In recent years, the so-called baby boomer generation (55-74 years old)—today’s seniors—has received a barrage of criticism from younger Australians.

They've been accused of hoarding wealth, inflating the housing market, and even squandering their children's inheritance.

But is this the whole truth? Clive Hamilton, a prominent author and proud baby boomer, doesn't think so.

In a recent opinion piece, Hamilton, along with his daughter Myra, debunked several of these 'toxic' myths surrounding his generation.

In his piece titled ‘Blaming Baby Boomers for your money woes is unfair, lazy and wrong’, he pointed out that it has 'become a crime to be born in the 20 years after World War 2', as 'generational warmongers' have set their sights on seniors.

A senior debunked ‘toxic' myths about his generation. Image source: Freepik.

Clive, a former Greens candidate, is a member of the Order of Australia and a Professor of Public Ethics at Charles Sturt University. His daughter Myra is an Associate Professor at the University of Sydney, where she researches gender, ageing, and care.

Together, they've taken a stand against the generational blame game.

One of the most common accusations levelled against seniors is that they enjoyed free university education, a privilege not extended to subsequent generations.

However, the Hamiltons pointed out that fewer than 10 per cent of their generation benefited from the 'fabled free university education'.

In 1974, Gough Whitlam's Labor government abolished fees for undergraduate university degrees to make education more accessible for the working class.

At that time, most university students came from upper and middle-class families, as year 12 finishing levels were still low.

In 1989, Bob Hawke's Labor government replaced free tertiary education with the Higher Education Contribution Scheme (HECS), which meant graduates paid for their education after they earned above a certain threshold.

'That was the reason for HECS, so that low-income people would no longer subsidise middle-class kids to get the high-paying jobs,' the opinion piece read.

The Hamiltons argue that the narrative of free education for all baby boomers is a myth. In fact, baby boomers, specifically those in their late-60s and in the 'builders sub-generation', still hold a measly less than 10 per cent rate of university graduates.

In contrast, they said generations succeeding that of the baby boomers’ have enjoyed increasing rates of holding degrees, with as much as half of today’s applicable youth being university graduates.

Another common accusation against seniors is that they are hoarding financial resources and squandering their children's inheritance. This is often referred to as 'skiing' or 'Spending Kids' Inheritance'.

However, the Hamiltons debunked this myth, stating that baby boomers are actually responsible for a massive transfer of wealth between generations.

'Over the next couple of decades baby boomers will bequeath a massive $3.5 trillion in assets to their children, the same ones they have been oppressing so thoughtlessly,' they wrote.

According to a 2021 Productivity Commission report, over the next couple of decades, baby boomers will pass on a massive $3.5 trillion in assets—mostly property and superannuation—to their children through inheritance by 2050. This figure is expected to grow over time, with the current $120 billion inherited per year predicted to rise to $500 billion by 2050.

The Hamiltons also addressed the accusation that baby boomers are to blame for the state of the housing market.

While they acknowledged that the housing market is 'shockingly unjust', they pointed out that the fastest-growing demographic becoming homeless isn't those in their 20s, but 'women over 55, baby boomers'.

They argued that the narrative of all seniors being wealthy and responsible for the housing crisis is misleading.

'There are rich baby boomers and there are poor baby boomers and many in between. This fake conflict is responsible for enormous bitterness out there,' they claimed.

The unaffordability of housing in Sydney and Melbourne for middle and average-income earners may be attributed to the high immigration rates in the past two decades as property prices continue to rise despite the Reserve Bank’s 13 interest rate rise.

The Hamiltons' piece serves as a reminder that there’s a lot more nuance to the puzzling generational blame game that rears its head now and again.

While it's undeniable that economic conditions have changed since the baby boomer generation, it's essential to remember that not all members of a generation share the same experiences or advantages.

Key Takeaways

• Prominent author and baby boomer, Clive Hamilton, and his daughter have written an opinion piece debunking several 'toxic' myths surrounding baby boomers.
• The Hamiltons revealed that less than 10 per cent of the baby boomer generation benefited from free university education and that they will be leaving a significant $3.5 trillion in assets to their children.
• They also argue against the idea that baby boomers are solely responsible for the state of the housing market, fuelling inflation and rising rents.
• The article outlines the increasing economic hardship of younger generations while pointing out that the fastest growing demographic becoming homeless are 'women over 55, baby boomers'.

