When Only the Parents Are Homeowners: A Generational Reckoning

A familiar narrative often depicts parental dread: returning home to a teenage party gone awry, a trashed house, and the accompanying media frenzy. This scenario taps into a deep-seated intergenerational anxiety – the fear that younger generations will fail to appreciate and steward the achievements of their predecessors. However, a compelling counter-narrative suggests the inverse: what if, concerning many of the critical issues shaping societal futures, it is an older cohort, namely the Baby Boomer generation, that has been hosting the metaphorical party, leaving a substantial clean-up for those who follow?

The Baby Boomers, broadly defined as those born between 1945 and 1965, are credited with numerous achievements. Yet, the argument posits that the financial and social 'bills' for their era have been coming due, predominantly to be settled by younger generations. These future costs are significant and multifaceted: the escalating burden of climate change, the pressing need for infrastructure investment to ensure future economic prosperity, the looming fiscal strain of funding pensions for the large Boomer cohort, and the substantial national debt accumulated. The charge leveled against this generation is a monumental failure to adequately protect the interests of those who will inherit the future.

Furthermore, a significant concentration of wealth has occurred within the Boomer generation. This trend has created substantial hurdles for younger individuals striving to enter the housing market or build secure futures through traditional company pensions. Such dynamics foster prolonged dependency on parental support, erecting new barriers to the equitable spread of opportunity and ownership.

Consequently, the rites of passage into adulthood and family formation have become slower and more arduous. Young people currently bear a disproportionate burden of economic downturns, struggling with unemployment and access to mortgages. While societal attention rightly focuses on intra-generational inequalities, the less tangible, yet profound, injustices between generations often remain overlooked.

Reflecting on historical fortunes provides a stark contrast. Consider the experience of an individual born in 1906. Despite a mother's initial optimism about a seemingly prosperous Britain on the cusp of social reform, that generation endured immense hardship: the father's death in World War I trenches, unemployment during the Great Depression, conscription into World War II, and post-war austerity. Retirement in 1971 would have seen modest savings decimated by unprecedented inflation. This stands as an example of an 'unlucky' generation. In contrast, those born mid-century, within the Baby Boomer period, have largely been characterised as a fortunate generation. Their experiences have illuminated the critical intergenerational obligations: the duty of a middle generation to those preceding and succeeding it, underscoring how economic policies often lead to differential outcomes between generations.

While the future for a child born today remains uncertain, many older individuals acknowledge, with some guilt, the heavy burdens being placed upon their children and grandchildren. A common exercise involves asking middle-aged or older people if they have experienced greater opportunities and prosperity than their parents; almost universally, the answer is affirmative. However, when asked if their children or grandchildren will enjoy similar improvements, the certainty vanishes – a deep-seated parental anxiety emerges. This situation is not attributed to inherent 'good' or 'bad' generations, but rather to the profound demographic reality of size. A large generation acts as a powerful, disruptive force, akin to a flooding river. While some economists once theorised that belonging to a large cohort would be a disadvantage due to increased competition, the Baby Boomers' sheer size has, paradoxically, proven to be a significant advantage, enabling them to dominate marketplaces and shape political landscapes.

The diverse needs and contributions inherent in successive generations necessitate intergenerational cooperation. This dynamic is evident in the investment in educating younger generations, with the implicit expectation of future societal benefits. Such reciprocity often isn't a direct exchange but rather an understanding that subsequent generations will uphold similar obligations – caring for elders in anticipation of similar care in later life. These reciprocal exchanges form the bedrock of both family units and entire societies. Insights from fields like game theory and evolutionary biology illuminate the fundamental mechanisms of human cooperation and the intricate workings of these implicit intergenerational contracts.

Ultimately, a significant proportion of contemporary social and economic challenges can be understood as a failure to comprehend and uphold these vital intergenerational contracts. Much perceived social breakdown is, at its core, a rupture in relations between generations. Mistrust often manifests across these divides, and economic imbalances frequently reflect a failure to strike the right equilibrium. Low savings rates, burgeoning national deficits, and accelerating environmental degradation are all symptoms of this imbalance. There appears to be a startling lack of awareness regarding the full implications for future generations, alongside an inadequate appreciation for the contributions of past ones.