Latest news with #BabyBoomers
Forbes
7 hours ago
- Business
- Forbes
What Diversity Millennials Value Most at Work
Millennials, born between roughly 1982-1997, have experienced significant occupational and social challenges. They are one of the first generations in some time for whom large numbers expect a worse rather than better standard of living than their parents. This dire situation can be partially attributed to the crushing costs of student loan debt; other contributing factors include living through multiple recessions. But the data indicate that when it comes to millennials and their occupational and economic stability, times are bleak. A group of young friends gather and use their cellphones in front of a bar while a couple kisses to ... More the left of the frame in the Cow Hollow neighborhood of San Francisco, California at night, October 8, 2016. In 2014, Cow Hollow was rated the most Millennial-friendly neighborhood of San Francisco. (Photo via Smith Collection/Gado/Getty Images). One point many researchers have noted about millennials, however, is that along with their bleak economic position, they display more of a commitment to racial equity than their Gen X or Baby Boomer counterparts. This commitment is certainly present when it comes to millennials' perceptions of their ideal workplaces. They are more likely to say that diversity matters to them, that it's a critical component of the types of places where they want to work, and that they would not consider working in places that did not align with their principles on this issue. Millennials have expressed this commitment in survey data, but their rocky occupational prospects raise the question of how deeply they hold these principles. Additionally, the wide variation in diversity and inclusion programming raises the question of what types of diversity matters most to them. DEI is often characterized as a race-based initiative, but it can focus on categories that range from gender to geography to viewpoint. Today, race-based DEI is experiencing a furious backlash culminating in shuttered offices, executive orders, and scrubbed websites. Millennials also still occupy a fraught position in the economic landscape. These factors beg the question of what types of diversity and inclusion approaches matter most to millennials, and how committed they are to seeing them in their workplaces. I decided to pose this question in a research study and found interesting results. In interviews with 85 millennials in the financial industry, I found key differences in which groups wanted race-based diversity and which did not. I also found that the commitment to diversity was shaped by respondents' pronounced sense of occupational precarity and economic insecurity. Our interviews showed that Black, Latino, and white women respondents expressed a preference for race-based diversity. Of these groups, Black workers' support for this programming might be the least surprising, especially since DEI has its roots in affirmative action and is widely (though inaccurately) believed to benefit Black workers disproportionately. These workers wanted to see race-based DEI initiatives in place because they felt this programming would offer a boost in a highly-stratified field rife with precarious employment. Latino men cited a preference for race-based diversity for similar reasons. Referencing their uncommon names and underrepresentation in finance, Latinos believed diversity that highlighted race could help them establish greater job security. Interestingly, white women also expressed a preference for race-based diversity. But unlike Black workers and Latino men, this preference did not stem from a desire for professional support, but for personal gain. White women millennials believed race-based diversity could help them to understand racial dynamics better and be 'part of the solution' rather than contribute to longstanding racial tensions. While none of the groups in our study expressed outright opposition to diversity, we found that Asian Americans, white men, and Latinas were less interested in diversity that focused on closing racial gaps. White men supported diversity in the abstract but did not see a need for a focus on race. Somewhat similarly, Asian American men also acknowledged that diversity had general benefits but did not believe that race-based diversity offered much to them, as they expected these types of initiatives to focus more on advancing Black workers than themselves. Asian American women and Latinas were more vocal in their support for diversity, but carefully couched that support in gendered rather than racial terms. These women emphasized the rocky position women face in the male-dominated field of finance and believed that gender-based diversity would offer them more support than initiatives centered on race. LONDON, ENGLAND - JANUARY 20: City workers walk past the Lloyds building in the financial district, ... More also known as the Square Mile, on January 20, 2017 in London, England. Following the announcement by Britain's Prime Minister Theresa May that Britain will leave the single market, financial organisations such as UBS and Goldman Sachs have reported that they are seriously considering either cutting staff or moving them from London. (Photo by) Each of the groups in our study maintained that diversity was important. But because they were employed in jobs that were notoriously uncertain and precarious, that commitment to diversity was filtered through an analysis of what it could do for them. Some groups, like Black workers and Latinos, felt that race-based diversity offered a professional boost in environments where workers of color are significantly underrepresented. Others, like white women, believed it brought personal benefits. Asian American and white men felt diversity was good in the abstract, but in a highly competitive field did not see where it provided them with any advantages. And Asian American women and Latinas believed that with the occupational uncertainty that came from working in a male-dominated field like finance, they gained the most from diversity policies that sought to close gender gaps. Our findings suggest that millennials may not be as broadly committed to diversity as they are reputed to be. Additionally, companies that wish to gain their buy-in may benefit from showing millennials ways that diversity and inclusion programs have professional or personal merits for them. At a time when many companies are seeking new ways to support diversity in a changed cultural and political landscape, millennials' stances suggest that one effective strategy may be to highlight the specific ways various groups benefit from these interventions.
