The Baby Boomers

This article leads us into looking at each generation in turn, so that we can understand those generations a bit better, so that we can see where we ourselves fit, and where we can use our skills from the generation we fall into to benefit us in society today.

Let’s start with the oldest generation in our society today. Never before have older people made up such a high proportion of society. This is because of the high birth rate after World War II and then into the mid-1960s. This increase in birth rate is why this generation is referred to as the Baby Boomer Generation.

In general, Baby Boomers have lived through periods of huge economic growth, and they’ve generally benefited from this too. I once read a striking claim that the Baby Boomer generation holds a disproportionate share of the UK’s total wealth — some estimates put older generations at owning well over a third of it between them, concentrated in property and pensions built up over decades most other generations didn’t get the same shot at.

This generation worked, typically in stable jobs. They retired on good company or public sector pensions. They tended to work in the same company, organization, or industry for much of their working life. They paid into pension schemes. They took out mortgages and endowments. They probably now own their own homes, the value of which has increased sometimes up to 10 or 20 fold, giving some a huge amount of equity to play with.

Think about that for a second. You could buy a house in the 1970s for £10,000. That same house today? Potentially worth £200,000. Maybe more. Without doing anything except living in it.

But this generation is getting older. And they’re not without a large cohort who weren’t treated so well. Rising unemployment levels in the late 1970s and 1980s hit hard. The decline of traditional industries due to privatization devastated entire communities. Coal mines closed. Steel works shut down. Shipyards went silent. All of this meant that for some, a job wasn’t always for life. At times, work was hard to get.

But for those not affected by unemployment, they generally grew up with stability. A pension. Their own home. In the UK, a state-funded health system that met all their healthcare needs.

But there’s trouble ahead.

The proportion of society over 65 is approaching 20% of the total population. Health spending for an 80-year-old runs several times higher than for someone of average age. Certainly in the UK, the NHS is feeling the strain coping with the health and social care needs of patients in this aging population.

A high percentage of the younger Boomers are still working, yet they’re rapidly approaching retirement age. Some have been lucky enough to have invested wisely or have equity in property that has boomed in price. They can now cash in and retire early.

But others are clinging on to work with failing health. Rising retirement ages before state pensions kick in. Poor retirement prospects. In other countries, especially where healthcare is not free, Baby Boomers are working just to pay for their healthcare needs.

The effect of the Baby Boomer generation has been described metaphorically as a pig in a python. The post-war population bulge is increasingly stretching the narrow growth of our present economy. It will continue to do so as the longevity of this generation increases.

Let me paint you a picture of what this actually looks like in practice.

I see it every day in my surgery. The 70-year-old former factory worker who’s got arthritis in joints that spent 40 years doing the same repetitive work. The 75-year-old who’s confused about why her pension doesn’t stretch as far as it used to. The 68-year-old who’s still working part-time because his company pension scheme collapsed and the state pension won’t cover his bills.

But I also see the other side. The 72-year-old who retired at 55 with a final salary pension that pays him more than some people earn working full-time. The couple in their late 60s who’ve just sold their house for half a million pounds and bought a smaller place, pocketing £200,000 to fund their retirement travels. The fortunate ones.

The Baby Boomer generation has been called selfish. The generation that had it all and pulled the ladder up behind them. There’s some truth to that, though it’s not fair to paint everyone with the same brush.

They benefited from free university education, then voted for governments that introduced tuition fees. They bought houses cheaply, then voted for policies that restricted new housing development, driving prices up. They enjoyed final salary pensions, then watched as those schemes were closed to younger workers. They received generous state support, then voted for austerity that cut support for the generations following them.

But here’s the thing. Most of them didn’t set out to screw over their children and grandchildren. They just voted for what seemed best for them at the time. Which is what every generation does.

The real problem is the sheer size of this generation. There are so many of them that their needs, their votes, their economic power has dominated for decades. And will continue to dominate as they age.

You want to understand why housing is unaffordable? Look at the Baby Boomers who own multiple properties and resist new development. You want to understand why pensions are in crisis? Look at the promises made to Baby Boomers that can’t possibly be sustained for future generations. You want to understand why healthcare costs are spiraling? Look at the medical needs of an aging population that’s larger than any generation before.

This isn’t about blaming individuals. It’s about understanding the structural reality of living in a society shaped by one generation’s outsized influence.

The Baby Boomers grew up in a time of genuine opportunity. If you worked hard, you could buy a house. You could support a family on a single income. You could retire with dignity. These weren’t unreasonable expectations. They were normal.

But somewhere along the way, normal became exceptional. What the Boomers took for granted became impossible for the generations following them. Not because younger generations are lazy or entitled. But because the economic conditions that created Boomer prosperity were unique, temporary, and won’t be repeated.

The post-war economic boom. The expansion of higher education. The growth of stable, well-paid employment. The housing boom. The generous pension schemes. These things converged to create unprecedented prosperity for one generation.

So what does this mean for you? If you’re a Baby Boomer yourself, you need to understand that your experience isn’t universal. What worked for you won’t necessarily work for your children or grandchildren. The world has changed. The rules have changed. The opportunities have changed.

If you’re from a younger generation, you need to understand that comparing yourself to the Boomers is pointless and depressing. You’re playing a different game with different rules. Adapt accordingly.

The Baby Boomer generation shaped the world you live in today. For better and worse. Understanding them, understanding their advantages and their blind spots, helps you understand the society you’re navigating.

Because here’s the final truth. The Boomers won’t be around forever. Eventually, their influence will wane. Their numbers will decline. Their economic and political power will pass to younger generations.

The question is, what will you do with it when it does?

Will you repeat their mistakes? Vote for policies that benefit you at the expense of those coming after? Pull up the ladder behind you?

Or will you do better? Build a society that works for everyone, not just the lucky generation that happened to be born at the right time?

That’s the choice facing every generation as they gain power. The Baby Boomers made their choice. Now it’s your turn.

Understanding where they came from, what shaped them, and how they shaped the world around you is the first step toward making a better choice when your time comes.

The Baby Boomer generation is a product of their time. Shaped by war, scarcity, and then unprecedented prosperity. They took advantage of the opportunities available to them. Some more than others. Some fairly, some not.

But they’re also human. Flawed, selfish, generous, short-sighted, and well-meaning, all at the same time. Just like every generation before them. Just like every generation after.

The key is to see them clearly. Not to romanticize or demonize. But to understand. Because understanding the generation that came before you is essential to understanding the world you’ve inherited.

And that understanding is what allows you to make different choices. Better choices. Choices that might create a better world for the generations that come after you.

Further reading

• Willetts, D. (2010). The Pinch: How the Baby Boomers Took Their Children’s Future. Atlantic Books.
• Piketty, T. (2014). Capital in the Twenty-First Century. Belknap Press.
• Kotlikoff, L. J., & Burns, S. (2012). The Clash of Generations: Saving Ourselves, Our Kids, and Our Economy. MIT Press.
• Gibney, B. C. (2017). A Generation of Sociopaths: How the Baby Boomers Betrayed America. Hachette Books.
• Howe, N., & Strauss, W. (1991). Generations: The History of America’s Future. William Morrow.