Will Our Children be Poorer Than Us? Aussie Economist Weighs In…

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The age-old question of whether our children will be poorer than us may finally have an answer thanks to an Australian economist’s bold prediction!

Australia’s Gen-Z, born after 1995 and highly educated, risks being the first generation to be worse off than their parents. According to economist Alison Pennington, this is due to increasing insecurity in work opportunities; a shortage of dwellings, and global warming – all impacting their prospects.

Pennington, a senior adviser to the Labor government, expresses her concern in her new book “Gen F’d?” that youth unemployment is significantly higher than the national rate and unfortunate conditions such as rising student debt burden, lack of full-time employment opportunities and skyrocketing housing rates are making it increasingly difficult for young people to make ends meet.

“It’s a difficult situation for many young people, and it seems to be getting worse,” Pennington said. “Even with the same qualifications, they face more competition for fewer jobs, higher housing costs, and anxiety about the future.”

While there are no easy solutions to this problem, Pennington recommends that it is essential for governments to regulate labour markets better and increase investment in job creation, education and training. In addition, she calls on the corporate sector to be more responsive to the needs of young people.

“We need to ensure that our young people have the skills necessary to build successful careers and access affordable housing,” she said.

“It’s an uphill battle, but I am confident that if we take the right steps now, our children will have a brighter future.”

The age-old question of whether our children will be poorer than us may finally have an answer. Let’s hope Pennington’s advice is heeded and our children can look forward to a brighter future.

Only time will tell if Pennington’s prediction comes true, but seeing a seasoned economist taking these issues seriously is encouraging. Let’s hope that our children don’t have to bear the brunt of neglect.

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