How House Prices And Debts Are Building Ugly Tensions Between Parents And Their Children

[Kyoto]

Standard HPC stuff:

http://blogs.telegraph.co.uk/finance/ianmcowie/100007530/how-house-prices-and-debts-are-building-ugly-tensions-between-parents-and-their-children/

The gap between baby boomers, who continue to enjoy the wealth-enhancing effects of decades of house price inflation, and their adult children, who are burdened with soaring debts and the worst financial crisis since the 1930s, is growing wider.

Finally, the most disturbing research published today, suggests that one in five young adults admits to “looking forward” to a receiving an inheritance. More than one in 10 said they were relying on these future inheritances to pay off debts or provide a deposit on their first home. A ghoulish 3 per cent of the 1,300 people questioned by the website MyVoucherCodes said they would rather have the money than keep their parents alive.

[MacGuffin]

Twas ever thus. Read some Dickens.

[Timak]

I don't begrude my parents a relatively comfortable retirement (final salary indexed linked pensions) however I don't think they appreciate how lucky they are.

They rightly say that they worked for 40 years and paid in all that time and that they played by the rules so should get what they paid for. When I point out that by my age they were able to afford a 4 bed detached house and support 2 children on a one full time teacher's salary (and the odd day of supply teaching by my mum when we were young) they acknowledge it might be a bit more difficult to do that nowadays.

[R K]

That's 'cause they've not brought up their own kids yet.

The ignorance of youth.

Oh, how I'll laugh.

[Charlie Don't Surf]

Anyone resenting their parents on purely economic grounds is an ungrateful toe rag!

If you have turned out to not be a complete f*** up then you have everything to thank your parents for. Wait until you have kids, you will not believe how hard it is.

[ken_ichikawa]

Anyone resenting their parents on purely economic grounds is an ungrateful toe rag!

If you have turned out to not be a complete f*** up then you have everything to thank your parents for. Wait until you have kids, you will not believe how hard it is.

Yawn the old you'll understand when you have children justification for everything.... which is utterly meaningless and is really a trap to pull other people into their misery pit.

The thing is it assumed everybody will have children and everybody can afford to have children.

[efdemin]

Anyone resenting their parents on purely economic grounds is an ungrateful toe rag!

If you have turned out to not be a complete f*** up then you have everything to thank your parents for. Wait until you have kids, you will not believe how hard it is.

On the flipside, parents resenting their children on economic grounds are ungrateful toerags! Be thankful you're not childless and will have moral and financial support when you're not able to look after yourself!

It works both ways.

[campervanman]

Standard HPC stuff:

http://blogs.telegraph.co.uk/finance/ianmcowie/100007530/how-house-prices-and-debts-are-building-ugly-tensions-between-parents-and-their-children/

This vile stuff if directed at other groups in society on the basis of religion, race, colour or sexual orientation would result in the perpetrators bein locked up. In a few years time, people like Willets will be regarded in the same way that racists and homophobes are regarded today. Disgusting vile creatures who seek publicity by perpetrating hatred towards one part of society.

[singlemalt]

My only issue with Boomers is with those who have piled into BTL thus fuelling the rise in house prices and ultimately stripping the younger generation of their 'wealth' (I use that term very loosely).

Some things are damaging to society, FACT. BTL and booming house prices should've been stopped. Clearly morality wasn't going to do it (it rarely does when money is involved) so legalisation should have (I know! this has already been said a million times on here).

For any defenders who would argue that they're just providing a service, market forces, blah, blah, etc the same argument could be applied to drug dealers but the effect is the same. Destruction of young lives.

[rented]

Finally, the most disturbing research published today, suggests that one in five young adults admits to “looking forward” to a receiving an inheritance. More than one in 10 said they were relying on these future inheritances to pay off debts or provide a deposit on their first home. A ghoulish 3 per cent of the 1,300 people questioned by the website MyVoucherCodes said they would rather have the money than keep their parents alive.

Wow, that is chilling. I'm a young person who has recieved inheritance; I wish so much that everyone who died and left me money (and all those who didn't too) was still alive.

Edit to add: I hope (and would assume) that My VoucherCodes is not a place that attracts a representative cross section of society. And I would also assume this was an unscientific poll rather than anything I'd consider 'research'.

Edited September 9, 2010 by rented

[goldbug9999]

Standard HPC stuff:

http://blogs.telegraph.co.uk/finance/ianmcowie/100007530/how-house-prices-and-debts-are-building-ugly-tensions-between-parents-and-their-children/

Everyone who has quietly bought a house and/or voted for the incumbent (of the time) government in the last 7 years or has contributed to the current situation and has no right to complain. Indeed many hoped to cash in on HPI themselves. Oh and ian cowie is the biggest pro homeownersist c**t on the planet.

[EUBanana]

Wow, that is chilling. I'm a young person who has recieved inheritance; I wish so much that everyone who died and left me money (and all those who didn't too) was still alive.

