Housing affordability crisis is bad for Gen Y but worse for Baby Boomers

Australia has the second-highest rate of poverty among those on pensions in all OECD nations. Our retirement system basically takes the inequality that exists in our society at the moment and then magnifies it in retirement. There is a hidden group of retirees in serious financial stress which is compounded if they do not own their home. Already, more than one-third of Australian pensioners live in poverty. The housing affordability crisis will make it even worse.