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NewsBoomers Bite Back: “No Whining Millennial is Going to Drive Me From My Castle”
Boomers Bite Back: “No Whining Millennial is Going to Drive Me From My Castle”

Boomers Bite Back: “No Whining Millennial is Going to Drive Me From My Castle”

One suggestion last week certainly put the cat amongst the pigeons. It was that Baby Boomers are 'selfishly' hanging onto their spacious well-located homes and not retiring to the coast anymore.

Your comments didn't hold back about the sacrifices you'd made to get there, and no amount of 'guilt-tripping' would get you out.

But with the buzzwords of 'intergenerational wealth transfer' unlikely to go away, stay tuned for more fireworks.

Last week's story, see here, raised the issues of an undersupply of family homes in better suburbs caused by the usually older occupants staying put.

It comes as another report highlights, read here,  the widening gap between the older and younger generations not just in housing but by a range of other measures such as health, education, and the environment.

The Australian Actuaries Intergenerational Equity Index (AAIEI) says while the so-called 'equity gap' between our generations might have closed slightly after COVID, any gains for young people would only be temporary.

The actuaries, the well-paid maths whizzes who rate risk for insurance companies, track how wealth and wellbeing for different generations change over time and usually highlight the difference between older and younger Australians is getting larger.

Like it or not, it's an issue that isn't going to go away, and I'd suggest if we FiftyUps don't make some moves to help address this, other people (i.e. politicians) may do it for us.

It brings us back to just one of these areas: your comments on housing and what it took for different generations to get a property toe-hold.

Someone from QLD commented:

Absolutely not! They have worked hard for everything they have and did it hard early in life. As a family of 6, we lived in a 3 bedroom home with one bathroom, not unusual for our generation. That would be a very unusual situation for young families today.

Paula from NSW commented:

My husband took on 3 extra jobs in order for us to save a deposit for a block of land that we paid off. We didn't eat out or buy anything we didn't need. I darned his socks and when his collars frayed I took them off and turned them around, in other words we went without.  We have worked hard for our home and we enjoy it so no whining millennial is going to drive me from my castle. I'll move when I'm good and ready.

Robyne from NSW commented:

Why do people think that I should do something I do not want to do. I will stay in my house 🏡 until I die. Get a few jobs & buy a house for yourself you are not getting mine. Don't ask a stranger to do something you would not do!!! Get a life

Marilyn from SA commented:

Ha I love the society of today everyone blames someone else for their problems. We oldies did not get great wages and women were worse off we couldn't even get a loan because we were female and would be having babies. I have no intention leaving my home for anybody. So I suggest they all start to put in the hard yards and stop pointing fingers at those who have already done so.

Andrew from SA commented:

Always fascinates me the youth of today point the finger at those of us owning our own homes as the cause of their troubles in buying a home. They were not around in the days when we were suffering mortgage interest rates between 17 and 20% in the late 80's and early 90's. The struggle through those times was significant and we have earnt the right to live as we wish.

John from NSW commented:

What an irritating article! No I'm not selfish - it’s my house and I will do what I want with it. In any case, I'll be dead in less than 30 years, so there's a house for you mewling moaners out there.

 

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Someone
Someone from VIC commented:

1st house,1980,mortgage 9%, soon rose to 12%. Then with a boy and a girl need to get 3 bedroom house. Whilst sale underway mortgage went to 17.8%.wonder how these extravagantly living snowflakes would manage that,. We had no maternity leave, no childcare support. They need to start looking at some old fashioned humour, stop reading all this PC crap, and get real life friends they personally connect with. They might find a much happier, less demanding way to live. PS - they could start by making their own coffee, toasting some bread and squashing an avocado on it. Save money and time. 

Edna
Edna from NSW commented:

Well I agree with the comments made and I would like to add the following. In growing up in the 60's and 70's and beyond, we very rarely, if ever, went out to dinner, breakfast or just had coffee and cake somewhere nice. We bought our furniture in Vinnies. The young generation want everything new, no second hand stuff for them. We worked two jobs each and traveled by public transport to save money. These days, young people have their own cars, which cost a good deal of money. Our Honeymoon was spent in Queensland, not the young people. Many travel overseas for their wedding and honeymoon.....a wedding which the old folk pay for. When I went overseas it took me twelve months to get enough money to travel and I stayed away for 2 years because of the cost. Today, young people travel overseas often. 

Ronald
Ronald from QLD commented:

Maybe less parting designer cloths and the latest tech gadgets that cost as much as a house.instead try 3 jobs and small business on the side often night travel to get there and back. Then quick shower ,cup of coffee the of to work to star at 7am and stat the same over again.I know manny boomers did the same. so leave our houses alone. 

