Gen X Gen Y. Who’s more fortunate?

The question of which generation is the most fortunate or least is a common topic from parents. Each generation will always refer to the next as the most fortunate. However, with covit 19 is this assumption still true? Gen X is defined as those born between mid-1960s to early-1980s and this is where I sit. I do agree with my parents when they say I am more fortunate than their generation.

Baby Boomers

My late father was a blue collar worker and my mum a housewife like many during their time. They are Baby Boomers born right after World War II. It was a turbulent time when the country is still trying to find its feet. The most important thing to them then was to find a job so that they can put food on the table and start a family. That is exactly what they did and I am truly grateful. They were mostly Chinese educated and did not go beyond secondary school so their expectations were not high. No talk about prestige or career path as they just need a job. Their only hope is their children study hard and lead a better life than them.

Economic boom

Houses were really cheap then as the country was just in the early economic developmental phase. I recalled my late father bought a 3-room HDB flat in Boon Lay for just SGD10,000 and the sold for SGD20,000 which was a big bonus then. He then upgraded to a 4-room HDB flat in Clementi for $65,000 and that is where my mum still stays. It should be valued at $400,000 or so now. Therefore you can see that the property appreciated several times over their lifetime. However, their pay was rather meager compared to the living standard now. It never fails to amaze me that Baby Boomers were able to bring up so many children despite the very low wages. Of course living standard were low then but i believed it still involved a lot of sacrifices with that much less disposal income.

The lucky ones

I believed gen X is the generation that started to enjoy themselves as the country is on the high growth trajectory. This is the generation where we started going to discotheques, skating rings, follow latest fashion trends, do more sports and spurge on more frivolous things. Our parents could not understand us then just like us with the generation that comes after us. This is the generation that really dreams and have more ambition. We seek higher education and aspire a good career, start a family and buy a house which many in this generation has accomplished.

Gen X is still fortunate to be able to buy houses relatively cheaper in the 90s and early 20s. Property prices still appreciated a lot during this period. Thus this generation did not missed out on the property boom and the capital gains that came along either. It does not take a genius during this period to make property gains. Will the Millenniums or Generation Y be able to enjoy such capital appreciation during their time? Or the even more basic question, how long do they need to service their new BTO (Built to Order) flats? Millenniums are defined as those born between mid-1990s and early 2000s.

Generation X is riding the economic boom. We are tech savvy though not digital native (Baby boomer created the internet gen x developed in further), highly educated, and many of this generations brought Singapore to the world’s attention. We do however are also the sandwiched generations where we need to support our parents and children. I doubt many in this generation plans to have their children support them so they should have more financial freedoms.

Gen Y

We all hear that Generation Y should have very different mindset than Gen X. They care more about the environment, preferred work life balance, wants to do great things or at least work with greater meaning . Most of which are alien concepts to us during our early working life. These are made possible only when there is financial stability or at least when your basic needs are met where the Marlow hierarchy of needs comes in handy here. On the flip side, Gen Y will experience greater disruptions and slower economic growth in general. of course it is great for those in the tech sectors but as a whole everywhere in the world is still going through disruptions that we have never seen before.

So what do i think?

The debate I suppose will be never ending as it depends on what one values. I personally still thinks we Gen X had it good and I would not trade it for another Generation, definitely not Generation Z or Alpha. I believed these will be the generations that will grow up with greatest uncertainties. I started before this writing thinking Gen Y is most fortunate but after realizing the greater uncertainties that they are going to face in their careers, i think it is a close call. This leaves me an even more interesting question, does Gen Y think they are luckier than us?