Younger people now even cutting back on essentials, as older Australians spend up on cruises and restaurants
Younger people now even cutting back on essentials, as older Australians spend up on cruises and restaurants
My parents keep asking my wife and I to fly out to spend time with them.
They don’t get that we are trying to save for a house. Like, I do want to fly out and visit you, but we live in different countries and once all things are considered, we will be paying a huge amount of our savings to go out.
My wife and I just got to a point where we can start to save good money each month. Our parents owned their own home by the time they were our age. It’s like we have to play this game of catchup to have some stability.
"Interest rates mostly hurt people who have big loans" is news now?
And people who rent, which is a majority or significant minority depending on how you define young.
Yeah, I get that there's a real issue now, mostly driven by wage stagnation, but younger people have always had to do more being tightening than older people, at least as long as I've been alive. When I first got married, we had to buy the cheapest food we could while my parents and their friends were going to Hawaii, and that was in the 80s.
A big difference, however, is that houses in the 80s were 3-4 times the average income. Now that ratio is about 10x.
Younger generations always need to work harder than older people, yes, but the major difference is that working hard these days doesn't provide the same rewards that it once did.
yeah but how old were you when you got married?
How old were your parents?
At my age (45), my parents had paid off their house. Me? I just managed to get the mortgage going last year. And I earn a fuckton more than they did.
I love that generational inequality can be measured in this way. It would be great to see how different policy changes in the last 50 - 60 years correlate across generation groups.
This is the best summary I could come up with:
Young people are continuing to bear the brunt of rising interest rates and rental pressures, while older Australians are splashing out on cruises and dining out, new spending data indicates.
Its latest quarterly report found that after spending on housing costs is stripped away, people under 30 years old are even cutting back on essentials such as food, fuel and insurance.
He says this trend reversed and a "tipping point" emerged in mid-2022 as the Reserve Bank of Australia (RBA) started hiking interest rates to tackle rising prices (inflation).
Independent economist Nicki Hutley tells ABC News that the drop in spending by this age group "must be the rental effect" because not many Australians this young have yet bought their own homes.
This divide between generational spending and cutbacks has been leading to concerns that the Reserve Bank of Australia's macroeconomic policy is unfairly punishing younger people.
It is also more likely you're feeling financially stressed right now if you're in an eastern state city, such as Sydney or Melbourne, where rents are still rising after international migration hit a record high and net outflows to regional areas slowed post-COVID.
The original article contains 925 words, the summary contains 189 words. Saved 80%. I'm a bot and I'm open source!
Older people have worked all their lives.... That is how it should work
And he’s lost all credibility. Nothing about the cinemas is a cheap time out.
I live in a third would country and the cinema is really cheap here.
They are just as nice as the ones in the states, but they don’t charge a fortune for popcorn.
Additionally, you can bring your own food and drinks.
A few years ago one cinema tried to ban it and their competitor advertised that they welcome outside food. Banning outside food was dropped almost right away.
So, grab a burger king meal, some ice cream and head into the cinema.
Not sure how it is in Australia.
You can use this tool to compare: https://www.numbeo.com/cost-of-living/comparecountriesresult.jsp?country1=Australia&country2=United+States
My cinema down the street costs $18.50 for an adult.
formally the position is "no outside food"
In reality the ushers don't get paid enough to give a shit