“Which is the best generation when it comes to managing their money, and which is the worst?”

How to defend the indefensible! Giving Gen Y some credit for future financial potential?

Retirees are great with money. No question there. And I’ll ignore Gen Y. Like my 3yo boy, Ned, they’ve still got training wheels on. Any mistakes are relatively minor stuff. They’ll recover.

Simply, Gen Xers are the best, Boomers the worst.

At the risk of inciting Boomers’ chatter about us being the whinger generation … Gen Xers will foot the bill for Boomers’ excess.

Boomers benefited from the greatest share and property boom in history, from the 60s through the 90s. They also had “bottom of the harbour” tax schemes, pre-85 capital gains tax free assets, pre-83 tax-free super and generous limits on super contributions.

Gen Xers education wasn’t free (HECS started in 1989 – my first year of uni) and compulsory superannuation was thrust upon us in 1992, as we started work, costing us salary.

In fact, super was designed so Xers could both pay for our own retirements and fund Boomers’ age pensions while we’re still working. That’s essentially the equation – Gen Xers are being asked to fund two generations’ retirements (while raising our own Gen Z kiddies and fund outrageous mortgages).

By definition, there are too many Boomers. Straws and camels, Boomers. Straws and camels. Don’t forget who’ll be watching over you in your nursing homes. Mwah-hah-hah-hah!

Bruce Brammall is the author of Debt Man Walking (www.debtman.com.au) and a licensed financial adviser.