“No generation should be less well off than the one before” is an old adage of decreasing relevance to Australian millennials. Forget the near impossible task of entering the housing market, attempting to save in a half-decade of no real wage growth or the escalating cost of living – the biggest challenge facing our generation is the structural high cost base and aging society. For example, there are 4.5 working taxpayers currently paying for the healthcare and pensions of every Australian over the age of 65.
By 2050 the taxpayer to old age pensioner ratio is anticipated to drop to 2.7:1, while the cost of those services per person is expected to increase at the same time. My generation will be left worse off than generations before us, thanks to a culture of entitlement among those who can afford to take care of themselves.