The youngest generations always seem to get the short end of the economic stick—and poked by it. Millennials have grappled with everything from a tanking post-recession job market to soaring student debt, with Gen Z not far behind them as they emerged from the pandemic in an era of high inflation. It’s a tale as old as time, with the media and older generations consistently blaming the youth’s financial woes on frivolous spending habits; but younger generations are pointing their fingers right back at them.
Most (65%) millennials and Gen Zers are concerned about baby boomers’ influence on their financial future, according to a new survey by OnePoll on behalf of National Debt Relief that polled 2,000 Americans, 500 from each of the four dominant generations. (Well, well, well, how the turns tables.) But many boomers agree—45% believe their generation's financial decisions will at least somewhat impact the future of younger generations.
Boomers make up a large portion of the population, and therefore have a great impact on past and future programs. Such a large generation is bound to leave a wave rather than a ripple of impact, as an aging workforce and population has outsized effects on everything from the job market to politics. “As they reach retirement age, there is a concern that the strain on government-funded programs like Social Security and Medicare may become unsustainable, potentially leaving younger generations to bear the financial burden of supporting these programs,” Jeff Biesman, chief marketing officer at National Debt Relief, wrote in a statement to Fortune.
Both political parties have questioned the sustainability of Social Security, sparking widespread concern among all generations. Many Americans believe that Social Security will become less fruitful or die out soon, and the youngest cohorts are the most skeptical that they’ll ever see their investments.
Perhaps millennials and Gen Z are so worried about boomers’ impact on the future because they’re already feeling it today. Three-fourths of millennials and 82% of Gen Zers feel as though the current financial straits they’re in are partly due to boomers’ choices, the poll finds.
Boomers have received some flack for leaving millennials with a broken economy. Older generations didn’t have to shell out as much for housing and education, and were able to accumulate wealth more easily. They climbed the ladder and then “pulled it up behind them,” Jill Filipovic, author of “OK Boomer, Let’s Talk,” told Salon in an interview.
The system implemented by older working generations has left millennials and Gen Zers in oversized student debt that impedes wealth building and saving up for retirement. In the housing world, many are simply struggling to afford rent, and those who have finally saved up enough to afford a place are now being outbid by boomers with all-cash offers. “Gen Z and millennials are facing challenges related to rising costs in education, housing, and healthcare,” notes Biesman. “Some attribute these escalating costs, in part, to policy decisions and economic conditions that were influenced by previous generations, including the baby boomers.”