Forbes
12 hours ago
- Business
- Forbes
The Great Wealth Transfer: 6 Reasons Why It Might Fall Short
The Great Wealth Transfer numbers are staggering. Estimates suggest that over $124 trillion is poised to change hands as Baby Boomers transfer their wealth to the next generation. But will this so-called Great Wealth Transfer really deliver the promised windfall? Well into their 60s, Bill and Lori always believed that when the time came, they would leave an inheritance to their children. Nothing extravagant—just a modest suburban home and savings accumulated over a lifetime. For their children, Diane and Adam, it provided quiet reassurance, a mental safety net they never fully depended on but always considered part of their future. (Names and identifying details have been changed to protect the privacy of individuals.) But life has a way of rewriting plans and good intentions. Bill's arthritis and early dementia have resulted in new, unexpected costs. Lori, still energetic but facing her own health challenges, is paying for in-home aides and long-overdue roof repairs. She has also decided it's finally time for that trip to Italy they've been talking about for decades. Diane and Adam understand and are glad to see their parents making the most of their retirement—yet they realize that the inheritance they once quietly anticipated may not be as certain as they had hoped. Their story isn't unique. It's the untold side of the much-discussed Great Wealth Transfer, the historic shift of trillions of dollars primarily from aging Baby Boomers to Millennials and Gen Z. The numbers—like Diane and Adam's once-predictable inheritance—don't lie, but they obscure the very real ways in which longevity, rising healthcare costs, changing family dynamics, and shifting priorities may rewrite how, when, and how much this transfer will occur. This is an untold yet unfolding story within the longevity economy. It's easy to get swept up in the headline numbers: trillions of dollars poised to change hands, a once-in-a-generation economic boost. However, as one family's experience illustrates, the story of the Great Wealth Transfer is far more complex. It's a story of longer lives, unplanned events, evolving priorities, rising costs, and the reality that financial security for one generation doesn't necessarily translate to a great handoff to the next. To understand how the Great Wealth Transfer may unfold—and why it might not be quite as 'great' as the headlines promise—we need to look at six overlooked factors shaping this massive shift of wealth. Estimates from Cerulli Associates suggest that around $124 trillion will be transferred by 2048, with nearly $100 trillion originating from Baby Boomers and older generations. Yet, over 50% of that wealth will come from high-net-worth and ultra-high-net-worth households, which make up just 2% of all families. For most younger Americans, this expected transfer may never happen because it simply isn't there. Even among families who do stand to inherit, the rising cost of healthcare is quietly eroding those assets. Fidelity estimates a 65-year-old couple today will need about $330,000 for medical expenses in retirement—excluding long-term care costs. These expenses often arrive when people least expect them: a sudden hospitalization, a chronic illness that requires ongoing care, or simply the steady rise in insurance premiums as we age. This reality is especially pronounced for women, who often outlive their husbands by years or even decades. For many, this second retirement involves managing rising healthcare costs alone—sometimes for a decade or more after their spouse's passing. What was once a couple's shared plan for an inheritance or a family legacy can become a widow's quiet struggle to pay for her care and maintain her independence. These later-life expenses can turn what was once considered a predictable inheritance into a financial safety net redirected to the daily demands of living longer. Dementia poses a significant and often overlooked threat to the anticipated Great Wealth Transfer. A report by my MIT AgeLab colleague Luke Yoquinto and our AARP partners, Karen Kali and Julie Miller, indicates that financial missteps—such as missed bill payments, risky investments, and susceptibility to scams—can occur years before a formal dementia diagnosis, leading to substantial wealth loss and eroding savings that may have been intended for a planned inheritance. Moreover, the costs associated with long-term care for individuals with dementia can devastate a family's savings. This financial strain not only depletes the assets meant for inheritance but also places a heavy burden on family members, who often take on caregiving responsibilities, further impacting their own financial stability and retirement plans. Much of the wealth held by Baby Boomers is tied up in real estate. Most are suburban homes that may not align with the lifestyles or housing needs of younger generations. Baby Boomers are remaining in these homes longer and often neglect necessary upkeep. A Business Insider article noted that many of these homes are filled with stuff that will take time and money to sort out—resulting in a real estate legacy that can feel more like a liability than a gift. For children inheriting a house in an aging suburb, the financial and emotional costs can be significant—particularly in a dynamic mortgage interest rate environment. Decisions about whether to sell, rent, or renovate become complex, especially if the property requires maintenance or if multiple family heirs are involved. The traditional notion of passing on a legacy is evolving. For many Boomers, the dream isn't to leave it all behind for their kids, but to enjoy it while they can. A significant number are prioritizing travel, experiences, and home upgrades over saving every last dollar for inheritance. A Charles Schwab study reports that nearly all wealthy Americans intend to leave an inheritance. However, 21% of Baby Boomers prefer a strategy of giving while living, such as creating memories through family travel and assisting adult children with home buying. Perhaps most striking is that a full 45% of Baby Boomers agreed with the statement, 'I want to enjoy my money for myself while I am still alive.' Not all families stay close. Being in what has become popularly known as 'no contact' may be quietly on the rise. One in four (27%) Americans report being estranged from a parent, child, sibling, or grandparent. These deep rifts can completely disrupt inheritance plans. Estrangement also brings up uncomfortable questions: What happens to the family home if no one wants it—or if no one is willing to talk? How does the money pass when there's no relationship? These quiet divides can turn even the most generous inheritance plans into a source of confusion and potential conflict. Thanks to increasing longevity and advancements in healthcare, inheritances are often arriving later in life than many younger generations might expect. This delay means that younger Gen Xers and Millennials, who may have already navigated significant financial milestones—like buying a home or sending kids to college—without that anticipated boost, may find inheritances to be more symbolic than transformative. For women, this extended lifespan can complicate matters further. A decade or more of living in solo retirement often leads to a different relationship with adult children and a shifting perspective on what a financial legacy truly means. Plans made as a couple may change as one partner—typically the woman—navigates the final chapter alone, balancing her own needs with the opportunity to pass something on. The numbers around the Great Wealth Transfer are extraordinary, but they fuel a headline that overshadows the underlying story: this is not just a story of dollars, but of decades of longer life, evolving family ties, and the very human decisions about what it means to live well and leave well. In the end, the Great Wealth Transfer will not be measured by bank balances, but by how families navigate these hidden complexities—balancing care, connection, communication, purpose, and legacy in a world where living longer means living differently.
