Many of us are aware of the differences between the finances of today’s Millennials and that of the Baby Boomers of the 1950s, but it’s not often that we really take a look at the financial statistics of different generations in order to understand just how differently money was treated then and now. Well, we did in our Generation Debt interactive infographic, and already several sites have had some interesting thoughts to add to the conversation.
AOL Money focused on the fact that disposable income has doubled over the course of the past 100 years, suggesting that millennials are far better off than those of the Swing Generation of the 1920s to 1940s. However, they were also quick to point out that university education was totally free – an important aspect to consider when current university tuition fees are at a staggering £9,000 per year, leaving students in debt before they even start working life.
The CMI (Chartered Management Institute) took a very different approach to the infographic, using the statistics on life expectancy to demonstrate how businesses should be attracting Millennial workers. They argued that since Millennials are expected to live to the impressive age of 80 years old, businesses should be prepared to offer great pension schemes, an age-neutral working environment, and the ability to be more flexible to a generation which will likely be working further into their older years.
The Good Men Project asked one of the biggest questions – did men from the Baby Boomer generation have it better? Many Millennials may be quick to say ‘yes’ when considering the free education and low property prices that baby boomers were lucky enough to enjoy, but their attitude may just change when they’re to browse the infographic and realise that they can expect to live longer and have more disposable income than their previous generations.
Finance Digest also carefully considered the Baby Boomer versus Millennial debate, but not before commenting on just how quickly our finances have changed over the past four generations. They acknowledged that the changing economy has transformed our personal finances completely, using the differences in beer prices (a £3.31 pint today would cost just 5p in the ‘60s!) to reiterate their point. However, they also thought it important to point out that Millennials are more confident with their financial situation than Generation X, their predecessors. Although the cost of living is more for Millennials than Generation X, Millennials do have better choices when it comes to quick loans and payday loans which can help them to better manage their finances on a day to day basis.
Finally, Menprovement showcased the Generation Debt infographic on their ‘Best of the Web’ page, focusing on the financial problems that Millennials face in comparison to previous generations. Perhaps if Millennials can have a greater awareness of their generation’s economic problems, they can take more steps to protect their finances, by repaying debt promptly, saving disposable income where possible, and using short term loans to get them through some of the more difficult times.
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