Read the astonishingly insensitive advice a rich baby boomer gave a struggling full-time student who can barely afford to pay for their own food

A young Australian woman has shared the breathtaking, detached comments a wealthy baby boomer made to her about the cost of living crisis.

Writing for the SBS22-year-old arts and law student Varsha Yajman said she had a conversation with an older woman from Sydney’s north.

Ms Yajman said the woman complained about the vast amount of assets she had accumulated in her home over the past two decades.

“Her opinion on the cost of living was that it was good that I wouldn’t have the problem of hoarding things like she did,” the full-time student wrote.

‘Because I could never afford them in the first place…

“While I appreciate her optimistic tone, it would be difficult to say that I took much hope from what she said.”

Ms Yajman said even multiple part-time jobs – combined with her hectic schedule at university – still didn’t earn her any extra money.

Instead, the rising costs of fresh groceries, essential dental work and other basic necessities ate up her budget.

And she said she will now focus on doing what she can to make an impact through her activism.

It comes at a time when Generation Z Australians are widely reporting feeling deprived by the cost of essentials and that there is increasingly less money to meet their basic needs.

She said that despite her busy work and college schedule, she can barely save a dollar in today’s economy

Rising rents, electricity and petrol prices have left little room for doctor visits and clothes – let alone the occasional weekend splurge.

For many, the thought of dining out is a dream. Last year a report found that restaurant menu prices could rise by up to a third by 2023/2024.

Younger Australians are now likely to take on more than one job, with research last year showing that one in six Gen-Z full-time workers have a second income.

One report shows that baby boomers have fueled the nation’s inflation crisis by spending big on luxury vacations and expensive restaurant meals, while renters go without.

The Commonwealth Bank’s consumer insights report revealed that those who own their homes outright were the country’s biggest spenders in the previous financial year.

An elderly couple sparked online outrage last month after a relative sought advice on their behalf on how to keep their retirement benefits despite owning nearly $900,000 in bank stock.

The Australian couple in their 90s were concerned not only about losing their pension benefits, but also associated benefits, such as the Pensioner Concession Card, and lower healthcare costs.

“With the market going up so much, they are afraid they will lose their pensions and benefits,” the family member asked financial expert Noel Whittaker about his explanation. weekly financial column.

Consumer reports last year showed that baby boomers were the biggest spenders in tight economic conditions

Gen Z Australians have struggled with rising rent, groceries and fuel costs in recent years

“Is there anything they can do so they don’t lose their pension?”

In his response, Whittaker said the couple was close to the $1.045 million asset threshold, which would make them ineligible.

He suggested that the couple have their furniture appraised at garage sale prices instead of replacement prices, and that they could reduce their assets by “paying for their funerals in advance, renovating their home or making a $10,000 gift.”

“If they were to give a larger sum of money to the children now, their pension would not be reduced because it would be held as a subordinated asset for five years but would not increase in value,” Whittaker wrote.

A number of readers were outraged by the premise of the study and why such a wealthy couple should receive tax money.

‘Why are 90-year-old millionaires afraid they will lose benefits?’ one questioned about X.

“The Boomers talk about the millennials being ‘entitled’ but who feels entitled in this situation,” one person wrote.

Another fumed: “It’s such a justified and strangely skewed position.”

“Why do they want the government to benefit instead of supporting themselves?

“They want to do everything they can to stay on the government teat.”