The question of whether the late baby boom generation is the luckiest in history is a complex and multifaceted one, and it's one that I find particularly intriguing. As someone who was born in 1962, I can't help but reflect on the opportunities and advantages I've had, and how they compare to the generations that followed me. While I acknowledge that my generation has had its fair share of challenges, I believe that we have also been incredibly fortunate in many ways.
One of the most significant advantages that my generation has enjoyed is access to higher education. When I was young, the idea of going to university was not a given, but rather a privilege for a select few. However, by the time I reached my late teens, the number of young people attending university had increased dramatically. This shift has had a profound impact on my generation, as it has provided us with a level of education and skills that have opened up numerous opportunities. The English student loan system, while not without its flaws, has enabled many of us to pursue higher education, even if it means taking on significant debt.
Another area where my generation has been incredibly fortunate is housing. When I bought my first flat in London in 1988, the city was still in the midst of a decline, but it was also on the cusp of a major transformation. By the time I sold it in 1995, the flat had lost value, but it was still a stepping stone to a bigger and more valuable property. This pattern of rising house prices relative to earnings has continued until the mid-2010s, providing a significant financial advantage to those who bought property before the mid-90s. However, this advantage has not been shared equally across the country, with London and its catchment area experiencing much larger gains than the rest of England.
Lastly, my generation has also been incredibly lucky when it comes to pensions. The baby boom generation has benefited from generous defined benefit pension schemes, which have provided a stable and secure source of income in retirement. While these schemes have become increasingly expensive for employers to sustain, they have nonetheless offered a level of financial security that is not available to younger generations. The state pension, which has been bolstered by the triple lock, has also played a significant role in ensuring that pensioner incomes have doubled in real terms since 1995.
However, it's important to acknowledge that not all baby boomers have had the same level of success. Some have struggled with student debt, while others have faced challenges in the housing market due to the high cost of living in London. The decline in per capita economic growth, which began around the time of the great financial crash in 2007/08, has also had a significant impact on the overall wealth and prosperity of my generation.
In conclusion, while I believe that the late baby boom generation has been incredibly fortunate in many ways, it's also important to recognize that we have not all had the same level of success. The opportunities and advantages that I have enjoyed have not been shared equally across the country, and the decline in economic growth has had a significant impact on the overall wealth and prosperity of my generation. As we continue to navigate the challenges of the 21st century, it's essential that we work towards creating a more equitable and sustainable future for all generations.
