Millennials are driven to a hard generational bargain

A generation of young, working age people are putting their dreams on hold to slow the progress of a virus that’s more likely to seriously affect older Australians.

6/04/2020 1:42:00 PM

Comment: A generation of young, working age people are putting their dreams on hold to slow the progress of a virus that’s more likely to seriously affect older Australians, writes Sonia Arakkal

A generation of young, working age people are putting their dreams on hold to slow the progress of a virus that’s more likely to seriously affect older Australians.

Very large text sizeMillennials entered the workforce in the turmoil of a financial crisis. Now, just as we are finding our feet, realising our career potential, and starting our own families, we are being brought to our knees.There’s the idea of a generational bargain – an implicit contract between generations to help their elders and those who come next. The COVID-19 pandemic has brought the generational bargain into focus. As a society we have asked a generation of young, working age people to put their dreams on hold to slow the progress of a virus that’s more likely to seriously affect older Australians.

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Meanwhile, the sectors hardest hit by the government’s shutdown disproportionately affect young people and, unlike the Baby Boomer generation, Millennials do not have the asset base to weather this storm.Economists at the Grattan Institute have found that households headed by someone aged 65-74 have an average equivalised net wealth of $1 million today, up from about $600,000 just 12 years ago. Meanwhile, younger households have made barely any gains compared to a household of the same age 12 years ago.

We are giving up our freedoms, having our wages lowered, losing our jobs – all for the lives of a generation outraged at the thought of losing their precious franking credits.AdvertisementIn good news, the government has effectively doubled the JobSeeker payment and tried to keep people in jobs with the JobKeeper scheme. The effectiveness of these measures will depend on how quickly payment claims are processed and whether employers act on the objectives of the scheme. This could take months.

LoadingIn the meantime, rent has to be paid.About 60 per cent of 25- to 34-year-old households in Sydney and Melbourne rent. Millennials are more likely to be casual workers employed by industries that have closed. The biggest challenge for many young people in the coming weeks will be keeping a roof over their heads.

When it comes to keeping a roof over our heads, there has been no shortage of advice. We have been shouted at to give up avocado toast, to borrow from the bank of Mum and Dad, and now to stay isolated in cramped share houses we don’t own and pay the rent with money many can no longer make.

The home has always been a symbol of safety and security, even more so during the time of pandemic. But for millennials, the home symbolises precarious debt, unattainability and a different address every year.

Read more: The Sydney Morning Herald

These older Australians ran up beaches into gunfire when they were the younger generation of their time. So staying home isn’t so hard .. We are all in this together, am sure younger people don’t want parents and grandparents to get sick, or worse. Plus there are quite a few young who have been affected by COVID. Perspective, it’s not like its 1939!

Everyone no matter of the gender,religion and age is risky to be affected. Im happy to risk the eldery an infirm so the rest of society can have freedom. They weak, elderly and disabled are a burden on society as we are now seeing...happy to be proved wrong Typical millennial have a cry report... Can we maybe hold off on the “this generation is doing this for that one” for a little bit? Every generation has selfish fools and considerate people. Stop trying to divide the population further.

My God putting their dreams on hold for a whole 6 months. Quelle horreur however will they survive! Shock! The me me me, now now now generation have to self sacrifice We’re at point where the word millennial is just being used for SEO and nothing else What rubbish, millennials seem to be the age group not prepared to make the sacrifices of actually staying home. Their partying is too important.

Millennials can’t sit at the favourite cafe coffees. These are the big millennial problems. Would they prefer to have lived a few decades ago? One generation is being adversely affected? What tripe drivel My goodness but what a selfish view. The virus affects every age group and we are all faced with putting aspects of our life on hold. Reinforces the view that millennials are a selfish, me focussed group. Time to learn to “take one for the team”.

Thank you for publishing this article! Absolute rot that does nothing for credibility or community health. She is better placed at the Oz peddling division and hatred. Ciao 👋 1/ No. This disease has a VERY high effective transmissibility and a decent mortality rate in younger age brackets too. Which means SURPRISINGLY LARGE absolute numbers of people dead 60yr age bracket at the end of the day...

What utter nonsense. This disease has a VERY high effective transmissibility and a decent mortality rate in younger age brackets too. Which means SURPRISINGLY LARGE absolute numbers of people dead 60yr age bracket at the end of the day... 1/ Targeted quarantine is more preferable? lisazdavies This is an insult to every Aussie who has worked hard for years who have now lost jobs or businesses they have worked in for decades. I am ashamed an Aussie could write this at a time when retirees are returning to work in healthcare to save people of ANY age

Boo hoo. If this lasts, say, 1 year, a 30 yo will put on hold about 1 /50 th of his/her future; a 70 yo, about 1/10th. As with all life's setbacks, earlier one experiences them, better. But, bound to be others & younger generations will feel no dif about okmillenial. Judging by the comments, lots of anger issues amongst boomers. I feel they need to be more specific on how I should harden up though.

Can we not do this please? This shit affects everyone. All of us. We all have people we love in all of the current generations and this is shit for all of us. Never heard of Sonia who? My heart bleeds when I here this rubbish. Pandering to the naive young . Reminds me of the Greens, climate changers who lost trying to hoodwink the mature part of society so trying it on with those with less life experience.

Vote for the people who want to stop franking credits then. Didn’t you vote for them last time? Only young people can change the world for the good. We did our best but it wasn’t good enough. See if you can do better please. Are you kidding me. This is what you take from a global catastrophe. Absolutely disgraceful reporting! I am ashamed that even 1 Aussie could think like this! There are Aussies in their 50's and 60's who have worked their whole lives to pay off a home or business that they will now lose! At least the young can start again.. we won't have the time!

3 in their 30s on ventilators right now in NSW. Cease bullshit pieces like this please. What about the previous generations of young people who did the same throughout many years of war? Harden Up. Excuse me stats are showing otherwise. Get your ageism out of the gutter por me generation A nurse was interviewed in a UK hospital this morning. She is caring for young fit people who will probably die. Anyone can get it, anyone can spread it.

True. But at least young generation still have chance to restart. We need to protect elder first, let them pass this difficult time first. Here we go again. Another piece of inflammatory headline grabbing reporting. Sonia Arakkal needs to check her facts. True, there is a higher level of death amongst older people but sadly some in their teens, 20’s and 30’s are dying too or being left with lasting lung damage

We are ALL going through this. All of us. Its not one generation pitted against another. Everyone's trying to keep each other safe. O/seas young people have died too. And even if you make sacrifices to save others isn't that humane? what do you want-a 'dream' or lives? Cease this insidious eugenics normalisation

Sorry I don't think young people as myself are the only generation affected. even if we do the money we lost cannot compare to lives that could have lost to virus. What a lot of bullshit. Stop the division. Actually, every person is putting their life on hold. Every. Person. So, take your selfish & self-indulgent article & shove it where the sun don’t shine. PS: I also hope you’re not featured in any ‘Boomer’s’ will. 🖕

Wouldn't that be the case with most viruses? Oh boo hoo,, at least they are not sent to war where a good percentage would be killed or wounded,, aka WW1 & WW2. Stop this bleeding heart bullshit. It's too early to say that young people are sacrificing for the sake of older because viruses mutate and vulnerability can change. We all have a vested interest in controlling the spread.

And? This writer has a bad case of victimhood! Get over yourself! Believe it or not Millennials, you're not the only generation making sacrifices right now. Love Gen X Not true. Affects all ages. They have already put their lives on hold, their whole lives to save the oldies from correction in home prices. Young people can't have babies because of Baby boomer policies. I think they'll cope with this too. Maybe we might get a rethink on a few things.

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