Forbes
2 days ago
- Business
- Forbes
I Refuse To Talk To AI
The majority of customers prefer human-to-human interaction over AI. If you want to anger your customers, make them do something they don't want to do. Sixty-six percent of U.S. customers say that when it comes to getting help, resolving an issue or making a complaint, they only want to speak to a live person. That's according to the 2025 State of Customer Service and CX annual study. If you don't provide the option to speak to a live person, you are at risk of losing many customers. But not all customers feel that way. We asked another sample of more than 1,000 customers about using AI and self-service tools to get customer support, and 34% said they stopped doing business with a company or brand because self-service options were not provided. These findings reveal the contrasting needs and expectations customers have when communicating with the companies they do business with. While the majority prefer human-to-human interaction, a substantial number (about one-third) not only prefer self-service options—AI-fueled solutions, robust frequently asked question pages on a website, video tutorials and more—but demand it or they will actually leave to find a competitor that can provide what they want. This creates a big challenge for CX decision-makers that directly impacts customer retention and revenue. Why Some Customers Resist AI Our research finds that age makes a difference. For example, Baby Boomers show the strongest preference for human interaction, with 82% preferring the phone over digital solutions. Only half (52%) of Gen-Z feels the same way about the phone. Here's why: Customers aren't necessarily anti-technology. They're anti-ineffective technology. When AI fails to understand requests and lacks empathy in sensitive situations, the negative experience can make certain customers want to only communicate with a human. Even half of Gen-Z (48%) says they are frustrated with AI technology (versus 17% of Baby Boomers). Why Some Customers Embrace AI The 34% of customers who prefer self-service options to the point of saying they are willing to stop doing business with a company if self-service isn't available present a dilemma for CX leaders. This can paralyze the decision process for what solutions to buy and implement. Understanding some of the reasons certain customers embrace AI is important: CX leaders must recognize the generational differences—and any other impactful differences—as they make decisions. For companies that sell to customers across generations, this becomes increasingly important, especially as Gen-Z and Millennials gain purchasing power. Turning your back on a generation's technology expectations puts you at risk of losing a large percentage of customers. What's A CX Leader To Do? Some companies have experimented with forcing customers to use only AI and self-service solutions. This is risky, and for the most part, the experiments have failed. Yet, as AI improves—and it's doing so at a very rapid pace—it's okay to push customers to use self-service. Just support it with a seamless transfer to a human if needed. An AI-first approach works as long as there's a backup. Forcing customers to use a 100% solution, be it AI or human, puts your company at risk of losing customers. Today's strategy should be a balanced choice between new and traditional customer support. It should be about giving customers the experience they want and expect—one that makes them say, 'I'll be back!'
News.com.au
2 days ago
- Business
- News.com.au
How Melbourne's 1980s property boom created a wealth gap that locked out young buyers forever
The Baby Boomers really did have it better when it comes to housing. Shock new figures show that inflation and wage growth has accounted for only a tiny fraction of Melbourne's property price rises since the 1980s. Instead, decades of undersupply of new homes and generations of Victorians bidding up prices have driven prices to levels that will permanently keep today's first-home buyers out of some suburbs. Whisk taker: Dessert Masters winner's $100k gamble Today's $900,000 median house price would more than cover the cost of a 1980s Toorak house, $160,500 at the time or about $824,000 in today's money. The suburb's typical residence is now worth $4.8m, almost six times higher, and far in front of inflation. Suburbs like Malvern, Brighton, Kew and Albert Park have also recorded inflation-adjusted increases of between $2m and $3m. Even in more affordable pockets, younger generations are now struggling to enter the same markets their parents once bought into with modest incomes and low deposits. PropTrack senior economist Eleanor Creagh said the data 'lays bare' the widening generational wealth divide, and shows just how much opportunity has been locked behind property prices. 