salt: Celebrity demographer Bernard Salt kicked off the latest round of baby boomer advice for their kids, and in some cases grandkids, with a throwaway remark about the number of young people eating expensive smashed avo brunches, which presumably should be the preserve of older home owners, according to Australian Broadcasting Corporation. Mr Salt anecdote was comprehensively demolished by Greg Jericho, who used statistical evidence to show that Gen Ys actually spend much less on food, alcohol and recreation as a percentage of their income than their parents did, and much more on housing. Related Story: Why Gen Y should jump in and buy a house Map: Australia The myth of the profligate Gen Y refuses to die. But the myth that, as a generation, the baby boomers were so much better at saving than Gen Y and that is how they amassed the unprecedented wealth they now enjoy is almost impossible to kill. The first one conflates cause and effect - home owners have more wealth than renters, therefore home ownership must be a generator of wealth. My colleague Andrew Robertson revived it in two articles last week.
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