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Gilda Smith, a pensioner from Ayrshire, believes that the money from baby boomers is supporting the younger generation rather than being hoarded. Gilda and her husband David have owned their home for four decades, a dream that is becoming increasingly unattainable for many young people today. Government statistics show a significant wealth gap between the baby boomer generation in their 60s and 70s and younger millennials.
MPs recently addressed the tension between generations, cautioning against ageism and the stereotype of “wealth-hoarding boomers.” Despite their comfortable lifestyle, Gilda clarifies that they live on their pensions and help out their son when needed. Gilda believes perspective is key, recalling how her husband was forced into early retirement due to ageism in his civil engineering role.
Unlike younger generations who may want more than they can afford, Gilda and David lived frugally, working hard to save up for their current home. Gilda describes their modest beginnings in a small flat and how they gradually built a life for themselves and their children. The couple’s values and experiences shaped their perspective on wealth and financial management.
Gilda’s aversion to luxury is evident as she dismisses the idea of going on multiple holiday cruises, citing seasickness and health concerns. She expresses concern for her children, particularly her self-employed son, whom she assists financially from time to time. Despite her son’s kindness and her daughter’s financial acumen as a maths teacher, Gilda still worries about their well-being in today’s challenging work environment. She emphasizes the importance of relationships over material wealth and cherishes the time she spends with her grandchildren, who she ensures lack for nothing
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