The Luck of Timing: Why Some Generations Have It Easier Than Others
There’s a question that’s been nagging at me lately: are some generations just luckier than others? Personally, I think the answer is a resounding yes. But what’s more fascinating is how this luck isn’t just about individual effort—it’s deeply tied to the economic, social, and political currents of the time. Let me explain.
The Timing of Opportunity
One thing that immediately stands out is how the late baby boomers, like myself (born in the early 1960s), seem to have hit the jackpot in ways that younger generations can only dream of. Take higher education, for instance. When I went to university, the government not only covered tuition but also gave me a maintenance grant. Fast forward to today, and students are saddled with debts that can balloon to £75,000 or more. What many people don’t realize is that this isn’t just about the cost—it’s about the shift from education as a public good to a private investment.
Here’s where it gets interesting: while today’s students pay more, far more of them have access to higher education than my generation did. In the 1950s, only 3.4% of people went to university; by 2022, that number was nearly 50%. So, is the real injustice not the cost, but the fact that my peers and I had the privilege of choice without the burden of debt? From my perspective, the student loan system isn’t just about fairness across generations—it’s about balancing the scales between those who go to university and those who don’t.
The Housing Lottery
Now, let’s talk about housing, because this is where timing really feels like winning the lottery. I bought a flat in London in 1988, and even though I lost money when I sold it in 1995, I upgraded to a bigger property that skyrocketed in value. What this really suggests is that buying a home before the mid-1990s was like catching a wave just as it was starting to crest. If you’re trying to buy a house today, you’re paddling in the wake of that wave, fighting against high prices and limited supply.
But here’s the kicker: even within my generation, there’s a huge disparity. London’s property market outpaced the rest of the UK, turning homeowners in the capital into winners and everyone else into also-rans. If you take a step back and think about it, this isn’t just about luck—it’s about geography and the global rise of cities like London as economic powerhouses.
Pensions: The Golden Handcuffs
Pensions are another area where my generation seems to have hit the jackpot. When I was working, employers offered defined benefit pension schemes—essentially a guaranteed income in retirement. Today, most millennials and Gen Zers are stuck with defined contribution plans, where the payout depends on how well their investments perform. What many people don’t realize is that employers used to contribute 15–20% of salary to these schemes, compared to just 3% for modern plans. It’s no wonder younger generations feel shortchanged.
But here’s the nuance: not everyone in my generation had access to these gold-plated pensions. They were a minority luxury, even in the 1990s. So, while some of us were lucky, others were left out. This raises a deeper question: is generational luck really about the cohort, or is it about the individual circumstances within that cohort?
The Growth Paradox
If you ask me, the biggest disappointment of the past two decades isn’t student loans, housing, or pensions—it’s the stagnation of economic growth. In the 1980s and 1990s, per capita income grew at about 2% annually, meaning each generation was significantly richer than the last. Today, that growth has halved, leaving younger generations struggling to keep up. What this really suggests is that the problem isn’t just about intergenerational fairness—it’s about a broken growth engine.
Personally, I think we’d all rather live in a poorer country that’s improving than a richer one that’s declining. The sense of progress, of things getting better, is what keeps societies optimistic. And right now, that optimism feels in short supply.
Final Thoughts
So, am I part of the luckiest generation alive? In some ways, yes. I benefited from free education, a booming housing market, and a generous pension system. But what’s more important is recognizing that this luck wasn’t just about being born at the right time—it was about being in the right place, with the right opportunities.
If we want to end arguments about intergenerational fairness, we need to focus on restarting economic growth. Because at the end of the day, a rising tide lifts all boats—and right now, the tide feels like it’s going out.
