Coronavirus stimulus debt will be paid off by young Australians.

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Now, as they build their families and assets and start cementing their careers, comes a second wave — one that threatens to rival the Great Depression, according to the International Monetary Fund.

Even before this economy crippling pandemic, Millenials were at risk of becoming the first generation with worse quality of life than their parents.

Yep, the generational wealth gap is very real.

A Grattan Institute analysis found that older Australians spend more, have higher incomes and greater wealth than older Australians three decades ago. But for young Australians, it’s changed very little.

And before the accusations about takeaway lattes, avocado toast and overseas holidays start flying around, it’s worth pointing out, this stagnating wealth is not because of Millenial spending habits. In fact, young Australians are spending less on non-essential items such as alcohol, clothing…

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