What do you think, dear members? Is it fair to blame an entire generation for the economic challenges faced by younger Australians? Or is it time to move beyond generational warfare and work together to create a fairer society for all? Let us know your thoughts in the comments below.

 

[piggyp]

born 1943 that makes me a pre babyboomer ist job 6.15 pounds and 6 day week 2 job 11.00 pound 5 day week NSW Police at 19 yers old 22 pound per week 5 days no otime or penalty rate went home when the job done called in on day off 1 day credit never paid until much later at their choosing .Motel manager 7day week 24 hr days $60.00 per week.Brisbane 1970 $60.00 per week housing 18% interest on $10.K home loan 4 years later loan $12K to transfer to bank >try that now and see how you are doing.Car radio for 2nd hand car $4.00 per week TV nil day out with 3 kids Chips $2,00 drinks $3 living the life waste almost non existent recycled most things.Would not have it any other way some good Pollies some not all LUCKY COUNTRY you bet shame about now worth fighting for dont know about now .Bring it back you betcha kick some arse and appreciate what it could be and do something like work without the gimme whinge we did your turn now.

 

[Aussie all the Way]

The difference between us and the younger gen is we worked for what we have and knew how to save on the very small wages we earned compared to today, oh yeh we didn't whinge about everything we just got on with it. SUCK IT UP YOU PACK OF PRECIOUS THINGS.

 

[MariaG]

The difference between us and the younger gen is we worked for what we have and knew how to save on the very small wages we earned compared to today, oh yeh we didn't whinge about everything we just got on with it. SUCK IT UP YOU PACK OF PRECIOUS THINGS.

Absolutely.
When we started out, our aim was to live within our means and not to get too heavily in debt. That meant both having full time jobs, saving like mad to buy a block of land in a not too popular area then build a modest dwelling without all the fancy trimmings. We worked hard to get there and earned the right to be proud of what we did. We built our own home and were willing to get our hands dirty in the process.
The first year was spent sitting on bean bags, making a dining table out of cardboard boxes and sitting on milk crates to eat there. We saved for everything and bought as we went.
Now after 45 years, we live in an aged friendly home and don't have a mortgage. Our sons will reap the rewards when we pass.
So many of today's generation seem to be happy to borrow to the Max, including furnishings and fancy fit outs, whilst happily committing to 50 years of debt. I am not surprised to hear they struggle, especially once the kids start coming.
I have no guidance to offer today's up and comers as we never had to face such money triggered burdens. At the same time, I will not accept blame for people today who blame us baby boomers for their life choices.

 

[KaraJenna]

Absolutely.
When we started out, our aim was to live within our means and not to get too heavily in debt. That meant both having full time jobs, saving like mad to buy a block of land in a not too popular area then build a modest dwelling without all the fancy trimmings. We worked hard to get there and earned the right to be proud of what we did. We built our own home and were willing to get our hands dirty in the process.
The first year was spent sitting on bean bags, making a dining table out of cardboard boxes and sitting on milk crates to eat there. We saved for everything and bought as we went.
Now after 45 years, we live in an aged friendly home and don't have a mortgage. Our sons will reap the rewards when we pass.
So many of today's generation seem to be happy to borrow to the Max, including furnishings and fancy fit outs, whilst happily committing to 50 years of debt. I am not surprised to hear they struggle, especially once the kids start coming.
I have no guidance to offer today's up and comers as we never had to face such money triggered burdens. At the same time, I will not accept blame for people today who blame us baby boomers for their life choices.

We had very similar experiences. Built house around us after winning a ballot to get into a building society to get a very small loan, not claimable until house to lock up stage. So constantly working and scrimping to get next stage done. Repeat. Repeat. Etcetera. Yes mattress on floor. Tying joists of roof when pregnant. Later on painting ceilings standing on a hand-me-down table. Husband studying at night to get his degree.

