Looking to the past with fondness seems to be built into the human condition. Many of us remember the days of yesteryear with a warm sense of nostalgia.
While it is wonderful to enjoy old memories, it’s easy to slip into the notion that the past was better than today. In some ways, that might be true. But the present also offers advantages over bygone days.
So, before you grumble about how the past was better than today, here are some of the ways the present is better — and isn’t.
1. Fewer seniors work
It’s a common complaint: Things are so tough today that people cannot afford to save money. As a result, many believe that more seniors must work beyond the age of 65 today than they did in the past.
However, that notion is largely a myth. In 1948, 27% of people 65 and older participated in the workforce, according to the U.S. Department of Labor. By 2024, the percentage had dropped to 19.5%.
The percentage has plummeted most for men. In 1948, 47% of men who were 65 or older participated in the labor force, and by 2024, the percentage was roughly half, at 23.4%.
It is true that labor participation rates for both men and women 65 and older have been creeping higher in recent years. However, it’s unclear if that rise is because people need to work. It’s also possible that older Americans simply are healthier today, allowing a greater percentage of those who want to work to do so.
Perhaps it’s a combination of the two explanations. Other factors also might be at play.
Whatever the truth, there is no question that a smaller percentage of older Americans are working today than they did decades ago.
2. People are much better educated
Just 15% of the Silent Generation — those born from 1928 to 1945 — have college degrees, according to the Pew Research Center.
By contrast, nearly 4 in 10 millennials (39%) born from 1981 to 1996 have earned at least a bachelor’s degree.
The percentage of Americans with bachelor’s degrees has climbed steadily since 1968. Critics increasingly question the value of a college degree, but those who have earned at least a college degree earn far more money and are less likely to be unemployed than those whose education ended with a high school diploma, according to the federal government.
3. Life expectancy has increased
Since 1960, life expectancy for both men and women has increased significantly.
In 2023, life expectancy for men was 75.8, a jump of about nine years compared to 1960 (when it was 66.6 years), according to the U.S. Census Bureau. For women, life expectancy in 2023 was 81.1 years, an increase of about eight years since 1960 (when it was 73.1).
Things are likely to get better for future generations. By 2060, men are projected to get a boost of 6.6 years to their lifespan. Women should see life expectancy increase by another 5.3 years.
4. Home size has jumped
American families are much smaller today than in the past, with many couples deciding to have just one or two children, or none at all. And yet, homes are much bigger than they were decades ago.
The median size of homes built in recent years is up by 150% compared to where it stood in 1980, according an analysis of Census Bureau data by The Zebra.
That leap in home size has occurred despite the fact that median household size is down 16% since 1940.
Many people love their larger homes, even though today’s families have fewer people to fill the space. Of course, there is nothing wrong with that.
But perhaps if today’s new homes (2,386 square feet in 2018) were closer to the size that they were in the past (1,595 square feet in 1980), more homes would be affordable today.
The bummer
While many things are better today than they were in the past, there is one important area of life where advancement has ground to a halt: Real wages, the amount folks earn adjusted for inflation, have barely budged over the past several decades.
While nominal wages — what people earn in current dollars — have risen over the past 40 years, their purchasing power hasn’t increased much, according to a 2018 study by the Pew Research Center. After adjusting for inflation, the average hourly wage in 2018 had about the same purchasing power as it did in 1978.
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