Is the late baby boomer generation truly the luckiest in history? Evan Davis, presenter of Radio 4's PM, embarks on a thought-provoking journey through the lens of three key areas: higher education, housing, and pensions. He argues that while the late baby boomers did indeed benefit from a unique set of circumstances, the narrative of generational luck is more nuanced than it seems. Davis explores the complexities of student loans, highlighting how the system was designed to benefit the less well-off while subsidizing the more affluent. He also delves into the housing market, noting the unearned advantage of buying property in London during a period of declining interest rates. However, he acknowledges the inequality within the baby boomer generation, particularly in London, where property prices have soared. In the realm of pensions, Davis marvels at the defined benefit schemes enjoyed by his generation, which have now largely disappeared. He reflects on the irony of a country where economic growth has stagnated, yet the baby boomers are often blamed for the challenges faced by younger generations. Davis concludes that while the late baby boomers were indeed lucky, the narrative of generational luck is a complex interplay of historical, economic, and social factors. It is a story of both privilege and responsibility, and a reminder that the luck of one generation is not solely determined by its own actions.
