however job opportunities for females were very limited. Also, no tax payer funded handouts no bank of mum & dad. Yes, the world has changed. We need to change with it

Never a truer words spoken.

 

[Jest]

if you uses numbers instead of useless names i will understand.
each and every stage has been tough, but, we did not spend as they do nowadays. coffees, drinks, outings and having everything wanted.

 

[LeahI]

I do actually believe it is harder today for Millennials than my 30's ( I'm a boomer btw) Getting into the housing market is a long long road. Only one of my 4 children has their own home which we contributed a portion to the deposit. They do not have a HECS debt. The other 3 have uni debt and are struggling now. One will never get ahead, the other is living in a house owned by the MIL, and next is living with bf's parents to get ahead. It makes me sad for them.

 

[Mrtnst]

As a Boomer who has never been able to own my own home, I get very frustrated with Millennials constantly whinging about how good we had it and how much more difficult it is for them.

Even more frustrating is other Boomers, overcome with personal guilt, who project their own past 'apparently' easy lives onto everyone else in their generation.

Everyone has their own past, some pasts are easy, some extremely tough.

Labelling everyone of a particular generation on the basis of your own experience is grossly unjust.

 

[Miss Chris]

I think that lifestyle has changed so much…..Emphasis is placed on having a great social life, going out for breakfast, lunch or dinner, going to clubs, and especially travelling….all of these being more accessible and attainable than they ever were before……The younger generation works for the money to have fun in the moment without having too much thought about the future……and I don’t really blame them doing all the fun things when they’re young, because most of them will certainly come back to earth with a bang, finding out that everyday life with a partner and family is very often a struggle….. but it’s not the fault of any generation in particular……the times we older ones lived in is very different to the times we are all living in now, and each generation is different from the one before , and each generations priorities are different from the one before….older people living now still have the values of a past generation, with which we try to give the benefit of to todays generation…….. it will never work, I mean how many of us listened to our parents and thought that we always knew better our parents being behind the times………..

 

[gordon1940]

One think stands out to me regarding young people living at Home is that none, or very few, pay "Board" money to Parents. What they earn is all there's and the spend it. Teaching the value of Thrift and Saving is being overlooked. Got nothing, want plenty.

 

[MariaG]

There is also the situation where many home buyers of today do not compromise on what inclusions are in that home.
Some just have to have everything straight away, and borrow the money accordingly.
So, for example, the you beaut kitchen fit out and entertainment area will be included in the 25 year loan.
We are baby boomers, and lived on the bare minimum whilst building for our future. We built our home ourselves, mainly on weekends and holidays. We moved in before having a lot of the furniture. It was sheets on the windows, milk crates for seats, cardboard boxes for a table, and so on, until we saved enough to buy what we needed. I was earning $25 a week in those days when women earned less, and hubby worked 2 jobs. It was difficult, buy, very satisfying.
Each generation is presented with its own difficulties, however, there are also a quite a number of advantages today, such as 1st home grant, that us boomers did not enjoy in the olden days.
The reality is that it is not easy to get ahead if one puts parties and holidays as priorities. Also helps to get the hands dirty, and, if you don't know how, then learn how...it will save big bucks when you need them the most.

 

[LeahI]

As written above, any discussion like this needs to take many more variables into account. Strangely enough, I began to realise how priorities have changed while watching Millionaire Hot Seat. Contestants would be asked what they'd use the money for if they won it, and the majority of young people said travel. At their age, I would have said saving for a house.

Also, eating out is commonplace now, whereas it's special occasion only for many of my generation. Takeaway coffee on a daily basis is the norm, and very few 30 something women shop at Millers . My daughter in law uses only designer brand cosmetics. No Avon, even if it were still available, or Kmart cosmetics for her. She and my son can afford this though, many can't, but buy them anyway.

In my 30s we had to save up for major purchases. These days, credit cards are a way of life, with many getting into credit card debt, which can be crippling. Payday loans are common now and seem to be a noose around the neck. Most borrowers don't take the interest rate into consideration, and if the balance isn't paid at the end of the month, the debt mounts up.

I received the princely sum of $15 a month Child Endowment for our son until he was 16, and paid full price for his childcare. There was no baby bonus or assistance of any kind for childcare. If you wanted it, you paid for it. Also, let's not forget that at one point in the 80s, interest rates were 17%.

So all in all, I believe every generation has challenges, but in the case of many 30 somethings, their spending habits are a factor that they could change if they were serious about home ownership.

Sorry but I'm 60 something and wouldn't shop at Millers or use Kmart makeup either.

 

[LeahI]

Seems alot of people must have been pretty boring in their 20s and 30s.
I remember have a whale of a time spending every cent I made. Got married and bought our house within 6 months because there was not such a big deposit required as today. Mattress on the floor and Grandad's old fridge.
There is just so much to do and spend money on these days. They're living their life now.

 

[natalielocket]

All above have are right in a lot of cases. What I don`t understand why when one wants to be a Nurse, Doctor or Teacher, they have to pay such high prices to do so and also many have to get some kind of job that fits in with their study and attendance at Uni, and then pay it back their Loan.

 

[relljube]

Seems alot of people must have been pretty boring in their 20s and 30s.
I remember have a whale of a time spending every cent I made. Got married and bought our house within 6 months because there was not such a big deposit required as today. Mattress on the floor and Grandad's old fridge.
There is just so much to do and spend money on these days. They're living their life now.

Yes but they need to stop whining about how hard it is - stop spending and it will be easier

 

[LeahI]

All above have are right in a lot of cases. What I don`t understand why when one wants to be a Nurse, Doctor or Teacher, they have to pay such high prices to do so and also many have to get some kind of job that fits in with their study and attendance at Uni, and then pay it back their Loan.

I know right. We're crying out for professionals and yet the govt puts a huge roadblock for them. Even trades suffer because of the piss poor wage apprentices are paid.
Think smarter Govt not greedier

 

[marni]

One think stands out to me regarding young people living at Home is that none, or very few, pay "Board" money to Parents. What they earn is all there's and the spend it. Teaching the value of Thrift and Saving is being overlooked. Got nothing, want plenty.

Yes I paid 50% of my income to my parents and I certainly did not feel hard done by. What they gave in return was so appreciated

 

[LeahI]

One think stands out to me regarding young people living at Home is that none, or very few, pay "Board" money to Parents. What they earn is all there's and the spend it. Teaching the value of Thrift and Saving is being overlooked. Got nothing, want plenty.

I had son and his wife stay for a year to save but they paid board.
Also had another son stay after marriage breakdown and paid board.
The only one who managed to get away without paying was baby daughter who twists your finger

 

[Paul Hediger]

worked 7 days a week. mostly away from home to buy own home.