Baby boomers are hoarding the nation’s wealth and depriving their children of future living standards on par with their own, a new report from The Grattan Institute argues.
The think tank has crunched the numbers on the growing wealth gap between generations, and found that while older Australians have never had it better, adults aged under 35 are poorer than they were just eight years ago.
“There’s a real risk that we’ll end up with a generation in Australia less well-off than its parents,” Grattan Institute CEO John Daley said.
The report has found households whose main residents are aged between 55 years old and 64 years were $173,000 richer in real terms in 2011-12 than the same cohort was eight years earlier.
A household with residents aged 65 to 74 was $215,000 better off.
Meanwhile, householders with people aged 25 to 34 saw their wealth fall.
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