Grattan Report: Wealth of Generations
- Thread starter Peter Parker
- Start date
I didn't read through the whole report but have had lots of discussions with colleagues and family members on this topic. We tend to think part of the reason could be due to different expectations in younger Australians. Majority of Gen Ys and Zs want instant gratification and are more willing to spend a lot of money travelling, and purchasing "lifestyle" items. They are generally not as thrifty, or because of the many wants they have no ability to save. Cost of living usually takes the blame but how much are utilities per year vs a European holiday? Its complicated as more than ever we are constantly 24/7 being bombarded with temptations but on the other hand without this spending what would happen to the economy?
This generation has so much more opportunities than ever seen in human history.
Apps which make doing business so easy (gumtree, airbnb, uber, you name it); the ability to jet to another city if an opportunity exists for a fraction of what my parents paid to come to Australia in the 1960s; cheaper cost of goods since everything is now manufactured by machinery in low labour cost countries; access to internet (I can now buy online, compare airfares online, book hotels using agoda) to save considerable expenses.
For every Gen Y who complains about being poorer, why not sell their unused goods on gumtree? I'm sure they'll find at least 500 of them if they spent a Sunday afternoon looking. Alas, most will probably choose to go to a pub to blow another $50.
Apps which make doing business so easy (gumtree, airbnb, uber, you name it); the ability to jet to another city if an opportunity exists for a fraction of what my parents paid to come to Australia in the 1960s; cheaper cost of goods since everything is now manufactured by machinery in low labour cost countries; access to internet (I can now buy online, compare airfares online, book hotels using agoda) to save considerable expenses.
For every Gen Y who complains about being poorer, why not sell their unused goods on gumtree? I'm sure they'll find at least 500 of them if they spent a Sunday afternoon looking. Alas, most will probably choose to go to a pub to blow another $50.
I suggest you read this...
I would rate the 70's and 80's as offering way more for youngsters starting out than today.
They'd have to be the most well travelled generations that's for sure.
forever going OS instead of saving every second trip and putting towards their future.
Bit spoiled I reckon.
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