A young Australian woman has shared shocking out-of-touch comments made to her by a wealthy baby boomer about the cost of living crisis.
Writing for him S.B.S.Arts and Law student Varsha Yajman, 22, said she struck up a conversation with an older woman from North Sydney.
Yajman said the woman complained about the enormous amount of belongings she had accumulated in her home over the past 20 years.
“Her take on the cost of living crisis was that it was good that I didn’t have the problem of hoarding things like she did,” the full-time student wrote.
‘As I could never afford it in the first place…
“While I appreciate his optimistic tone, it would be difficult to say that I found much hope in what he said.”
Yajman said even working several part-time jobs, combined with his hectic schedule at university, didn’t leave him any extra money.
Instead, the rising cost of fresh food, vital dental work and other basic needs consumed their budget.
And she said she will now focus on doing what she can to make an impact through her activism.
It comes as Gen Z Australians widely report feeling robbed by the cost of basic goods and with less money to fund their basic needs.
Student Varsha Yarjman said she received strange comfort about the cost of living for a wealthy boomer
He said that despite his busy work and college schedule, he can barely save a dollar in the current economy.
Rising rents and electricity and gasoline prices have left little room for doctor visits and clothing, let alone the occasional weekend splurge.
For many, the idea of eating out is a dream: a report last year found that restaurant menu prices soared by up to a third in 2023/24.
Younger Australians are now likely to take on more than one job, with research from last year showing one in six full-time Gen Z workers have a second income.
One report found that baby boomers fueled the country’s inflation crisis by continuing to spend heavily on luxury vacations and fancy restaurant meals while renters were left with nothing.
The Commonwealth Bank’s consumer views report revealed that those who own their home outright were the biggest spenders in the country during the previous financial year.
Last month, an elderly couple sparked an online furore after a family member sought advice on their behalf about how they could maintain their pension payments, despite owning almost $900,000 in bank shares.
The Australian couple in their 90s were worried not only about losing their partial pension payment, but also the associated benefits such as the Pensioners’ Concession Card and reduced healthcare costs.
“With the market rising, they are worried about losing their pension and benefits,” the family member asked financial expert Noel Whittaker for his weekly finance column.
Consumer reports last year indicated that Baby Boomers were the biggest spenders during difficult economic conditions.
Gen Z Australians have been forced to deal with the rising costs of rent, groceries and fuel in recent years.
‘Is there anything you can do to avoid losing your pension?’
In his response, Whittaker said the couple was close to the $1.045 million asset threshold, which would leave them ineligible.
He suggested that the couple value their furniture at garage sale prices rather than replacement prices and that they could reduce their assets by “paying in advance for their funerals, renovating their home or making a $10,000 donation.”
“If they gave a larger sum of money to the children now, their pension would not be reduced, as it would remain a private asset for five years, but it would not increase in value,” Whittaker wrote.
Several readers were furious about the premise of the investigation and why such a wealthy couple should receive taxpayer money.
‘Why are 90-year-old millionaires worried about losing their welfare?’ one questioned about X.
“Boomers talk about millennials having ‘entitlements’, but who feels entitled in this situation,” one wrote.
Another fumed: “It’s such a legitimate and strangely biased point of view.”
‘Why do they want the government to benefit instead of supporting themselves?
“They want to do everything they can to stay in control of the government.”