Every generation thinks it had it hardest. Jo and Kev dig into a Sunday Times article taking a multidimensional look at how Boomers, Gen X, Millennials and Gen Z have fared across five key areas: housing, wages, consumer goods, relationships, and retirement. As parents of four Gen Z kids, this one is personal. Spoiler: the Boomers did have it better — but the picture is more nuanced than the kids would have you believe.
KEY TAKEAWAYS
Housing: By 30, 50% of Boomers owned a home. First-time buyers today pay £73,800 in their first five mortgage years vs £41,500 for Boomers. The price-to-salary ratio has gone from 4.2x in 1975 to 7.6x today. Boomers had high rates but MIRAS tax relief softened the blow. Jo's 1988 Silvertown flat cost £85k — it's now £400k.
Wages: Under-20s are up 20% in real terms thanks to minimum wage rises. Ages 20–27 are flat. Above 27, wages are down. 45% of unemployed 24-year-old Gen Z have never held a job, and graduate oversupply is squeezing entry-level roles.
Consumer goods: Milk took 8 working minutes to earn in 1975, now 2. LCD TVs dropped from £4,500 to £279. But lifestyle creep absorbs the gains — one daily Starbucks is £225/month, and subscription stacking adds hundreds more.
Relationships: UK marriages fell from 400,000 in 1973 to 224,400 in 2023. Average marriage age has risen a full decade in two generations. Birth rates dropped from 2.93 in 1964 to 1.41 in 2024. Silver divorce is also on the rise.
Retirement: Boomers with final salary pensions had it best. Gen X were first to face defined contribution schemes — only 54% have adequate savings. Gen Z need £1,600/month to reach a £3m retirement pot. Their lifeline: the biggest intergenerational wealth transfer in history, if it survives inheritance tax changes.
Verdict: Boomers won. Gen X feel the pension pinch. Gen Z face delayed milestones but may inherit on an unprecedented scale. The generation game is not over.
TIMESTAMPS