'Homeowners who bought in the '80s or '90s are now sitting on huge capital gains,' Ms Creagh said. 'Today's first-home buyers face a completely different market, higher deposits, higher debt burdens, and affordability stretched close to record lows.' According to the Australian Bureau of Statistics, the average weekly earnings for full-time adults in March 1980 were just $245.70, or around $12,800 a year. Adjusted for inflation, that's roughly equivalent to $54,600 in today's dollars. In contrast, the latest ABS figures show average full-time earnings are now $1,975.80 a week, or just over $102,000 annually. While that represents a fourfold increase, house prices in some Melbourne suburbs have surged more than 30-fold over the same period. Even in outer suburbs like Ferntree Gully, once a launch pad for working-class homeownership, prices have soared. A house that cost $46,000 in 1980 — about $236,000 today — now has a median of over $870,000. And while Baby Boomers frequently cite double-digit interest rates in the 1980s — which reached as high as 17 per cent by 1989 — Ms Creagh said they were borrowing far smaller sums relative to income. 'It's a very different landscape,' she said. 'Back then, prices were much lower relative to wages. 'Today, you're borrowing more, for longer, just to get in.' M R Advocacy director and buyers' agent Madeleine Roberts said modern buyers were being forced to think strategically, even creatively, just to get a foot on the ladder. 'It's not about buying your forever home anymore,' Ms Roberts said. 'It's about building equity, through rentvesting, buying in growth corridors, or even interstate' 'Everyone wants the dream home, but the reality is you've got to start somewhere. And that somewhere often looks very different now.' Ms Roberts said while many young buyers still dreamt of owning property, their journey was shaped more by investment strategy than lifestyle goals. 'In the '80s you could live out of home, get married young and buy a place not long after,' she said. 'These days you might be living at home into your late 20s just to save.' Kay & Burton managing director Ross Savas said prestige suburbs like Toorak, Malvern and Armadale continue to attract intergenerational wealth, and will likely become even harder to access in decades to come. 'There's a new wave of wealth entering the market — tech entrepreneurs, global buyers, young professionals,' Mr Savas said. 'But it's underpinned by long-held family wealth. 'People still talk about the homes they missed out on 20 years ago. I've no doubt they'll be saying the same thing in another 20.' Mr Savas said the enduring appeal of Stonnington postcodes came down to lifestyle, elite schools, vibrant retail, and proximity to the CBD, but also scarcity. 'This is still one of the last asset classes in Australia that benefits from tax-free capital growth,' he said. 'That makes it a wealth-building opportunity as well as a lifestyle choice.' While today's buyers are unlikely to see the same meteoric gains their parents did, PropTrack senior economist Eleanor Creagh said Melbourne housing still held long-term potential, especially as population pressures and supply constraints continue. 'You may not get Toorak, but you can still build wealth,' Ms Creagh said. 'Start where you can, let compound growth work for you. 'The earlier you start, the more options you'll have.' Top Melbourne suburbs where house prices soared since 1980 Suburb 1980's Average Price 1980 Price (Indexed to 2025) 2025 Projected Price Difference (2025 – 1980) Toorak $160,500 $824,200 $4.80m $4.64m Deepdene $66,450 $341,200 $3.81m $3.75m Canterbury $70,500 $362,000 $3.48m $3.40m Malvern $65,000 $333,800 $3.19m $3.12m Hawthorn $66,085 $339,300 $3.07m $3.00m Brighton $79,750 $409,500 $3.03m $2.95m Balwyn $49,500 $254,200 $2.90m $2.85m Middle Park $61,000 $313,200 $2.67m $2.61m Kew $60,500 $310,700 $2.66m $2.60m Camberwell $62,000 $318,400 $2.58m $2.52m Hawthorn East $60,000 $308,100 $2.50m $2.44m Armadale $68,500 $351,800 $2.44m $2.38m Mont Albert $53,000 $272,200 $2.42m $2.37m Eaglemont $59,250 $304,300 $2.41m $2.35m Ivanhoe East $67,500 $346,600 $2.38m $2.31m Black Rock $60,250 $309,400 $2.35m $2.29m Albert Park $47,750 $245,200 $2.32m $2.27m Hampton $47,000 $241,300 $2.32m $2.27m Surrey Hills $49,000 $251,600 $2.31m $2.26m Balwyn North $66,000 $338,900 $2.31m $2.24m Glen Iris $53,325 $273,800 $2.26m $2.20m Caulfield North $69,000 $354,300 $2.23m $2.16m Caulfield $57,723 $296,400 $2.20m $2.14m Park Orchards $74,350 $381,800 $2.20m $2.13m Kew East $57,750 $296,500 $2.17m $2.11m Elwood $50,000 $256,800 $2.14m $2.09m Sandringham $51,500 $264,500 $2.06m $2.01m Brighton East $58,000 $297,800 $2.04m $1.98m Malvern East $50,000 $256,800 $2.00m $1.95m Beaumaris $61,000 $313,200 $2.00m $1.94m Elsternwick $52,000 $267,000 $1.95m $1.90m South Yarra $70,000 $359,500 $1.94m $1.86m Ashburton $40,500 $208,000 $1.87m $1.83m