History, some might say, has been kind to the baby boomers. They have enjoyed affordable housing, access to free education, often generous welfare benefits and frequently favourable employment markets. Now the baby boomers – those people aged between about 45 and 61 years – will have to respond in a very way to the challenges of an aging population, where the consequences of their actions now and throughout their lives will have ramifications for the generations to follow.
Their response to the issue of Australia’s rapidly ageing population – in the context of the progressive public policy changes that have occurred over the past two decades – will in many ways determine how our nation copes with changing demographic forces and could set a template how future generations handle their own transition into retirement.
But will history continue to favour the boomers? This edition of the AMP.NATSEM Income and Wealth Report takes stock of the baby boomers’ situation – their family structures, their work patterns, their wealth and their spending – to ask: how well placed are they financially answer the challenges of their march to retirement?