Good Bill Shorten

“The Great Depression and Second World War generations of Australians did it tough. They were frugal in an era of bitter hardship and war, and widowhood and suburban sacrifice. But our current generations of Baby Boomers have learned to expect more and get more. Like Oliver they want more, and we are here to supply it.
The amount of money required to live reasonably is much higher than previous generations required. Or put another way, we are no longer as good at living frugally. We are healthier than our great grandparents. We are more active and energetic. We don’t just play bowls and chess and Scrabble, we hike, we bicycle, we travel overseas. We are keen to change our lifestyles in the years of 55 to 75. This means we need more money.”

US 401(k) defaults

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