Coming off the back of ‘The Boomer Supremacy’, an article in The Monthly by Richard Cooke that all your angry, propertyless Gen Y mates probably shared on Facebook – which concerned the overwhelming share of wealth and political power baby boomers hold in Australian – The Guardian has released new data about the “perfect storm of factors” that are rorting young people across the western world.
Whereas 30 years ago, the study concludes, young adults consistently earned more than the national average in their nation, this has dramatically slumped to as much as 20% below the average in many countries.
There are many reasons for this, but the biggest ones come down to debt, housing affordability and joblessness. It is, The Guardian says, the first time the incomes of young adults have fallen so dramatically out of step with the rest of society, “except for periods of war or natural disaster”.
The report specifically calls out Australia for its difficult-to-enter housing market, which comes as no surprise to anyone in Sydney or Melbourne trying to source a rental over the past few years. Or, God forbid, actually buy a house.
And, as we have a national conversation about HECS and university funding, it’s worth noting that young people in the US are currently sitting on $1.3 trillion in student debt. That’s a lotta money. Heaps.
Time to get the pitchforks out? Obviously if you piss all your money away on booze and partying, this is the fault of global factors beyond your control too. It’s not mentioned in the report, but I promise you it’s fact.
Source: The Guardian
Photo: Getty Images