So, they did this survey with boomers and this
is what they found,
“Most
boomers won’t give up retirement lifestyle to help children, Australian survey
finds
Four
in five think their kids have it harder than they did at same age, but seven in
10 unlikely to compromise retired life to help
Baby
boomers can see younger Australians are struggling financially and want to help
where they can, but they are not willing to do so at the expense of their
retirement lifestyle, new research shows.
Four
in five Australians over 65 think their children are facing harder times than
they experienced at the same age and a corresponding three in four believe
passing on their wealth is important, according to new research by the banking
and superannuation company AMP.
But
despite wanting to help, seven in 10 surveyed said they were unlikely to
compromise their retirement lifestyle to do so.”[1]
I think the most significant
thing this survey revealed is that most boomers are actually aware that their
children are worse off than they were at the same age. The costs bearing down
on a millennial family now in their 30’s to 40’s is far and above what it was
for the same type of family at that age in the boomer generation.
Boomers had it so much
better that there are countless older people out there who have gotten divorced,
and both sides of the divorce are still doing well financially compared to many
people in the younger generations who haven't. Mistakes like this just punish harder now, than they once did. You can look up these kinds of figures yourself.
But this is revealing, not that they don’t want to give up their lifestyle,
that we younger generations have always understood, but that they know how much
better they have it and are not willing to cost themselves for the sake of
their offspring. This is a bit more surprising. There are exceptions of course, there always will be. But
these statistics show that the exceptions are the minority, as we also knew.
I don’t think we can change
the older generations. I have actually counselled many people in my generation
when asked about trying to do so, that this is a foolish, soul crushing, tiresome quest, that just ends
in increased heartbreak. So what we should do is look forward. There is no
doubt that in virtually ever important metric by the time the boomers have
retired, they will have handed a nation to their offspring with a worse
economy, a worse, culture, less wealth, less ability to rise through the class
ranks of society, and a less cohesive society because of the large immigration
that is being relied upon to pay for the welfare and medical debt that their generation
benefits from the most. So, it is our responsibility to look forward to work hard to hand our children a
better society.
Here are some principles:
1) How can you use your wealth to benefit your children? Think not about your wealth as your means to enhance your lifestyle. Think of it as your tool to bless your children and their children. Plan accordingly.
2) Homeschool, or if for some reason you are not able to homeschool, invest in your family relationships to the degree you wish your parents had done for you. I suggest homeschooling because this is a sure-fire way to create a deep bond in a family. I have observed this again and again. But it is not the only way to ensure this, I know families who have used conventional schooling and have still been able to do the same. The deeper principle is prioritize building bonds within your family above all else. This will create a culture in your home where you are all geared to looking after each other. Boomers were conditioned by the media of their generation to pursue self-fulfilment, some broke out of this, most, as seen by the figures, did not. A culture of family dependence will help shield you from the same mistakes.
3) Don’t expend your energy trying to change your parents if they are always holidaying overseas, or in their caravans, or otherwise. Taking holidays is not wrong of course, but we all know there are those who go above and beyond on this. Don’t expend your energy on this, rather pray about it, give it to God, and then be fully prepared to have to start building again in your generation. A large percentage of the wealth of boomers will end up in the hands of caravan makers, luxury age care resort owners, and cruise ship companies. Consider investing in one of these or a similar industry and direct it towards building wealth for your kids and their kids. If you spend time trying to change your parents you will be disappointed. For Christians, God can do this, I have seen it, I really have. But outside of this use your energy to look forward, not feeling bitter about looking at what could have been.
4) Be aware of the psyops. Boomers were taken for all they were by the biggest psychological operations in history. They all watched the same shows and listened to the same handful of radio channels. But they are still responsible for believing the lies they were told. We should learn from this and be aware of the lies the current media is telling and teach our children to see through them. If we do we will be preparing them in a way that we were never prepared. We won’t get it perfect either, but we can turn the tide a little from generation to generation.
More could be said, but we younger generations simply have to recognize that the older generations are what they are. The stats show that the experiences of many Gen-x and Millennials are felt society wide. Which should encourage us to recognize that there are many other younger families who will also want to seek to turn this tide. We can help each other in this. That's a bonus.
List of References
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