Is the late baby boomer generation truly the luckiest in history? This question has been at the forefront of many discussions, especially as the baby boomers, born between 1946 and 1964, continue to shape the world around them. In my opinion, the answer is a nuanced 'yes' and 'no'. While it's true that many late baby boomers have enjoyed significant advantages in areas like higher education, pensions, and housing, it's essential to consider the broader context and the experiences of other generations. Personally, I think that the late baby boomers have been particularly fortunate, but not necessarily luckier than other generations. What makes this topic fascinating is the interplay between personal experiences and societal trends. In my view, the late baby boomers have benefited from a unique set of circumstances that have shaped their lives in profound ways. One thing that immediately stands out is the opportunity for higher education. My generation was fortunate to attend university without incurring substantial debt. The English student loan system, which has faced criticism for its fairness, was not in place during my time. Instead, the government provided annual maintenance grants and covered tuition costs, making university accessible to a wider range of students. This is a stark contrast to the experiences of younger graduates today, who often face substantial debt and the burden of repaying loans. What many people don't realize is that the student loan system, while it may appear unfair, was designed to make higher education more accessible to a broader population. It aims to provide fairness between generations rather than across generations. The system is structured to cover losses on lower-income graduates from the profits made from higher-income graduates, ensuring a degree of equity. However, the reality is that many of my peers didn't have access to defined benefit pensions, which are now a luxury for millennials and Gen Z. Employers offered these generous pension schemes in the 1980s and 1990s, but they have largely disappeared in the private sector. This means that many of my generation worked in an era where employers provided a safety net for retirement, which is now lacking for younger workers. The timing of my generation's house-buying journey was also propitious. Buying a flat in London in 1988, I benefited from a transition period in the housing market, where interest rates were favorable, and property prices were more manageable. This allowed me to upgrade to a bigger flat, which subsequently soared in value over the two decades I held it. However, this advantage is not shared by those who came into house-buying age after 2015, who have faced the challenges of high house prices and rising interest rates. In conclusion, the late baby boomers have indeed been lucky in many ways. They have enjoyed the benefits of accessible higher education, generous pensions, and favorable housing conditions. However, it's essential to recognize that their luck is not solely due to personal circumstances but also the unique societal trends of their time. The grand disappointment of the last two decades has been the decline in per capita economic growth, which has affected all generations. The late baby boomers have been blessed to live and work in a country that seemed to be on a growth trajectory, where things were getting better. In my opinion, the late baby boomers are not the richest of cohorts, but they have been fortunate to experience a period of economic growth that has shaped their lives in profound ways. The question of intergenerational equity is complex and multifaceted. While the late baby boomers have enjoyed significant advantages, it's crucial to acknowledge the experiences of other generations and work towards a more equitable future for all.