Ronald
Ronald from QLD commented:

Yes we might have a large house, but that large house that we worked hard for and went without came in very handy when my children and grand children lost their jobs during lockdown there were 12 people living at home,, and I enjoyed every minute of it.who knows when it will they will need us again in this climate..when we were young we were told to work hard and save for a family home. That’s what we did and many like us as I see it my family come first. Not the general public. and I hate the beach 

Victor
Victor from NSW commented:

It’s quite obvious that demands for boomers to leave their homes comes from two groups: 1. Developers seeking profit and 2. Marxists seeking a socialist economy. I saw the results of socialist housing in a 2008 trip through Eastern Europe including the former Democratic Republic of Germany. Drap, high rise buildings with small 2 room flats. The contrast in buildings between East & West Berlin following the fall of the Berlin Wall in 1989 was startling. The magnificent West Berlin residents suddenly stopped to display row upon row of ugly identical white high rise residential blocks. It immediately reminded me of similar buildings springing up in Sydney, particularly the massive high rise housing blocks in Redfern. Boomers resist the Developers & the Marxists to your dying breadth. Socialism is a disease worse than any pandemic. It is the destroyer of freedom & the harbinger of death by State control. You earned the right to your properties so e joy them as long as you can. 

Rob
Rob from QLD commented:

Typical??? Yes, we hear it a bit. They want everything NOW!!! No saving, no buying small derelict houses in the outer burbs and working your a!$e off, no working 4 jobs so that they could be born and no government assistance. But who taught them that?? My kids know what their parents went through and were brought up to appreciate more. Now they both have degrees, houses, marriages and good jobs. They will get what they want because they will work for it. Luckily, not all of them are so bad. 

Karen
Karen from NSW replied to Rob:

I agree Rob. Unfortunately, there are many who want to start their homeownership where their parents finished. Aspiration is good, entitlement is not! 

Helen
Helen from NSW commented:

I think that it's absolutely unacceptable to say that anyone should give up their home for any reason. Everyone should have the right to live where they want for as long as they want. Isn't that what freedom is? And older people need to be connected to the community more than anyone else, friends, family, doctors and services. Moving means that those connections are broken. Some people cope with that well and are well enough to do so. For others, moving leads to isolation, depression and even death. Young people, too, can give up eating out, having all the downloads and sign up programmes on their phones and internet, older cars etc, expensive travel, in order to save money! 

Someone
Someone from WA commented:

I realise that it is a lot harder these days for the younger generations to afford to get into the housing market because of the ridiculous cost of land. Wanting baby boomers to move out of their homes isn't going to fix that problem, though. To "someone" from NSW - there is no hypocrisy here. Some of us are over 60 or 70 and are pensioners, so there is nothing wrong with checking out deals from the FiftyUpClub. I personally haven't made use of any of the deals so far. I get the emails because I like to read all the different topics that come up and the comments of other people. Elke from WA 

Darryl
Darryl from QLD commented:

Although generations should not be compared, as a Boomer, I find millennials see themselves as "entitled" waiting for their handout. Spending borrowed money on materialistic items, they want top shelf - new home, new car(s), etc, etc,. As others have mentioned - interest rates!! Being employed by a major bank in a lending role the guidelines were considered tough. Bank rate was 17% and building societies, fringe lenders, etc could be as high as 26-27%. Starting at the bottom working our way up to a lifestyle. Most items such as furnishings were well used or hand me downs and we were grateful. Every Boomer has their own stories but each is similar. My boss taught me "if you ain't saved enough you can't afford it. Where are you suddenly going to find repayments if you haven't saved". Today, just because of "never seen" interest rates, they seem to buy everything "on hock" and then "chew like buggery" to pay it off. Eventually they learn they can't afford children as both need to work. In later years was I in a liquidation role - selling the family home. See the emotion when the lender says "you're out, we're in" and the first thing I saw was the pressure placed on the marriage. I could go on and on however I won't for I am concerned what will happen once interest rates start to rise. Don't be in debt up to your neck. 

Someone
Someone from WA commented:

When my husband and I got married in 1974 we had a small deposit, just enough to buy a house. It was a very modest 3 bedroom, 1 bathroom house. It wasn't our 1st choice, but that was what we could afford. When we moved in, there were no carpets or tiles on the floor, no paint on the walls, no ready-made garden. My husband would go to work & afterwards would do the painting, concreting, creating a garden etc himself. It's taken him years to make our house into a comfortable home. Most of our income went into the mortgage & other bills. There wasn't always a lot left over for luxuries. Our hard work has paid off. We no longer have a mortgage to pay & can enjoy our home. We've been here for 46 years and plan on staying as long as possible. The young people of today need to work hard like we did if they want to buy a home & be prepared to make do with less in the beginning. They can upgrade later, when it is more affordable to do so 

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