“We Were Told That Boomers Would Eventually Retire”: 30 People Share The Lies That Their Generations Were Sold

Whether it comes from a place of ignorance, optimism or wanting to spare people from anxiety, plenty of lies have been sold to the various generations. Maybe you were told to believe in the power of the “American Dream”. Perhaps you expected to be able to afford a home of your own 3 years after graduating from university. No matter what harsh realities you had a wake-up call to as you got a bit older, you likely are not the only person in your age group to feel that way. Your entire generation might have been mislead in the same way you were, and they might be just as bitter about it.

So to understand what misinformation each generation is responsible for spreading, first we need to understand exactly what each generation is like. Let’s begin with baby boomers. You might be one, your parents might be some, or even your grandparents might fall into this group, as these are the individuals who were born between the years 1946-1964. There are about 71 million baby boomers out and about today, and they are famous for their post World War II optimism, being around for the Cold War, and the hippie movement. 

Baby boomers are also known for being the largest consumers of traditional media like television, radio, magazines and newspapers. They are often traditionalists who stick to these forms of media that they know and have a hard time adapting to new technology. However, 90% of them do have a Facebook account, so they are not totally opposed to innovation. They have welcomed technology like Facebook that allows them to keep in touch with old friends and always know what their family members are up to.

When it comes to how baby boomers like to manage their money, many of them still prefer to go into their banks in person and always carry a bit of cash, especially for small purchases. Surprisingly, baby boomers also have a staggering amount of student loan debt. This is not because university was so expensive when they attended, because for the most part, it wasn’t. But many of them actually took on debt to help their children receive higher education, leaving lots of boomers with little to no retirement funds. 

One of the lies mentioned on this list is that baby boomers would eventually retire, but for a lot of them, they don’t have the option to yet. Many boomers believe that it was important to set up their children for success in the future, by supporting their education and helping them start their careers, but now it is unlikely that much will be left for retirement and inheritance. Perhaps the lie that they would retire was not so much of a lie as it was a dream of theirs. I am sure they don’t love the idea of working until they are 80 years old.

Up next is Generation X, or those born between the years 1965 to 1979. This group, which is also referred to as the “Latchkey” generation or the MTV generation, currently has around 65 million people and maintains some traditional media habits like their predecessors. Lots of Gen X still reads a physical newspaper, listens to the radio and watches cable TV, but they are much more technologically savvy than their parents. In fact, they tend to spend more hours on Facebook than any other age group.

Some of the most important factors that defined the lives of Gen X were the end of the Cold War, the rapid advancements in personal computing, and feeling torn between two generational identities. When it comes to their banking habits, many of them still prefer to visit their branch in person, but some have transitioned to online financial management. A lot of this generation is under immense financial stress, however, with the pressures of trying to provide for their own families, pay off student debt and take care of their aging parents while looking ahead for their own retirement. On average, Gen Xers have about $142,000 of debt to pay off, but for most people, the bulk of that is from a mortgage.

The next generation that we all know and love is Generation Y, better known as millennials. This group was born between the years 1980-1996 and has about 72 million people. Millennials have been shaped by the Great Recession, the exponential growth of the internet and social media and 9/11. Many of them still watch TV, but this generation has embraced online streaming platforms like Netflix wholeheartedly. Most millennials are extremely savvy when it comes to technology and electronic devices, and they usually are active on multiple social media platforms. While they were once mocked for their stereotypical obsessions with avocado toast and lack of care for their finances, it can’t be denied that millennials have been placed in an extremely hard position for saving up for their futures.  

When it comes to how millennials choose to conduct their banking, most of them have no preference of brand. Instead, they prioritize efficiency and excellent service, so apps and digital tools are widely used by millennials to manage their finances. And although this generation makes a huge dent in the workforce, lots of Gen Y is saddled with student debt. Due to a variety of factors including inflation, the recession, and education becoming more expensive, millennials have a hard time reaching financial stability. Contrary to the misconception that many of them have no desire to own a home or settle down, lots of millennials just have not had the opportunity to consider those paths yet, due to worrying about how to provide for themselves. 

Next up is Generation Z, or those born between the years 1997-2012. This generation has about 68 million individuals and is famous for knowing how to use smartphones before they could talk and being obsessed with the app TikTok. Most of them actually received their first cell phones at age 10, but having access to their parents’ devices meant they never experienced a life without smartphones and the internet. The average Gen Zer spends about 3 hours on their cell phone every day. I mean, they can't leave their Instagram and TikTok fans hanging, right? American zoomers have also never known a country that was not at war, and many of them have seen the financial struggles of their parents impact their lives. Gen Zers are also known for being socially aware, open minded and politically active.