But at the same time we didn't have the constant in your face images and communications to distract us from what was important the young generations have, poor things.

 

[Mrtnst]

No Degree - family couldn't afford the cost,.
Tried night school - got posted overseas, couldn't get time extension from the Uni. Lost my fees and no second chance.
Worked my way up as an Engineer, grossly underpaid because of my lack of qualification.
Promoted to Principal Engineer with 275 engineers working for me, rated MVP in the company - but still couldn't get accreditation.
Overworked, got sick, damaged my heart and lungs, got cancer.
Forced to retire early.
Never had time for marriage and kids.
Never settled in one location long enough to buy home - moved home over 40 times, going where the work was, lots of moving costs.

Now 68 and renting, without enough money to buy my own home. Waiting for my 2 year lease to discover if I can pay the increase in rent or will be on the streets.

 

[Jest]

In recent years, the so-called baby boomer generation (55-74 years old)—today’s seniors—has received a barrage of criticism from younger Australians.

They've been accused of hoarding wealth, inflating the housing market, and even squandering their children's inheritance.

But is this the whole truth? Clive Hamilton, a prominent author and proud baby boomer, doesn't think so.

In a recent opinion piece, Hamilton, along with his daughter Myra, debunked several of these 'toxic' myths surrounding his generation.

In his piece titled ‘Blaming Baby Boomers for your money woes is unfair, lazy and wrong’, he pointed out that it has 'become a crime to be born in the 20 years after World War 2', as 'generational warmongers' have set their sights on seniors.

View attachment 36257

A senior debunked ‘toxic' myths about his generation. Image source: Freepik.

Clive, a former Greens candidate, is a member of the Order of Australia and a Professor of Public Ethics at Charles Sturt University. His daughter Myra is an Associate Professor at the University of Sydney, where she researches gender, ageing, and care.

Together, they've taken a stand against the generational blame game.

One of the most common accusations levelled against seniors is that they enjoyed free university education, a privilege not extended to subsequent generations.

However, the Hamiltons pointed out that fewer than 10 per cent of their generation benefited from the 'fabled free university education'.

In 1974, Gough Whitlam's Labor government abolished fees for undergraduate university degrees to make education more accessible for the working class.

At that time, most university students came from upper and middle-class families, as year 12 finishing levels were still low.

In 1989, Bob Hawke's Labor government replaced free tertiary education with the Higher Education Contribution Scheme (HECS), which meant graduates paid for their education after they earned above a certain threshold.

'That was the reason for HECS, so that low-income people would no longer subsidise middle-class kids to get the high-paying jobs,' the opinion piece read.

The Hamiltons argue that the narrative of free education for all baby boomers is a myth. In fact, baby boomers, specifically those in their late-60s and in the 'builders sub-generation', still hold a measly less than 10 per cent rate of university graduates.

In contrast, they said generations succeeding that of the baby boomers’ have enjoyed increasing rates of holding degrees, with as much as half of today’s applicable youth being university graduates.

Another common accusation against seniors is that they are hoarding financial resources and squandering their children's inheritance. This is often referred to as 'skiing' or 'Spending Kids' Inheritance'.

However, the Hamiltons debunked this myth, stating that baby boomers are actually responsible for a massive transfer of wealth between generations.

'Over the next couple of decades baby boomers will bequeath a massive $3.5 trillion in assets to their children, the same ones they have been oppressing so thoughtlessly,' they wrote.

According to a 2021 Productivity Commission report, over the next couple of decades, baby boomers will pass on a massive $3.5 trillion in assets—mostly property and superannuation—to their children through inheritance by 2050. This figure is expected to grow over time, with the current $120 billion inherited per year predicted to rise to $500 billion by 2050.

The Hamiltons also addressed the accusation that baby boomers are to blame for the state of the housing market.

While they acknowledged that the housing market is 'shockingly unjust', they pointed out that the fastest-growing demographic becoming homeless isn't those in their 20s, but 'women over 55, baby boomers'.

They argued that the narrative of all seniors being wealthy and responsible for the housing crisis is misleading.

'There are rich baby boomers and there are poor baby boomers and many in between. This fake conflict is responsible for enormous bitterness out there,' they claimed.

