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Finance and Accountancy Briefing

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Baby Boomers – The Double Hit - High achievers, low receivers?

Overview

Baby boomers, and for the uninitiated, those born around the end of the Second World War, have proved to be an energetic and capable generation. It must always be remembered that, in the mid to late nineteen forties and the early nineteen fifties, this country was very poor having suffered the cost of the Second World War.

Not only that, but parents were not particularly well off and even if they had money there wasn’t an awful lot to buy. The new generation hit the floor running. The opportunity for a year out to visit Thailand just didn’t exist. The urgent need was to get out there, get a job and earn some money.

Young trainee accountants were no different. Training contracts weren’t that easy to obtain, and it was not uncommon for the parents of the aspiring accountant to have to pay towards the cost of the employment or training programme. Certainly pay was low, if it was received. Nevertheless, this period gave birth to the generation of movers and shakers. Most paddled their own canoe. If living at home they made contributions to the household budget as a matter of normality. Many married young, moved out, bought houses and got on with life.

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Tags: Accounting, Sustainability, Accountancy, Practice, Economic Climate, Retirement.

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