New research suggests a quarter of Gen X feel they are ‘sinking financially’
The Financial Markets Authority have just released Good Cents research: savings and debt, a piece of research into how New Zealander’s feel about their financial decisions. It found those aged between 45 and 54 were struggling the most — with 1 in 4 reporting they are “sinking financially”. Across age cohorts, this reduced to 1 in 6.
Of course Gen X are hurting economically!
They are the first User Pays Generation and while we bleed out, we are being told we have to wait longer for our Super!
So Boomers property speculated their way ahead while Gen X were loaded with user plays debt.
Not only does Gen X get fucked over by User Pays (thanks to Boomers voting for neoliberalism), we also have to have less and later Super to ensure the Boomers are ok?
Yay.
Neato.
We are never allowed to make any mention of how fucked that is and another reminder of Generational dominance by the Boomers.
Thanks to that cradle to the grave life subsidisation they got and ensured the rest of us didn’t.
Yay. Can’t ever mention that.
Look, the Boomers can afford life preserving medicines and all the nice perks that come along with their untaxed capital gains, but they’ve helped late stage capitalism burn the planet with climate change and they won’t be around long enough to see the hell they have inherited their grand children.
The political math is turning and for the first time Gen X + Millennials are a larger voting block than the Boomers.
Isn’t it time to talk about estate duties?
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Yes lets just have another culture war rather than looking at fixing our political system. To use and old “Boomer” phrase- sooth move exlax.
Talk about wealth tax, capital gains, corporate windfall taxes, removal of gst on all food etc while you are at it. Nationalise electric companies and water while you are at it too. Take away student debt.
Yes Lone Comet. Add in that the economic forecast is for increase in electricity and food prices by the end of the year. It’s time to talk about getting rid of this appalling Government.
By the way. The 3D graphics aren’t doing it what happened to your previous graphic designer?
“Boomers voting for neoliberalism”
Hold on, sure boomers voted Labour but it was the revolutionary wing of the Labour party with a secret agenda that implemented neo-liberalism. They never told the voters about their plan before their election arranged by Bob Jones (paid with a knighthood).
Yes it was a massive deception, we were happy to get rid of Muldoon only to find that Douglas, Prebble etc were two faced, even Lange regretted hitching to them.
And now we have the same with the scramble to get rid of labour because they saved lives and wanted a more equal society .Now we have a mob way worse than the pig farmer and mumbles Prebble .
1 in 4 reporting they are “sinking financially”? Well, perhaps that might be true, more or less, of any generation cohort. Yes, Gen-x had to suck up user pays – among other changes ushered in by neoliberalism. The latter, however, was the price most paid, in the context of ‘times were a changin’ – yet again. Imv, the biggest change was around work. Former state jobs mostly gone, industry hollowed out.
An alternative perspective might be that those who incurred a student loan debt were the lucky ones – if they chose their studies carefully – although it certainly didn’t seem that way at the time. Those who sidestepped the ‘education, education, education’ mantra and went into trades, even better off. You won’t find too many in the 25% who are ‘sinking financially’ in those who strategically chose their studies or became electricians, builders, plumbers and the like – although a good many have simply buggered off from NZ, disillusioned, like many in the medical profession. Those who are ‘sinking financially’ are the ‘unskilled’ or working in retail and other minimal wage employment, which now hardly covers the living wage – if indeed they can find enough hours. Back in the day even factory workers could afford a mortgage – even in Auckland! The biggest wrought, as a good many on this site have pointed out, is the omission of housing from the CPI. Scandalous!
Agree with you 100% every generation deals with a different set of issues .
tax capital hoarders – Gareth Morgan was on to it. So is Gary from Gary’s Economics. It’s not hard. Use it or lose it.
Means test Super.
Transaction taxes on eCommerce.
For a Conservative Party the Nats are fucking woeful on weaponizing the IRD
See Richard Wolff vid I have noted under the Butter post. He might make some helpful points on this.
Let’s also talk about means-testing NZ Super. Too many wealthy boomers are collecting it because “I’m entitled”.
They do in Aussie I believe – on income earned from paid work but not sure if on total assets.
A lot of the 45 to 54 age group own more houses than any boomer ever owned along with a mountain of throw away consumer must haves .This same generation is the one now fucking the country over big time .How many lived in a shoe box first home and had one family car ? NONE ..They all had to have a 4 bed room ,2 living house along with 2 brand new cars a boat and lots of other toys ,all ticked up on the mortgage hence the massive house hold debt that is sinking NZ faster than willis can sink the ferries .
They voted for the shit that is now happening to them because they thought they were the sorted brigade and racist into the bargain.
Oh look over there ,Ive fucked up and voted for a pile of turd PM and his COC so I will blame my parents whom I have now bled dry of all their savings and have naxed out all my credit living the high life with flash cars and jet skis .
Just another boomer bash which are becoming very fucken boring Martin .
Boomer bashing is fast over taking Maori bashing as NZs latest sport .
Have to agree Gordon, Boomers are getting bashed unfairly especially when you consider the median age in parliament is not the Boomer generation. Also if you look at voter statistics for the 2023 election there were 1,874.528 votes cast in the 18yrs to 59yrs age group compared to 984,358 votes cast in the 60yrs to 70yrs plus group.
https://elections.nz/democracy-in-nz/historical-events/2023-general-election/voter-turnout-statistics/
So who voted in the current abysmal lot again?
Mmm … not surprising that Boomers are outnumbered by voters of other age cohorts. If Gen-x are born between between 1965 and 1980 shouldn’t we need to look at voters aged between 43 and 58 and compare this number to the 980,000 odd Boomer votes?
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