Ormond $41,375 $212,500 $1.86m $1.82m Alphington $35,500 $182,300 $1.84m $1.80m Aberfeldie $42,000 $215,700 $1.81m $1.77m McKinnon $41,500 $213,100 $1.80m $1.76m Sorrento $35,000 $179,700 $1.79m $1.75m Ivanhoe $46,500 $238,800 $1.76m $1.72m Fitzroy $48,250 $247,800 $1.72m $1.67m Caulfield South $46,000 $236,200 $1.72m $1.67m Essendon $42,500 $218,200 $1.71m $1.67m Templestowe $68,000 $349,200 $1.72m $1.65m Carnegie $38,000 $195,100 $1.68m $1.64m Mont Albert North $48,500 $249,000 $1.65m $1.61m Box Hill $36,000 $184,900 $1.65m $1.61m Glen Waverley $51,500 $264,500 $1.66m $1.61m St Kilda East $61,500 $315,800 $1.66m $1.60m Princes Hill $57,250 $294,000 $1.65m $1.59m Carlton North $49,500 $254,200 $1.64m $1.59m Fairfield $31,500 $161,800 $1.60m $1.57m Mount Waverley $48,000 $246,500 $1.62m $1.57m Murrumbeena $40,000 $205,400 $1.61m $1.57m Northcote $29,250 $150,200 $1.60m $1.57m Strathmore $46,500 $238,800 $1.61m $1.57m Bentleigh $42,000 $215,700 $1.61m $1.57m Donvale $52,975 $272,000 $1.61m $1.56m Mount Eliza $65,000 $333,800 $1.61m $1.55m Doncaster East $51,000 $261,900 $1.58m $1.53m Clifton Hill $39,000 $200,300 $1.56m $1.52m Port Melbourne $36,000 $184,900 $1.55m $1.52m Lower Plenty $57,000 $292,700 $1.58m $1.52m St Kilda $42,000 $215,700 $1.54m $1.50m Williamstown $36,000 $184,900 $1.52m $1.49m South Melbourne $44,000 $225,900 $1.53m $1.49m Prahran $43,500 $223,400 $1.53m $1.49m Fitzroy North $40,875 $209,900 $1.51m $1.47m Blackburn $42,500 $218,200 $1.51m $1.47m Moonee Ponds $36,000 $184,900 $1.48m $1.44m Bentleigh East $41,500 $213,100 $1.48m $1.44m Ashwood $38,250 $196,400 $1.47m $1.43m Parkdale $37,975 $195,000 $1.46m $1.42m North Warrandyte $55,000 $282,400 $1.45m $1.40m Vermont South $60,000 $308,100 $1.46m $1.40m Mount Martha $44,800 $230,000 $1.44m $1.40m Hughesdale $30,650 $157,400 $1.43m $1.40m Doncaster $59,000 $303,000 $1.45m $1.39m Highett $38,000 $195,100 $1.43m $1.39m Hampton East $38,500 $197,700 $1.42m $1.38m Box Hill South $40,000 $205,400 $1.42m $1.38m Thornbury $30,000 $154,100 $1.39m $1.36m Windsor $42,750 $219,500 $1.40m $1.36m Warrandyte $50,125 $257,400 $1.40m $1.35m Richmond $34,000 $174,600 $1.38m $1.35m Balaclava $39,000 $200,300 $1.38m $1.34m Wheelers Hill $55,000 $282,400 $1.40m $1.34m Heidelberg $48,000 $246,500 $1.37m $1.33m Somers $44,000 $225,900 $1.36m $1.32m Blairgowrie $29,035 $149,100 $1.35m $1.32m Brunswick East $29,000 $148,900 $1.35m $1.32m Carlton $50,000 $256,800 $1.37m $1.32m Burwood $40,500 $208,000 $1.36m $1.32m Rosanna $47,000 $241,300 $1.36m $1.31m Blackburn South $40,500 $208,000 $1.33m $1.29m Templestowe Lower $60,000 $308,100 $1.34m $1.28m Box Hill North $39,000 $200,300 $1.32m $1.28m Oakleigh $32,000 $164,300 $1.31m $1.27m Mentone $49,000 $251,600 $1.31m $1.26m Aspendale $35,500 $182,300 $1.29m $1.26m Mordialloc $35,000 $179,700 $1.30m $1.26m Edithvale $33,000 $169,500 $1.29m $1.26m Blackburn North $40,000 $205,400 $1.29m $1.25m Brunswick West $33,000 $169,500 $1.28m $1.25m Bulleen $49,000 $251,600 $1.30m $1.25m Ascot Vale $34,250 $175,900 $1.28m $1.25m North Melbourne $41,750 $214,400 $1.28m $1.24m Burwood East $45,500 $233,600 $1.29m $1.24m Brunswick $28,000 $143,800 $1.26m $1.23m Cremorne $30,000 $154,100 $1.26m $1.23m Vermont $44,500 $228,500 $1.28m $1.23m Eltham North $52,050 $267,300 $1.27m $1.22m McCrae $33,000 $169,500 $1.25m $1.22m Moorabbin $42,975 $220,700 $1.27m $1.22m Niddrie $37,000 $190,000 $1.25m $1.22m Newport $26,000 $133,500 $1.25m $1.22m Abbotsford $30,800 $158,200 $1.23m $1.20m Essendon North $37,250 $191,300 $1.23m $1.19m Wantirna South $41,800 $214,600 $1.22m $1.18m Clayton $33,100 $170,000 $1.21m $1.18m Eltham $49,500 $254,200 $1.22m $1.17m Chadstone $35,250 $181,000 $1.20m $1.17m Ringwood North $43,500 $223,400 $1.22m $1.17m Cheltenham $43,500 $223,400 $1.20m $1.16m Oakleigh East $35,500 $182,300 $1.19m $1.15m Patterson Lakes $37,360 $191,800 $1.18m $1.14m Oakleigh South $37,875 $194,500 $1.18m $1.14m Forest Hill $41,000 $210,500 $1.19m $1.14m Collingwood $31,000 $159,200 $1.17m $1.14m Pascoe Vale South $36,500 $187,400 $1.17m $1.13m Preston $30,500 $156,600 $1.16m $1.13m Altona $36,000 $184,900 $1.17m $1.13m Coburg $29,625 $152,100 $1.16m $1.13m Viewbank $52,000 $267,000 $1.17m $1.12m Safety Beach $31,000 $159,200 $1.15m $1.12m Macleod $41,000 $210,500 $1.15m $1.11m Frankston South $45,000 $231,100 $1.16m $1.11m Nunawading $38,000 $195,100 $1.15m $1.11m Keilor $55,750 $286,300 $1.16m $1.10m Spotswood $26,500 $136,100 $1.12m $1.10m Mitcham $37,000 $190,000 $1.14m $1.10m Kingsville $24,000 $123,200 $1.12m $1.10m Yarraville $25,500 $130,900 $1.12m $1.09m Seddon $20,000 $102,700 $1.10m $1.08m Montmorency $39,975 $205,300 $1.11m $1.08m Maribyrnong $33,125 $170,100 $1.10m $1.07m Mornington $35,000 $179,700 $1.10m $1.06m Wantirna $44,500 $228,500 $1.10m $1.06m Olinda $40,000 $205,400 $1.10m $1.06m Kensington $25,000 $128,400 $1.08m $1.05m