The unaffordability of housing in Sydney and Melbourne for middle and average-income earners may be attributed to the high immigration rates in the past two decades as property prices continue to rise despite the Reserve Bank’s 13 interest rate rise.

The Hamiltons' piece serves as a reminder that there’s a lot more nuance to the puzzling generational blame game that rears its head now and again.

While it's undeniable that economic conditions have changed since the baby boomer generation, it's essential to remember that not all members of a generation share the same experiences or advantages.

Key Takeaways

• Prominent author and baby boomer, Clive Hamilton, and his daughter have written an opinion piece debunking several 'toxic' myths surrounding baby boomers.
• The Hamiltons revealed that less than 10 per cent of the baby boomer generation benefited from free university education and that they will be leaving a significant $3.5 trillion in assets to their children.
• They also argue against the idea that baby boomers are solely responsible for the state of the housing market, fuelling inflation and rising rents.
• The article outlines the increasing economic hardship of younger generations while pointing out that the fastest growing demographic becoming homeless are 'women over 55, baby boomers'.

What do you think, dear members? Is it fair to blame an entire generation for the economic challenges faced by younger Australians? Or is it time to move beyond generational warfare and work together to create a fairer society for all? Let us know your thoughts in the comments below.

play the blame game. australians are very good at that.

 

[Gsr]

We both came from pretty poor backgrounds. Started work in hard manual jobs as had to leave school without the chance of going to university, or even tafe. Married young, did the usual struggle to save for our first house deposit. We owned a fridge, washing machine, lounge, TV and china cabinet when we moved in. We had been in a furnished flat until then. Slept on a mattress on the floor, had an old wooden cupboard for our clothes. Ate meals at a picnic table using old chairs we borrowed from parents. Took us a few years to save and buy proper furniture as we could afford it. Waited for seven years to have our first baby so I could stay home and look after her, had our second baby two and a half years later. Decided early on we only wanted two kids so we could give them more opportunities in life than we had. When I returned to work I worked when my husband was home, usually nights and weekends. Our kids never needed child care, they were babysat after school for a short time when in primary school. We made lots of sacrifices to get where we are today. We helped both kids with money towards their deposit for their first homes. Now hubby is retired, I work part time, we are part pensioners. We have been supporting our grandson since he was 14 and left home due to family issues. He now works and lives between his girlfriends house and ours. We now own everything we have, it has not been easy but we have managed to have a comfortable life. Our kids and partners have good jobs paying much better money than we ever earned. They tell us to spend what we have, they don’t need any of it. They will end up with a substantial inheritance one day. Our plan is to leave half our estate divided amongst our four grandkids, and half divided between our two kids. Both kids are happy for this to happen, they tell us they don’t mind if we want to leave it all to the grandkids as they will probably struggle more to afford a house. I think the younger generation want it all, and want it now, then end up with debt they cannot pay, relationships break down due to the stress of it all, children end up lost not knowing where to find comfort. But yes, let’s blame the baby boomers, maybe if they followed some of our advice and got back to basic needs, not wants, they would find life much easier and less stressful.

 

[Luckyus]

In recent years, the so-called baby boomer generation (55-74 years old)—today’s seniors—has received a barrage of criticism from younger Australians.

They've been accused of hoarding wealth, inflating the housing market, and even squandering their children's inheritance.

But is this the whole truth? Clive Hamilton, a prominent author and proud baby boomer, doesn't think so.

In a recent opinion piece, Hamilton, along with his daughter Myra, debunked several of these 'toxic' myths surrounding his generation.

In his piece titled ‘Blaming Baby Boomers for your money woes is unfair, lazy and wrong’, he pointed out that it has 'become a crime to be born in the 20 years after World War 2', as 'generational warmongers' have set their sights on seniors.

View attachment 36257

A senior debunked ‘toxic' myths about his generation. Image source: Freepik.

Clive, a former Greens candidate, is a member of the Order of Australia and a Professor of Public Ethics at Charles Sturt University. His daughter Myra is an Associate Professor at the University of Sydney, where she researches gender, ageing, and care.

