A lot is said regarding the standard of living. We live in an era of constant change where lifestyles need to accommodate new expenses which are constantly cropping up. In this article, we discuss whether today’s lifestyle is better than the one enjoyed by previous generations.
When compared to previous generations, today we have much more choice when it comes to certain luxuries. In the past, one would not fathom going abroad once or twice a year, as it was commonly perceived as an activity of the rich. The same applies to the retail market. Most would not afford the commodities we take for granted today, such as branded clothes and jewellery. Not only that but we also have more choices in terms of entertainment, such as fine dining.
Across different generations, the acquisition of property was always a challenge. With that said, one can strongly argue that in the past there was not such high-level competition for property, as there is today. In the previous generations Malta was mainly inhabited by the Maltese and there was no influx of foreigners which contributed to the higher property prices. In the past, people would not commit themselves to such long-term loans as is commonplace today. With that said, in the past, it was normal that only the husband works and could manage the expenses related to a household and its family members.
In the past, families used to have one car. Considering that a significant number of women were not employed, one car was enough to serve an entire family. Today it is different as both husband and wife work, thus would need a car for practical transportation purposes. This is also coupled with the fact that young adults would also want a car once they hit eighteen.
In the past, families were very conservative in terms of their bank loans appetite. Today one is given several options to buy whatever he wants by getting a bank loan. As long as someone has a regular income which makes up for the repayment, he does not need to worry.
Today we are constantly bombarded with different opportunities to spend money on entertainment. Such would include regular travelling, dining and going out with friends. Past generations did not have the entertainment options that we have today.
Although the Maltese economy was always relatively stable, today’s generation is aware of an unprecedented level of economic growth. Depending on which side of the social circle one is, such economic growth may impact someone positively and also negatively.
Considering all these factors, would you say that our quality of life is improved when compared to previous generations?