MAM: OK boomer?

The phrase “OK boomer” has hit the headlines recently. It has also gone the (obligatory) “viral”. As a greatly ignored Gen-X-er I feel obliged to comment on this reposte by a millennial New Zealand MP, who was interrupted in Parliament by a baby-boomer when she was addressing the issue of climate change, even though it is not strictly to do with MAM.

Butch Cassidy & The Sundance Kid, 1969, the ultimate ‘baby boomer’ film

Baby boomers on a global scale have now protested at this phrase “OK boomer” which they have perceived as a put down by the younger millennial generation as a whole. So who are these baby boomers, and why are they angry?

Baby boomers are born between 1946-64 and all too often have final salary pension schemes and drive a Maserati or Audi TT after releasing some equity from their homes which have more than quadrupled in value since buying them 20 years ago. Well where I live anyway! They are also keen on Brexit, even though they have a home in the south of France and they read the Daily Mail. Oh and shop at Waitrose.

They also love Cornwall! SO, they are fed up of being patronised and singled out by millennials. I do think it is all going to end horribly. A big generational war involving avocados and rolled up copies of the Mail on Sunday. I say let them fight to the bitter end! Us poor Generation-Xers are not getting it right when it comes to saving or retirement, queue the latest bit of research from the Pensions Policy Institute (PPI), we are Generation-V-exed!

PPI head of policy research Daniela Silcock said  in an article in Professional Adviser: “The decline in defined benefit (DB) provision, reductions to the proportion of state pension people will receive, and an increased likelihood of renting, indebtedness and giving or receiving care in retirement mean members of Generation X are at greater risk of reaching retirement with an income that is not adequate, or sufficiently sustainable or flexible.”

Key stats

  • 55% – the proportion of Gen X in routine or manual jobs at high risk of not achieving a moderate level of income in retirement
  • £13,000 – the amount Gen X will lose in comparison to Baby Boomers due to state pension changes
  • 27% – the percentage of Gen X in rented accommodation, which means that in retirement a significant proportion of peoples’ income will be going on property costs

Generation X is doomed!

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