Together, they've taken a stand against the generational blame game.

One of the most common accusations levelled against seniors is that they enjoyed free university education, a privilege not extended to subsequent generations.

However, the Hamiltons pointed out that fewer than 10 per cent of their generation benefited from the 'fabled free university education'.

In 1974, Gough Whitlam's Labor government abolished fees for undergraduate university degrees to make education more accessible for the working class.

At that time, most university students came from upper and middle-class families, as year 12 finishing levels were still low.

In 1989, Bob Hawke's Labor government replaced free tertiary education with the Higher Education Contribution Scheme (HECS), which meant graduates paid for their education after they earned above a certain threshold.

'That was the reason for HECS, so that low-income people would no longer subsidise middle-class kids to get the high-paying jobs,' the opinion piece read.

The Hamiltons argue that the narrative of free education for all baby boomers is a myth. In fact, baby boomers, specifically those in their late-60s and in the 'builders sub-generation', still hold a measly less than 10 per cent rate of university graduates.

In contrast, they said generations succeeding that of the baby boomers’ have enjoyed increasing rates of holding degrees, with as much as half of today’s applicable youth being university graduates.

Another common accusation against seniors is that they are hoarding financial resources and squandering their children's inheritance. This is often referred to as 'skiing' or 'Spending Kids' Inheritance'.

However, the Hamiltons debunked this myth, stating that baby boomers are actually responsible for a massive transfer of wealth between generations.

'Over the next couple of decades baby boomers will bequeath a massive $3.5 trillion in assets to their children, the same ones they have been oppressing so thoughtlessly,' they wrote.

According to a 2021 Productivity Commission report, over the next couple of decades, baby boomers will pass on a massive $3.5 trillion in assets—mostly property and superannuation—to their children through inheritance by 2050. This figure is expected to grow over time, with the current $120 billion inherited per year predicted to rise to $500 billion by 2050.

The Hamiltons also addressed the accusation that baby boomers are to blame for the state of the housing market.

While they acknowledged that the housing market is 'shockingly unjust', they pointed out that the fastest-growing demographic becoming homeless isn't those in their 20s, but 'women over 55, baby boomers'.

They argued that the narrative of all seniors being wealthy and responsible for the housing crisis is misleading.

'There are rich baby boomers and there are poor baby boomers and many in between. This fake conflict is responsible for enormous bitterness out there,' they claimed.

The unaffordability of housing in Sydney and Melbourne for middle and average-income earners may be attributed to the high immigration rates in the past two decades as property prices continue to rise despite the Reserve Bank’s 13 interest rate rise.

The Hamiltons' piece serves as a reminder that there’s a lot more nuance to the puzzling generational blame game that rears its head now and again.

While it's undeniable that economic conditions have changed since the baby boomer generation, it's essential to remember that not all members of a generation share the same experiences or advantages.

Key Takeaways

• Prominent author and baby boomer, Clive Hamilton, and his daughter have written an opinion piece debunking several 'toxic' myths surrounding baby boomers.
• The Hamiltons revealed that less than 10 per cent of the baby boomer generation benefited from free university education and that they will be leaving a significant $3.5 trillion in assets to their children.
• They also argue against the idea that baby boomers are solely responsible for the state of the housing market, fuelling inflation and rising rents.
• The article outlines the increasing economic hardship of younger generations while pointing out that the fastest growing demographic becoming homeless are 'women over 55, baby boomers'.

What do you think, dear members? Is it fair to blame an entire generation for the economic challenges faced by younger Australians? Or is it time to move beyond generational warfare and work together to create a fairer society for all? Let us know your thoughts in the comments below.

If true my ancestors must have been bad bastards!!!

 

[pymmie]

At the Age of 14 I got my first Job after school at 'FOY's" so I could buy clothes that my parents could not afford me. By 16 I had a full-time job and was paying rent to live at home. My Boyfriend was a Paper boy at the age of 10 getting up 5am to do 2 paper rounds before school and another one after school as well as weekends.

