Life’s been good to Baby Boomers, the generation of post-war kids born between 1946 and 1965. There were so darned many of them, born in the economic sweet spot following World War II, that they once comprised 40 per cent of the Canadian population. Given their demographic might, and voting power, it’s no surprise government programs were tailored to their needs.
Retirement Savings Plans (RSPs) allowed Boomers to defer taxation on money set aside for retirement. Tax Free Savings Accounts (TFSAs) gave Boomers, the richest generation in Canadian history, an opportunity to earn untaxed returns inside investment accounts. Registered Education Savings Plans (RESPs) helped families save money to send their kids and grandkids to university or college. Those 2020 COVID restrictions – masks, quarantines, and all the rest of it – were perhaps justifiable. But they were still designed to protect vulnerable Boomers, while they kept younger Canadians at home and their kids out of school.
Of course, Boomers can say these programs are available to all Canadians – not just them. But a Millennial might well reply, “OK, Boomer! But we don’t have enough money to pay the rent, let alone throw dollars at TFSAs or RSPs.” And when Millennials talk, the world now listens. According to Statistics Canada, Canadians born between 1981 and 1996 now form the biggest gang on the block, displacing the Boomers after 65 straight years. For the first time since 1958, Boomers are outnumbered by a younger generation.
In the CrowsNest, we hope for calm seas as we sail for safe harbours, and the last thing we want to do is to foment dissent between our fellow mariners of any generation. But we will say it’s time governments started adapting Canadian public policy to better meet the needs of Millennials and other cohorts of younger Canadians. As Boomers age, even unto death, government will divert spending from health care services younger people require less, to programs which make housing and living more affordable. And that’s just one way policies, public values and public attitudes will change with shifting demographics. It’s all about time, and the time of the Boomers is – sadly and slowly coming to an end.