Who Has It Harder, Boomers or Their Kids?
Some baby boomers have spent their entire life working at a single job, only to see health and retirement benefits slashed or even find themselves laid off in middle age. But their children, 20-somethings burdened with unprecedented student loan and credit card debt, often fear they will be the first generation in American history not to do better financially than their parents.
A recent online survey of 1,752 members of generations X and Y, those between the ages of 19 and 39, asked, "To the best of your knowledge, do you think it is easier or harder for people in your generation to do each of the following than it was for your parents 'generation'?" Their answers:
| Easier | The Same | Harder | |
| Buying a first home | 28 | 25 | 47 |
| Finding good employment | 24 | 32 | 44 |
| Getting an education | 54 | 24 | 22 |
| Supporting a family | 14 | 31 | 54 |
| Saving money for the long term | 20 | 29 | 51 |
| Saving for a child's college education | 23 | 27 | 50 |
Source: American Savings Education Council and the Divided We Fail [dividedwefail.org] coalition (AARP, Business Roundtable, National Federation of Independent Business, Service Employees International Union)
Interestingly, young people think it's easier to get an education today than it was for previous generations. It's just more difficult to pay for it.
Do the kids have it right? Is it harder than ever to support a family and save for retirement? Or have things always been this tough for working families? Please leave your thoughts below.
Tags: retirement
Tools: 
Share
|
| Comments (3) | Print
Reader Comments
Easier to be hard on yourself
Being the son of two baby boomer I feel that my generation has been given all the tools and opportunities to make things easier then our parents had it. Although pop culture, the media, and the inescapable advertising has made my generations focus materialism not savings and planning. My parents always drove average cars, wore average cloths, took average vacations, and lived in an average home. Why at 27 have I already insisted on purchasing a 5 series BMW, buying a house and wearing $200 jeans...
Who Has It Harder, Boomers or their Kids?
The mass exporting of hundreds of American jobs to India started by JP Morgan Chase Bank in recent years and relentlessly pursued by other large US banks illustrates the poor state of the American job market.
Likewise, NAFTA has been a great benefit to foreign countries at the expense of the US. In one North Carolina town, seven of the eight factories have closed since the 1990's.
According to Primerica Financial Services, Inc., more than 67% of all US companies now pay no retirement pensions of any kind.
US companies have beautiful buildings and make millions of dollars in profits; however, the average employee makes $30,000 per year, while the CEO is paid $2,000,000 per year. All of these facts indicate that America is evolving into a lesser developed nation with a few winners and many losers.
who has it harder
although we do what we can to make their lives easier then ours, boomer kids will have it much harder. they'll have ecological, terrorist, aids, and unknown other issues to deal with. we boomers stated out not even locking our doors. yes. they will deal with their problems. but their problems will be much more difficult.
Add your thoughts
Your comment will be posted immediately, unless it is spam or contains profanity. For more information, please see our Comments FAQ.advertisement