He had an apprenticeship at the age of 16 and also a part time Job at another garage on weekends. I also worked overtime every chance I could get and sold house wares Via Party Plan in ladies homes to earn extra money, so we could save for our first car and eventually a house, which took 5 years of savings..
We Met at the tender age of 16 and 17 and we are still together, 53yrs Married. Any wealth we have managed to save is due to our hard honest work, and putting away every cent we could to achieve our Goal.

This precious Generation wants everything immediately, they are self-centered and want the best of everything. they are not prepared to save or work hard for it. They expect to live rent free at home off their parents and party to all ours of the morning.

We are not responsible for the housing prices of today, Blame Inflation and the government not us. We were taught never to expect anything for nothing and if you wanted something you had to earn it.
Inheritance is a gift and should not be expected. So stop your winging, stop thinking of yourselves and start saving your money instead of spending it on Technology.

 

[mylittletibbies]

This generation are good at the blame game.
As everyone pointed out, our generation worked hard for what we have. My ex and I even spent 3months working on a property picking tomatoes to save for our first home deposit.
It was back breaking work and we were the only ones to stick it out.
People came.and went, some lasting only a matter of hours, most no longer than a week.
We bought a small house in the country and over the years gradually got a better
This generation want to start where we are finishing off. Big houses, swimming pools, theatre rooms, butlers pantries, etc etc etc. Don't forget the four wheel drive fuel guzzler to take the kids to school, a fortune spent on tec,
Most of our generation had never heard of the dole, and it was shameful to be on it.
This generation want everything for nothing, expect the govt to pay for everything. Welfare has become a lifestyle choice with children having children so they can get welfare and not have to work.
We didn't have subsidised child care we paid friends or family to look after our children.
We lived within our means, most people didn't even have one credit card let alone several.
And as far as spending the kids inheritance. They should be grateful for anything they get. Their parents earnt it and are entitled to spend
it if they so wish.

 

[Jest]

We both came from pretty poor backgrounds. Started work in hard manual jobs as had to leave school without the chance of going to university, or even tafe. Married young, did the usual struggle to save for our first house deposit. We owned a fridge, washing machine, lounge, TV and china cabinet when we moved in. We had been in a furnished flat until then. Slept on a mattress on the floor, had an old wooden cupboard for our clothes. Ate meals at a picnic table using old chairs we borrowed from parents. Took us a few years to save and buy proper furniture as we could afford it. Waited for seven years to have our first baby so I could stay home and look after her, had our second baby two and a half years later. Decided early on we only wanted two kids so we could give them more opportunities in life than we had. When I returned to work I worked when my husband was home, usually nights and weekends. Our kids never needed child care, they were babysat after school for a short time when in primary school. We made lots of sacrifices to get where we are today. We helped both kids with money towards their deposit for their first homes. Now hubby is retired, I work part time, we are part pensioners. We have been supporting our grandson since he was 14 and left home due to family issues. He now works and lives between his girlfriends house and ours. We now own everything we have, it has not been easy but we have managed to have a comfortable life. Our kids and partners have good jobs paying much better money than we ever earned. They tell us to spend what we have, they don’t need any of it. They will end up with a substantial inheritance one day. Our plan is to leave half our estate divided amongst our four grandkids, and half divided between our two kids. Both kids are happy for this to happen, they tell us they don’t mind if we want to leave it all to the grandkids as they will probably struggle more to afford a house. I think the younger generation want it all, and want it now, then end up with debt they cannot pay, relationships break down due to the stress of it all, children end up lost not knowing where to find comfort. But yes, let’s blame the baby boomers, maybe if they followed some of our advice and got back to basic needs, not wants, they would find life much easier and less stressful.

you are to be congratulated. I am so pleased i was a 39er. married 1960 the best time ever. appreciation for everything.

 

[Jest]

At the Age of 14 I got my first Job after school at 'FOY's" so I could buy clothes that my parents could not afford me. By 16 I had a full-time job and was paying rent to live at home. My Boyfriend was a Paper boy at the age of 10 getting up 5am to do 2 paper rounds before school and another one after school as well as weekends.

