1970s Vs Now - Is Life Actually Harder: Episode #177

Shane Oliver and Diana Mousina unpack the gap between perception and reality in today’s economy. From inflation and interest rates to housing affordability, wages and lifestyle changes, they compare life now versus the 1970s to ask a bigger question: are we actually worse off, or just feeling it? The conversation explores rising expectations, the impact of choice, social media, and government support—and why resetting expectations and focusing on long-term fundamentals could be key to financial wellbeing.Important information: This podcast is general in nature and hasn’t taken your circumstances into account. It’s important you consider your personal circumstances and speak to a financial adviser before deciding what’s right for you. Any general tax information provided is intended as a guide only. Remember the value of investments may go up or down and you may not get back the amount you invested. The opinions and views featured in this podcast reflect the individual’s own. Date of publication 29 June 2026. AWM Services Pty Ltd ABN 15 139 353 496, AFSL No. 366121, part of the AMP Group00:00 – Intro00:01 – Inflation update and fuel price impact00:39 – Will the RBA hike rates again?01:14 – Why people feel worse off today01:47 – Cost of living pressures explained02:20 – Nostalgia: was the past better?02:43 – Housing, wages and affordability then vs now04:33 – Workforce changes and female participation05:32 – Choice, stress and modern life06:32 – Inflation in the 1970s vs today07:26 – Income growth vs real purchasing power08:15 – Travel, lifestyle and spending changes09:29 – Globalisation and diversity in Australia12:56 – Shift to services and experiences13:56 – Education, careers and delayed earnings14:44 – Is too much choice making us unhappy?16:06 – Work ethic, jobs and expectations17:09 – Government spending and welfare dependence18:15 – Life expectancy and quality of life19:24 – Safety improvements over time20:22 – Why confidence is still low21:02 – Expectations vs reality22:10 – Social comparison and social media impact23:29 – Community decline and social connection24:49 – Work-life balance pressures25:02 – Can we go back to simpler times?25:43 – Productivity and income stagnation26:11 – Practical steps: spending, saving, expectations27:25 – Final thoughts: gratitude and perspective