My dad grew up on a farm during the Depression, so kind of a double whammy lesson of fiscal frugality. He paid cash for everything with the notable exception of a mortgage. I think his first new car was in 1963 and it was the most basic of models - no radio. I have to admit I resort to debt more often but did inherit many of his financial traits.
We have been providing funds to our daughter now when she needs it rather than wait for the estate. She came out of post secondary debt-free as a result. The balancing act is to not impoverish ourselves in the process, otherwise we've told her we'll have to move in with her (yikes!). We all hope to avoid long term care homes for various reasons, including cost, but don't know what the future holds. My mom died when I was young and dad died in his bed at home. My mother-in-law was in long term care and it wasn't a great experience. The father-in-law is in Sunnybrook Veterans Centre which is excellent both in terms of cost and quality of care, but that is admittedly a somewhat unique cadre.
Urban housing costs aside, which I am not smart enough to understand all of the background factors, to my generation, the apparent ease that the more recently arrived on the planet enter into voluntary debt for things like lifestyle, entertainment, etc. is quite foreign. I used to have a retirement gig doing background checks for a government-regulated industry and would regular review credit reports. Quite aside from things like student debt, the consistently high amounts owed to credit cards, payday loan sharks and telecom companies, oftentimes in default or arrears, stuck me as quite astonishing.
I'm not sure I get that we boomers have left a mess for following generations but I suppose that type of refrain has gone on throughout history. Certainly, climate change on the negative side (if you believe) and high national debt, but, on the plus side, one of the longest global or large-scale shootin' war-free periods in history, unprecedented average live expectancy, medical advances and the foundation for today's technology.
Much like we tire of politicians blaming the state of affairs on the previous government, and some point it starts to sound like an excuse.
First, I commend your fiscal probity! Right in line w/my type of thinking.
Second, every generation laments both the one that came before, that had to be rebelled against in some way; and the one that follows, which is likewise rebelling against the sins, both real and perceived of its predecessor.
With respect to the boomers, there are reasons for complaint, as there are to laud.
In needs to be said, of course, as with any generation it is comprised of different people, individuals and communities, so any generalization may apply in whole or in part to a plurality or a majority that generations members, but surely wouldn't apply them all.
But taken as a whole, particularly in the North American context, 'boomers' were the generation born from '46-'64; growing up through an enormous boom with the standard of living growing by leaps and bounds yearly.
This was the first generation to experience real wage growth on an enormous scale.
Look at this chart; showing that real wage peaked, in 1973; as the first and second-wave boomers came into the workforce; and through that first period of flat growth saw add-ons like Medicare/Medicaid in the U.S., Universal Healthcare here, the advent of CPP; and exceedingly affordably university tuitions.
Average weekly earnings are $23.24 today, the same as in 1973 when adjusted for inflation.
www.weforum.org
All while having benefited as children from having had their moms at home by and large. (not an argument against feminism/equality, but about rising household incomes with relatively greater social supports).
But as the boomers take power, beginning in the 1980s, we enter the longest period of real-wage stagnation in decades.
The Gen X'ers and Millenials that follow will never see the workplace pensions, and benefits of their parents, will have less job security because those things were claimed by a generation who also then championed low taxes and low-cost consumer goods that took them away from the next 2.
Meh; we all have our faults. Each generation does things that adversely effect or annoy the next.
To the credit of Boomers, that generation did most of the heavy lifting for women's rights; gay rights, and reducing racial inequities (though a long way to go on that one)
The Boomers over threw the "Archie Bunkers' of the world; but replaced them with Reaganonmics, Thatcherism, off-shoring, right-sizing and consumerist gluttony.
Can't win'em all, LOL
thehill.com