He had an apprenticeship at the age of 16 and also a part time Job at another garage on weekends. I also worked overtime every chance I could get and sold house wares Via Party Plan in ladies homes to earn extra money, so we could save for our first car and eventually a house, which took 5 years of savings..
We Met at the tender age of 16 and 17 and we are still together, 53yrs Married. Any wealth we have managed to save is due to our hard honest work, and putting away every cent we could to achieve our Goal.

This precious Generation wants everything immediately, they are self-centered and want the best of everything. they are not prepared to save or work hard for it. They expect to live rent free at home off their parents and party to all ours of the morning.

We are not responsible for the housing prices of today, Blame Inflation and the government not us. We were taught never to expect anything for nothing and if you wanted something you had to earn it.
Inheritance is a gift and should not be expected. So stop your winging, stop thinking of yourselves and start saving your money instead of spending it on Technology.

blame the parents for the rent free. obviously those parents didn't have to much knowlege.

 

[Maicar]

In recent years, the so-called baby boomer generation (55-74 years old)—today’s seniors—has received a barrage of criticism from younger Australians.

They've been accused of hoarding wealth, inflating the housing market, and even squandering their children's inheritance.

But is this the whole truth? Clive Hamilton, a prominent author and proud baby boomer, doesn't think so.

In a recent opinion piece, Hamilton, along with his daughter Myra, debunked several of these 'toxic' myths surrounding his generation.

In his piece titled ‘Blaming Baby Boomers for your money woes is unfair, lazy and wrong’, he pointed out that it has 'become a crime to be born in the 20 years after World War 2', as 'generational warmongers' have set their sights on seniors.

View attachment 36257

A senior debunked ‘toxic' myths about his generation. Image source: Freepik.

Clive, a former Greens candidate, is a member of the Order of Australia and a Professor of Public Ethics at Charles Sturt University. His daughter Myra is an Associate Professor at the University of Sydney, where she researches gender, ageing, and care.

Together, they've taken a stand against the generational blame game.

One of the most common accusations levelled against seniors is that they enjoyed free university education, a privilege not extended to subsequent generations.

However, the Hamiltons pointed out that fewer than 10 per cent of their generation benefited from the 'fabled free university education'.

In 1974, Gough Whitlam's Labor government abolished fees for undergraduate university degrees to make education more accessible for the working class.

At that time, most university students came from upper and middle-class families, as year 12 finishing levels were still low.

In 1989, Bob Hawke's Labor government replaced free tertiary education with the Higher Education Contribution Scheme (HECS), which meant graduates paid for their education after they earned above a certain threshold.

'That was the reason for HECS, so that low-income people would no longer subsidise middle-class kids to get the high-paying jobs,' the opinion piece read.

The Hamiltons argue that the narrative of free education for all baby boomers is a myth. In fact, baby boomers, specifically those in their late-60s and in the 'builders sub-generation', still hold a measly less than 10 per cent rate of university graduates.

In contrast, they said generations succeeding that of the baby boomers’ have enjoyed increasing rates of holding degrees, with as much as half of today’s applicable youth being university graduates.

Another common accusation against seniors is that they are hoarding financial resources and squandering their children's inheritance. This is often referred to as 'skiing' or 'Spending Kids' Inheritance'.

However, the Hamiltons debunked this myth, stating that baby boomers are actually responsible for a massive transfer of wealth between generations.

'Over the next couple of decades baby boomers will bequeath a massive $3.5 trillion in assets to their children, the same ones they have been oppressing so thoughtlessly,' they wrote.

According to a 2021 Productivity Commission report, over the next couple of decades, baby boomers will pass on a massive $3.5 trillion in assets—mostly property and superannuation—to their children through inheritance by 2050. This figure is expected to grow over time, with the current $120 billion inherited per year predicted to rise to $500 billion by 2050.

The Hamiltons also addressed the accusation that baby boomers are to blame for the state of the housing market.

While they acknowledged that the housing market is 'shockingly unjust', they pointed out that the fastest-growing demographic becoming homeless isn't those in their 20s, but 'women over 55, baby boomers'.

They argued that the narrative of all seniors being wealthy and responsible for the housing crisis is misleading.

'There are rich baby boomers and there are poor baby boomers and many in between. This fake conflict is responsible for enormous bitterness out there,' they claimed.