Mulgrave $40,000 $205,400 $1.09m $1.05m Dingley Village $44,000 $225,900 $1.07m $1.03m Rowville $36,630 $188,100 $1.05m $1.02m Flemington $30,250 $155,300 $1.04m $1.01m Diamond Creek $41,000 $210,500 $1.05m $1.01m Pascoe Vale $35,000 $179,700 $1.03m $1.00m Heathmont $38,925 $199,900 $1.04m $999,075 Bonbeach $30,975 $159,100 $1.02m $994,025 Greensborough $43,500 $223,400 $1.03m $991,500 Oak Park $38,500 $197,700 $1.03m $989,000 Ringwood $38,500 $197,700 $1.02m $981,500 Clarinda $39,000 $200,300 $1.01m $974,000 Keilor East $44,000 $225,900 $1.02m $974,000 Yallambie $49,000 $251,600 $1.01m $963,000 Croydon North $42,000 $215,700 $1.00m $958,500 Ringwood East $34,975 $179,600 $991,000 $956,025 Rye $28,000 $143,800 $975,000 $947,000 Coburg North $32,000 $164,300 $972,500 $940,500 Dromana $30,000 $154,100 $970,000 $940,000 Gisborne $44,500 $228,500 $980,000 $935,500 Avondale Heights $40,000 $205,400 $975,000 $935,000 Scoresby $40,000 $205,400 $970,000 $930,000 Wandin North $30,650 $157,400 $960,000 $929,350 Chelsea $35,000 $179,700 $962,500 $927,500 Hurstbridge $37,500 $192,600 $960,000 $922,500 Briar Hill $46,400 $238,300 $968,000 $921,600 Footscray $23,000 $118,100 $943,000 $920,000 Emerald $35,350 $181,500 $950,000 $914,650 Chelsea Heights $35,950 $184,600 $945,000 $909,050 Yarra Glen $30,000 $154,100 $935,000 $905,000 Altona North $37,650 $193,300 $942,500 $904,850 Montrose $37,000 $190,000 $941,500 $904,500 Taylors Lakes $46,950 $241,100 $950,000 $903,050 Watsonia $37,600 $193,100 $940,000 $902,400 Airport West $36,000 $184,900 $937,500 $901,500 Clayton South $38,470 $197,500 $937,000 $898,530 West Footscray $26,000 $133,500 $920,000 $894,000 Knoxfield $37,250 $191,300 $928,500 $891,250 Keysborough $38,500 $197,700 $908,000 $869,500 Bayswater North $37,300 $191,500 $894,800 $857,500 Reservoir $34,000 $174,600 $890,000 $856,000 Croydon South $36,500 $187,400 $890,000 $853,500 Croydon $36,000 $184,900 $888,000 $852,000 Carrum $29,750 $152,800 $880,500 $850,750 Heidelberg Heights $35,500 $182,300 $880,000 $844,500 Watsonia North $42,600 $218,800 $886,600 $844,000 The Basin $33,000 $169,500 $871,000 $838,000 Ferntree Gully $36,350 $186,700 $873,000 $836,650 Tootgarook $29,000 $148,900 $865,000 $836,000 Berwick $41,625 $213,700 $875,000 $833,375 Tecoma $31,000 $159,200 $860,000 $829,000 Bayswater $37,200 $191,000 $865,000 $827,800 Upper Ferntree Gully $30,750 $157,900 $856,500 $825,750 Monbulk $35,000 $179,700 $860,200 $825,200 Upwey $33,500 $172,000 $857,600 $824,100 Somerville $34,000 $174,600 $855,000 $821,000 Tyabb $34,950 $179,500 $850,000 $815,050 Boronia $35,500 $182,300 $850,000 $814,500 Hadfield $35,000 $179,700 $848,800 $813,800 Langwarrin $39,000 $200,300 $850,000 $811,000 Bundoora $42,000 $215,700 $852,000 $810,000 Springvale $33,000 $169,500 $842,000 $809,000 Lilydale $33,225 $170,600 $840,000 $806,775 Mount Evelyn $31,000 $159,200 $835,000 $804,000 Belgrave $31,000 $159,200 $835,000 $804,000 Chirnside Park $45,000 $231,100 $842,500 $797,500 Maidstone $27,500 $141,200 $820,000 $792,500 Seaford $33,000 $169,500 $825,000 $792,000 Springvale South $38,000 $195,100 $820,000 $782,000 Keilor Park $45,000 $231,100 $824,200 $779,200 Glenroy $34,000 $174,600 $811,000 $777,000 Mooroolbark $36,475 $187,300 $812,500 $776,025 Endeavour Hills $38,950 $200,000 $810,000 $771,050 Kingsbury $36,125 $185,500 $800,000 $763,875 Healesville $29,750 $152,800 $792,500 $762,750 Kilsyth $36,500 $187,400 $795,000 $758,500 Heidelberg West $28,875 $148,300 $780,000 $751,125 Sunshine $27,000 $138,600 $773,500 $746,500 Mill Park $43,975 $225,800 $790,000 $746,025 Noble Park North $37,000 $190,000 $775,000 $738,000 Noble Park $35,000 $179,700 $770,000 $735,000 Rosebud $27,500 $141,200 $760,000 $732,500 Fawkner $35,000 $179,700 $766,500 $731,500 Keilor Downs $41,350 $212,300 $765,000 $723,650 Cockatoo $27,275 $140,100 $750,000 $722,725 Dandenong North $38,000 $195,100 $755,000 $717,000 Albion $25,500 $130,900 $737,500 $712,000 Braybrook $24,475 $125,700 $735,000 $710,525 Narre Warren $34,995 $179,700 $745,000 $710,005 Sunshine North $30,000 $154,100 $735,000 $705,000 Tullamarine $43,675 $224,300 $745,000 $701,325 Frankston $36,000 $184,900 $735,000 $699,000 Baxter $32,000 $164,300 $730,000 $698,000 Hallam $37,000 $190,000 $730,000 $693,000 Gladstone Park $42,000 $215,700 $734,000 $692,000 Altona Meadows $39,000 $200,300 $730,000 $691,000 Capel Sound $29,200 $149,900 $720,000 $690,800 Yarra Junction $25,750 $132,200 $715,000 $689,250 Launching Place $34,000 $174,600 $722,000 $688,000 Thomastown $39,000 $200,300 $720,000 $681,000 Crib Point $25,500 $130,900 $705,000 $679,500 Carrum Downs $34,950 $179,500 $711,000 $676,050 Dandenong $34,440 $176,900 $710,000 $675,560 Whittlesea $39,975 $205,300 $712,500 $672,525 Lalor $37,500 $192,600 $701,000 $663,500 Woori Yallock $27,000 $138,600 $690,000 $663,000 Kealba $39,000 $200,300 $700,000 $661,000 