The phrase “The Greatest Generation” has been used for decades to describe a remarkable cohort of people who came of age during the most tumultuous years of the 20th century. In Australia, their influence still ripples through our culture, economy, and family life—even as their numbers have dwindled. But what exactly defines the Greatest Generation? And what lessons do their values and experiences offer modern Australians navigating an ever-changing world?
Who Are the Greatest Generation?
The Greatest Generation generally refers to those born between 1901 and 1927. In Australia, this means they grew up during the Great Depression, fought or contributed to the national effort in World War II, and built families and communities during the post-war boom. These are the parents, grandparents, and great-grandparents whose resilience and sacrifice helped shape modern Australia.
- Childhood in Hardship: Many faced the economic devastation of the Great Depression, learning to make do with less and value thrift.
- World War II Service: Over 1 million Australians served in WWII—men and women alike. Those at home supported the war effort through rationing, volunteering, and industry.
- Post-War Rebuilding: After the war, this generation contributed to massive nation-building projects, from infrastructure to immigration policies, driving Australia’s transformation into a modern nation.
Core Characteristics of the Greatest Generation
While no two people are the same, historians and social researchers have identified several traits that set this generation apart:
- Resilience: Growing up during economic depression and global conflict forged a capacity to endure hardship and bounce back from adversity.
- Duty and Sacrifice: There was a strong sense of responsibility to family, community, and country—often putting collective needs above personal desires.
- Pragmatism and Thrift: Making ends meet during lean years led to a culture of saving, repairing, and making the most of what was available.
- Loyalty and Community Spirit: Connections to neighbours, local clubs, and religious groups were central, reflecting a belief that community ties were key to surviving tough times.
- Optimism for the Future: Despite hardship, many held an unshakeable belief in a better tomorrow, investing in education, home ownership, and the next generation’s opportunities.
These traits have been documented in oral histories, national archives, and research from bodies like the Australian Institute of Family Studies, which continues to highlight the ongoing impact of this generation’s values on Australian society in 2025.
The Greatest Generation’s Financial Legacy in 2025
The financial habits and values of the Greatest Generation continue to influence Australians, even as the world has changed dramatically. In 2025, their approach feels both timeless and newly relevant:
- Saving and Home Ownership: Post-war, many Australians from this cohort prioritised saving and home buying. Today, their children and grandchildren often inherit property or benefit from intergenerational wealth transfers shaped by these habits.
- Pensions and Superannuation: The introduction of the age pension (1909) and later, superannuation, were vital for this generation. Many Greatest Generation retirees relied more on the age pension, whereas later generations have a greater emphasis on super.
- Risk Aversion: Shaped by war and depression, their investment choices tended to favour security over speculation. In today’s volatile markets, their lessons about diversification and patience remain instructive.
In 2025, with cost-of-living pressures and a renewed focus on financial resilience, Australians are revisiting these habits. The federal government’s recent review of pension adequacy and aged care funding (announced in the 2024-2025 budget) also reflects a continued commitment to supporting older Australians, many of whom are part of this dwindling generation.
Lessons for Modern Australians
So, what can Australians in 2025 learn from the Greatest Generation? Their legacy isn’t just about nostalgia—it’s about practical approaches to life and money:
- Adaptability in Adversity: Their ability to pivot and persist through crises offers a blueprint for responding to today’s economic shocks, climate events, and societal changes.
- Community Support: In an age of digital connection but social isolation, the Greatest Generation’s commitment to local networks and mutual aid is more relevant than ever.
- Financial Fundamentals: Thrift, saving, and long-term planning are back in vogue as Australians navigate rising interest rates and housing affordability challenges in 2025.
Honouring the Greatest Generation means more than remembering history—it’s about drawing on their example to build a more resilient, fair, and optimistic Australia.