Edit to add: I hope (and would assume) that My VoucherCodes is not a place that attracts a representative cross section of society. And I would also assume this was an unscientific poll rather than anything I'd consider 'research'.

Well, supposedly about 5% of the population are psychopathic, so if anything thats a bit lower than expected!

[The Spaniard]

Anyone remember this sentimental C&W ditty on parents, children and money?

[Charlie Don't Surf]

Yawn the old you'll understand when you have children justification for everything.... which is utterly meaningless and is really a trap to pull other people into their misery pit.

The thing is it assumed everybody will have children and everybody can afford to have children.

Not really what I was saying. I wasn't justifying anyone, although there are plenty of selfish characters on this website who would happily do whatever it takes to get what they are 'owed'.

What I was saying, was your parents probably did more for you than money can buy. But then again, if you are still at the age where you say 'didn't ask to be born' then you may not understand that.

[Badger]

A mate of mine inherited £70k from his grandad, bought a place in 2002 and watched the place rise in value through pure luck of inheriting/buying at a 'good' time.

A few years later he described himself as 'shrewd' for having done so.

I didn't quite punch him in the face.

[Gigantic Purple Slug]

I don't begrude my parents a relatively comfortable retirement (final salary indexed linked pensions) however I don't think they appreciate how lucky they are.

They rightly say that they worked for 40 years and paid in all that time and that they played by the rules so should get what they paid for. When I point out that by my age they were able to afford a 4 bed detached house and support 2 children on a one full time teacher's salary (and the odd day of supply teaching by my mum when we were young) they acknowledge it might be a bit more difficult to do that nowadays.

They may have paid in for 40 years, but they didn't pay in enough.

[cybernoid]

That's 'cause they've not brought up their own kids yet.

The ignorance of youth.

Oh, how I'll laugh.

We Will never be able to afford to. Your line stops with us, largely because of you. Still laughing?

[Riedquat]

They may have paid in for 40 years, but they didn't pay in enough.

Exactly. If they were just taking back what they'd paid in then everyone would be saying fair enough. What bothers me is that most of them don't seem to realise just what they are doing - they honestly think that (a) it's supportable, and ( the next generation can go on and do exactly the same, ad infinitum.

[MinceBalls]

They may have paid in for 40 years, but they didn't pay in enough.

+1

This is the point that most baby boomers - in fact most people - completely miss. Just because you have worked hard for 40 years doesn't entitle you to retire at 60 and rely on us working until we are 75 to pay for that!

[corevalue]

+1

This is the point that most baby boomers - in fact most people - completely miss. Just because you have worked hard for 40 years doesn't entitle you to retire at 60 and rely on us working until we are 75 to pay for that!

When you're 75 we the boomers will be long gone, so who will you be paying?

[porca misèria]

This vile stuff if directed at other groups in society on the basis of religion, race, colour or sexual orientation would result in the perpetrators bein locked up. In a few years time, people like Willets will be regarded in the same way that racists and homophobes are regarded today. Disgusting vile creatures who seek publicity by perpetrating hatred towards one part of society.

(a) Willetts attacks his own group, not someone else. Like Dave Allen ridiculing catholics, it's at least sometimes allowed.

( It's always been permissible to attack a group seen as dominant. An attack on white males has to be pretty horrendous before anyone raises an eyebrow. The Beeb seems to find someone to attack "secularists" pretty much every day.

Having said that, yes, discriminating based on age is yet another stupid proxy for the real issues - of which housing is the clearest example - of some people being undeservedly enriched at the expense of others.

[Si1]

When you're 75 we the boomers will be long gone, so who will you be paying?

uk gilt holders. who did you thnk?

[Bruce Banner]

A mate of mine inherited £70k from his grandad, bought a place in 2002 and watched the place rise in value through pure luck of inheriting/buying at a 'good' time.

A few years later he described himself as 'shrewd' for having done so.

I didn't quite punch him in the face.

He could have blown the lot on crack and crack whores.

[MinceBalls]

When you're 75 we the boomers will be long gone, so who will you be paying?

When I am 75 there will still be boomers (the generation above me) alive and I will still be paying towards their retirement and healthcare. Seeing as I will be working in the UK in all likelihood for the next 40 years I will be directly paying for the boomers retirement and various other associated costs (healthcare etc) for the vast majority of this period.

So unless I am missing your point, you don't have one. Although happy for you to explain in more detail is I am missing something.

Edited September 9, 2010 by MinceBalls

[RufflesTheGuineaPig]

This vile stuff if directed at other groups in society on the basis of religion, race, colour or sexual orientation would result in the perpetrators bein locked up.

The difference is the Muslims, Blacks and Gays DIDN'T DO IT. The Boomers on the other hand WERE ACTUALLY RESPONSIBLE for the mess we are in.