Forum: Not all baby boomers are wealthy
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The Opinion piece “ Baby boomers are loaded. Why are they so stingy?
The impact of the baby boomer generation can vary across different cultures and countries. It is also important to note that the term “baby boomer” generally carries with it connotations specific to a mainly Western context, of a generation that enjoyed post-war wealth.
In Singapore, for example, baby boomers like me were not born under affluent conditions. My generation helped to bring about social change during the 1960s, which transformed the country. We were young, idealistic and vocal. We helped build the nation to its current affluence.
But because I grew up at a time when Singapore was poor, I remain frugal even though the country has prospered.
When we were working, we didn’t have enough money to help our children as much since expenses were much heavier. I can now help the grandchildren with their school, living and travelling expenses. But that does not mean that we are cash-rich, only that we have just enough for our retirement.
Because generalisations do not account for different social contexts, we need to be careful that the narrative of wealthy baby boomers does not create unwanted resentment and envy among the younger generation in Singapore.
Desmond Cheng