The unaffordability of housing in Sydney and Melbourne for middle and average-income earners may be attributed to the high immigration rates in the past two decades as property prices continue to rise despite the Reserve Bank’s 13 interest rate rise.

The Hamiltons' piece serves as a reminder that there’s a lot more nuance to the puzzling generational blame game that rears its head now and again.

While it's undeniable that economic conditions have changed since the baby boomer generation, it's essential to remember that not all members of a generation share the same experiences or advantages.

Key Takeaways

• Prominent author and baby boomer, Clive Hamilton, and his daughter have written an opinion piece debunking several 'toxic' myths surrounding baby boomers.
• The Hamiltons revealed that less than 10 per cent of the baby boomer generation benefited from free university education and that they will be leaving a significant $3.5 trillion in assets to their children.
• They also argue against the idea that baby boomers are solely responsible for the state of the housing market, fuelling inflation and rising rents.
• The article outlines the increasing economic hardship of younger generations while pointing out that the fastest growing demographic becoming homeless are 'women over 55, baby boomers'.

What do you think, dear members? Is it fair to blame an entire generation for the economic challenges faced by younger Australians? Or is it time to move beyond generational warfare and work together to create a fairer society for all? Let us know your thoughts in the comments below.

 

[Maicar]

Whoa, wait till their house mortgages reach 17.5% for 8 months. Like ours did in 1989-1990. before that it was at 10%. We lived on Soups and Casseroles. No bought Christmas presents for us, homemade clothes, homegrown fruit and vegetables. Paid bills first. What was left over got divvied up for necessities. I didn't go to university. I trained in 1974-77 as a Registered Nurse, then 1987 as a Midwife, no maternity leaves for me, saved up holidays and long service leave, had a very loving, loyal and helpful partner. Built a 2-bedroom house and added on to as we could afford, had hand me down furniture that we repaired, sanded and stained proudly. We eventually were able to buy an investment unit and do up properly to a high standard and rent out. That was a headache, tenants needs always came before ours, and rightly so, they helped to pay our mortgage, but we had a vision. Achieved it, as when we got too tired and weary, we retired, sold all during Covid and moved to smaller city. Now have what we want. Still have a vegetable garden and fruit trees. I worked for 46 years; partner worked 50 plus years for himself.

 

[Jumping Jack Flash]

Absolutely.
When we started out, our aim was to live within our means and not to get too heavily in debt. That meant both having full time jobs, saving like mad to buy a block of land in a not too popular area then build a modest dwelling without all the fancy trimmings. We worked hard to get there and earned the right to be proud of what we did. We built our own home and were willing to get our hands dirty in the process.
The first year was spent sitting on bean bags, making a dining table out of cardboard boxes and sitting on milk crates to eat there. We saved for everything and bought as we went.
Now after 45 years, we live in an aged friendly home and don't have a mortgage. Our sons will reap the rewards when we pass.
So many of today's generation seem to be happy to borrow to the Max, including furnishings and fancy fit outs, whilst happily committing to 50 years of debt. I am not surprised to hear they struggle, especially once the kids start coming.
I have no guidance to offer today's up and comers as we never had to face such money triggered burdens. At the same time, I will not accept blame for people today who blame us baby boomers for their life choices.

Hear, hear ......

 

[marni]

This " spend their inheritance" is nonsense - there is no inheritance until someone has died - before that its "spend their money".

 

[Knell]

I don't understand where Clive Hamilton gets his facts? about what the younger generation thinks ...is this based on a published survey of some kind? hmmm...

 

[MariaG]

This " spend their inheritance" is nonsense - there is no inheritance until someone has died - before that its "spend their money".

Have to agree with you there.
My parents used to constantly talk about doing what they were doing so us 4 children could be left something when they go. I remember a discussion with mum about this some time after dad had passed. She was going to rattle around in the family home for the purpose of keeping it for us. She wasn't going to sell up and down size. After talking to my siblings and I, she was convinced to do the best thing for herself at the time. It worked out really well for her as she aged.
You cannot live your life for the sole purpose of improving someone else's after you are gone.
There is no obligation except to make your wishes known.