Warburton $22,500 $115,500 $667,500 $645,000 Sunshine West $36,000 $184,900 $680,000 $644,000 Ardeer $30,500 $156,600 $672,500 $642,000 Hastings $33,950 $174,300 $670,000 $636,050 Sunbury $37,000 $190,000 $670,000 $633,000 Deer Park $35,000 $179,700 $667,000 $632,000 Hampton Park $34,950 $179,500 $665,000 $630,050 Cranbourne $33,250 $170,700 $660,000 $626,750 Epping $40,248 $206,700 $665,000 $624,752 St Albans $35,000 $179,700 $655,000 $620,000 Westmeadows $44,250 $227,200 $660,000 $615,750 Diggers Rest $34,500 $177,200 $650,000 $615,500 Pakenham $36,900 $189,500 $650,500 $613,600 Craigieburn $37,500 $192,600 $650,000 $612,500 Hoppers Crossing $38,000 $195,100 $621,000 $583,000 Campbellfield $38,000 $195,100 $621,000 $583,000 Frankston North $24,625 $126,500 $605,000 $580,375 Kings Park $36,500 $187,400 $615,000 $578,500 Albanvale $35,000 $179,700 $612,000 $577,000 Millgrove $23,350 $119,900 $597,500 $574,150 Werribee $35,973 $184,700 $610,000 $574,027 Doveton $27,250 $139,900 $600,000 $572,750 Jacana $30,000 $154,100 $602,000 $572,000 Bacchus Marsh $39,400 $202,300 $610,000 $570,600 Broadmeadows $28,000 $143,800 $592,500 $564,500 Laverton $30,000 $154,100 $590,000 $560,000 Wyndham Vale $33,775 $173,400 $575,500 $541,725 Coolaroo $29,000 $148,900 $560,000 $531,000 Dallas $31,000 $159,200 $555,000 $524,000 Melton West $35,050 $180,000 $540,000 $504,950 Melton South $30,500 $156,600 $519,200 $488,700 Melton $30,000 $154,100 $475,000 $445,000 Source: PropTrack Top Melbourne suburbs where unit prices soared since 1980 Suburb 1980's Average Price 1980 Price (Indexed to 2025) 2025 Projected Price Difference (2025 – 1980) Brighton $61,000 $313,200 $1.31m $1.25m Beaumaris $49,600 $254,700 $1.28m $1.23m Black Rock $47,000 $241,300 $1.27m $1.23m Brighton East $49,750 $255,500 $1.19m $1.14m Mount Waverley $40,000 $205,400 $1.09m $1.05m Canterbury $44,250 $227,200 $1.08m $1.04m Toorak $60,250 $309,400 $990,000 $929,750 Glen Waverley $47,950 $246,200 $946,500 $898,550 Hampton $41,000 $210,500 $927,500 $886,500 Vermont $45,125 $231,700 $928,900 $883,775 Caulfield South $34,000 $174,600 $900,000 $866,000 Camberwell $47,000 $241,300 $895,500 $848,500 Clifton Hill $24,300 $124,800 $870,000 $845,700 Surrey Hills $42,075 $216,100 $870,000 $827,925 Mitcham $37,625 $193,200 $863,000 $825,375 Kew $54,225 $278,400 $879,000 $824,775 Bentleigh East $30,000 $154,100 $850,000 $820,000 Box Hill North $40,500 $208,000 $858,000 $817,500 Balwyn $50,000 $256,800 $851,800 $801,800 Williamstown $38,500 $197,700 $840,000 $801,500 Aspendale $30,000 $154,100 $822,200 $792,200 Nunawading $34,250 $175,900 $825,000 $790,750 Glen Iris $37,625 $193,200 $820,000 $782,375 Parkdale $33,750 $173,300 $802,500 $768,750 Mont Albert $44,500 $228,500 $800,000 $755,500 Mornington $34,500 $177,200 $757,000 $722,500 Fairfield $18,500 $95,000 $735,000 $716,500 Clayton $33,500 $172,000 $750,000 $716,500 Hughesdale $36,000 $184,900 $746,500 $710,500 Bonbeach $28,375 $145,700 $730,800 $702,425 Murrumbeena $27,000 $138,600 $722,500 $695,500 Ringwood East $36,500 $187,400 $730,000 $693,500 Greensborough $38,000 $195,100 $728,000 $690,000 Ivanhoe $44,000 $225,900 $730,000 $686,000 Mordialloc $29,000 $148,900 $713,800 $684,800 Elsternwick $37,250 $191,300 $722,000 $684,750 Altona $36,000 $184,900 $720,000 $684,000 Bentleigh $34,000 $174,600 $711,000 $677,000 Chelsea $29,875 $153,400 $705,000 $675,125 Armadale $33,125 $170,100 $702,500 $669,375 Malvern $41,250 $211,800 $709,000 $667,750 Mentone $33,750 $173,300 $690,000 $656,250 Cheltenham $33,358 $171,300 $683,000 $649,642 Bayswater $31,500 $161,800 $680,000 $648,500 Croydon $32,000 $164,300 $680,000 $648,000 Sandringham $41,250 $211,800 $687,500 $646,250 Ferntree Gully $32,300 $165,900 $665,500 $633,200 Elwood $28,500 $146,300 $660,000 $631,500 Northcote $21,000 $107,800 $650,000 $629,000 Boronia $33,000 $169,500 $660,500 $627,500 Glen Huntly $40,000 $205,400 $666,000 $626,000 Thornbury $21,000 $107,800 $645,000 $624,000 Heidelberg $41,500 $213,100 $665,000 $623,500 Carnegie $34,250 $175,900 $650,000 $615,750 Fitzroy North $30,000 $154,100 $645,000 $615,000 Seaford $33,000 $169,500 $645,000 $612,000 Blackburn $40,000 $205,400 $652,000 $612,000 Pascoe Vale $34,500 $177,200 $645,000 $610,500 Caulfield North $36,500 $187,400 $641,000 $604,500 Preston $31,500 $161,800 $631,200 $599,700 Bayswater North $30,500 $156,600 $630,000 $599,500 Highett $34,500 $177,200 $631,800 $597,300 Ormond $24,000 $123,200 $620,000 $596,000 Capel Sound $32,625 $167,500 $627,500 $594,875 Reservoir $32,000 $164,300 $625,000 $593,000 Springvale $30,500 $156,600 $622,000 $591,500 Springvale South $33,000 $169,500 $621,500 $588,500 St Kilda East $30,000 $154,100 $610,000 $580,000 Ringwood $35,700 $183,300 $615,000 $579,300 West Footscray $30,000 $154,100 $609,000 $579,000 Doncaster $43,750 $224,700 $608,000 $564,250 Hawthorn $38,159 $195,900 $599,500 $561,341 Brunswick $27,250 $139,900 $588,000 $560,750 Balaclava $27,000 $138,600 $585,800 $558,800 Richmond $19,950 $102,400 $575,000 $555,050 Malvern East $36,500 $187,400 $588,500 $552,000 Box Hill $36,250 $186,100 $586,000 $549,750 Hawthorn East $30,250 $155,300 $577,500 $547,250 Glenroy $33,000 $169,500 $580,000 $547,000 Oakleigh $37,000 $190,000 $583,500 $546,500 Coburg $28,000 $143,800 $572,000 $544,000 Essendon $37,000 $190,000 $580,000 $543,000 Moonee Ponds $35,750 $183,600 $572,500 $536,750 St Kilda West $25,750 $132,200 $550,000 $524,250 Noble Park $31,500 $161,800 $555,000 $523,500 Frankston $33,000 $169,500 $550,000 $517,000 Tullamarine $41,000 $210,500 $557,500 $516,500 Ascot Vale $25,000 $128,400 $539,000 $514,000 Footscray $22,750 $116,800 $530,000 $507,250 Windsor $30,000 $154,100 $535,500 $505,500 Brunswick West $27,000 $138,600 $530,000 $503,000 South Yarra $38,000 $195,100 $540,000 $502,000 Albion $19,750 $101,400 $520,000 $500,250 Burwood East $47,000 $241,300 $542,000 $495,000 St Kilda $24,125 $123,900 $505,000 $480,875 Maribyrnong $24,450 $125,600 $490,000 $465,550 Prahran $33,000 $169,500 $491,800 $458,800 Cranbourne $26,975 $138,500 $480,000 $453,025 Dandenong $29,000 $148,900 $472,500 $443,500 Parkville $63,500 $326,100 $500,000 $436,500 North Melbourne $32,500 $166,900 $465,000 $432,500 Melbourne $47,000 $241,300 $440,000 $393,000 Carlton $66,500 $341,500 $342,500 $276,000
Yahoo
3 days ago
- Business
- Yahoo
Should Millennials Really Be Worried About the State of Social Security? Experts Weigh In
Millennials have enough on their plate — rising housing costs, student debt, higher interest rates, etc. Now they are adding Social Security to the list of concerns. Learn More: For You: For years, headlines have warned that the Social Security program is running out of money, leaving many wondering if there will be anything left when they retire. Social Security's trust fund may potentially dry up in the 2030s, but even if they do, payroll taxes will continue to cover a majority of Social Security payments. Even so, experts say changes are coming. Here's what to know about the future of the Social Security program and how to prepare for retirement. 'It is no secret that the Social Security trust fund is facing trouble. Current projections say that the fund will be able to pay 100% of benefits through 2035. Then, if Congress does not act, benefits will be reduced by about 21 to 22%,' Krisstin Petersmarck, National Social Security Advisor (NSSA) and investment advisor representative at New Horizon Retirement Solutions in Bloomfield Hills, Michigan, wrote in an email. Social Security is funded primarily through payroll taxes from current workers, but as the Baby Boomer generation continues to retire, the number of beneficiaries is outpacing the number of workers paying into the system. 'The fact is, more people are leaving the workforce than entering it,' Petersmarck added. 'So, millennials should be concerned.' According to the Social Security Administration's most recent Trustees Report, there were 2.7 workers per beneficiary in 2023. By 2040, the ratio is projected to drop to 2.3 when the baby boomer generation has largely retired and will continue to decline gradually thereafter due to longer life expectancies. Millennials still need to prepare for retirement, with or without Social Security. The SSA has stated that Social Security only replaces about 40% of annual pre-retirement earnings on average. 'I am a financial advisor, building an independent planning practice designed for millennials,' explained Jonathan Ford Jr., president, founder and investment advisor at JFJ Advisory Services in Morrow, Ohio. 'I help every one of them plan for retirement as if Social Security won't be around forever.' Ford tells his clients that they must take responsibility for their own retirement. 'If necessary changes are made to preserve Social Security, then that would just be the cherry on top. We could consider early retirement or spending more and enjoying more during retirement,' he stated. 'It's a classic case of 'plan for the worst, hope for the best.'' As for steps millennials can take right now, Ford recommends an employer 401(k) as a starting point, especially if they offer a match. If not, then an IRA is another option he suggests that offers tax savings. 'Time will be any young investor's most valuable asset,' Ford noted. 'If they are proactive and start saving now, then they won't have to worry when they get to retirement. Even saving a small part of your paycheck routinely can add up over time.' More From GOBankingRates 10 Unreliable SUVs To Stay Away From Buying 5 Types of Cars Retirees Should Stay Away From Buying This article originally appeared on Should Millennials Really Be Worried About the State of Social Security? Experts Weigh In Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
