We asked people from each of the four largest generations – Gen Z, Millennials, Gen X and Baby Boomers – how their finances have been hit this year.
, the Generation X and Xennial – or “Elder Millennial” – age groups are dealing with the financial pressures of larger households with children, recent upgrades to larger homes, car purchases, and daycare and school fees.
“We have cut everything in our budget back to the absolute bone,” Grey says. “We are on the cheapest phone plans, we have scrutinised and cut back on everything.” Robyn and husband Alexander receive the childcare subsidy, after the federal government expanded access to families earning north of $350,000. But their childcare centre followed by increasing fees. Still, Robyn says things are better than before, when the fees almost equalled her take-home pay. Starting her eldest at a Catholic primary school next year will be cheaper than daycare.
So, the family is cutting back. A trip to Europe became one to Fiji; they have health insurance but not extras cover. But there are some costs they have to bear: like many, they were shocked when their electricity bill hit $1000 last quarter.Grant says families with children can find it harder to cut back their spending.
“It is hitting them hard. You can see that when you go to restaurants, you find that everything is empty.” Twenty years ago, he purchased his current home, which he owns outright, for $575,000. “It would probably go for $2 or $3 million now, it’s astonishing,” he says. Retiring 10 years ago, Witt says she feels lucky her apartment – in a part of Sydney which has rapidly gentrified since the 2000s – was not included in the assets test for her pension.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Meet the young people quitting their jobs to travel - and their message to burnt-out Millennials‘I could not do another day. It was just so draining.’
Read more »
Gen Next gaining the upper hand in arm wrestle between young and oldAs younger Australians in cities increasingly decide who governs, they will earn the right politically to also decide what taxes they pay and what services they fund.
Read more »
Allegedly murdered mum and baby to be honoured and remembered todayThe bond between 30-year-old Tayla Black and her 11-week-old baby girl, Murphy Margaret, has been described as a 'radiant light' ahead of their funeral today. The pair were found dead in their Rockhampton home earlier this month.
Read more »
Entire colonies of baby penguins killed by ice loss, researchers sayResearchers said it is likely that no chicks survived in four of the five breeding colonies they examined.
Read more »
The time of the Baby Boomers is overElectoral demographics are shifting away from those who have done so well out of the largesse of the past few decades.
Read more »