This report explores how the 'baby boomer' and the 'baby buster' generations differ in economic fortune, even with a similar career paths and life histories.
The 'baby boomer' generation, born between 1946 and around 1965, has received windfalls from house price booms, privatisations and demutualisations. They are now beginning to retire on what, at least for those who have worked in the public sector professions or in larger companies, are relatively generous pensions.
This study compares the economic fortunes of two people with similar career paths (as an NHS doctor) and life histories (married with two children) but from different generations: a 'baby boomer' born in 1963 and a 'baby buster' born in 1993.
The results find that the baby buster, although having a higher absolute level of income in real terms due to growth in the economy over time, will be less wealthy relative to average income levels in society as a whole (as measured by average earnings). This is true in terms of housing, pensions and other financial wealth.