Jump to content
House Price Crash Forum

Millennials own just 3% of all Household Wealth!!!


Recommended Posts

  • Replies 424
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Posted Images

7 hours ago, MonsieurCopperCrutch said:

Boomers own 57%, Generation X at 17%

Ez7tU51UUAMPG2Q?format=jpg&name=900x900

So GenX has not done that well in terms of mad gainz, which kind of tallies with my general experience of friends/colleagues.

This really is a systematic wealth transfer, lower interest rates make it worse in the long term, but high rates will have little impact on freeing up this stock.

What we really need is a disease that kills people over 60 and which doesn't harm the young so that they can carry on working.

Link to post
Share on other sites

I expect to see significant wealth transfer in the next 20 years as boomers die off /move into homes. 
 

Much of this will skip a generation and end up with the millennials. The “family home” will again have children in it at last.  

Link to post
Share on other sites
5 minutes ago, Mikhail Liebenstein said:

So GenX has not done that well in terms of mad gainz, 

Exactly this.

As a Gen X, I bought in 2001 but there's definitely been no 'ladder'.. even now 20 years later all I could afford is a sideways move at best, and the only way I could ever benefit from my ''mad gainz'' is if I were to sell up and go live in a tent.

Link to post
Share on other sites
59 minutes ago, nome said:

Exactly this.

As a Gen X, I bought in 2001 but there's definitely been no 'ladder'.. even now 20 years later all I could afford is a sideways move at best, and the only way I could ever benefit from my ''mad gainz'' is if I were to sell up and go live in a tent.

You could sell it and live in another country......not all places have home prices like we do here......people work from anywhere, people work from boats sailing the oceans.....;)

Link to post
Share on other sites

They spent all their money on Avacado you see, the boomers lived on span and sawdust.  Seriously though, you could say the same about gold and other things, if you went back to the Gordon Brown days and bought gold you would be wealthy now.  Bought classic cars would be the same.  Land property same.  Problem is too much printy printy.  Why?  Because it’s easy and generally works to keep things growing.  But it has the unfortunate side effect of inflation.  

Link to post
Share on other sites
1 hour ago, 14stFlyer said:

I expect to see significant wealth transfer in the next 20 years as boomers die off /move into homes. 
 

Much of this will skip a generation and end up with the millennials. The “family home” will again have children in it at last.  

Not good that for some their only hope of owning anything or being debt free is to inherit or be given wealth from a previous generation........ wasn't that long ago when people could make their own way in life from the work they did and choices available to them at the time, without a cash injection or given a free home from others...... previous generations were less well off not better off.;)

Link to post
Share on other sites
1 hour ago, nome said:

Exactly this.

As a Gen X, I bought in 2001 but there's definitely been no 'ladder'.. even now 20 years later all I could afford is a sideways move at best, and the only way I could ever benefit from my ''mad gainz'' is if I were to sell up and go live in a tent.

Gen X here, didn't buy until after 2012. I might as well be a millennial, albeit I had the benefit of easy entry into the job market in the early 2000s.

Link to post
Share on other sites

About 18 months ago a couple I know had just paid off their mortgage on 'doer upper' they bought to 'get on ladder'. 15 years, never made the move, scrimped & saved and all those cliches. Wanted to cash in some mad gainz so re-mortgaged, nothing too daft / ultra low fixed 10 yr.

Both decided wanted a long break and got 3 months leave to go travelling... enter Covid to kill that idea, now enter child number 1 in 3 months time too. Add in she worked in Green empire so that wage gone.

In 18 months gone from thinking they'd won and were housing rich, straight back to hand-to-mouth existence in mid 40s.

Link to post
Share on other sites
5 minutes ago, dugsbody said:

Gen X here, didn't buy until after 2012. I might as well be a millennial, albeit I had the benefit of easy entry into the job market in the early 2000s.

To be fair there was a narrow entry point for mad gainz in 2010, despairing sellers were just happy to get a buyer.  But still not like the boomers where you could buy a mansion for truppence.  To be honest I have bad news, I increasingly think the 1950 to 1995 period was an an anomaly.  Prior to that there was 40 years of wars and revolution.  Prior to that you had the royals in every country and everyone else was a slave.  So what I think is happening is a readjustment back to the old order of the haves and have nots.  The awful thing is that due to the level of regulation and planning needed to build the current generation can’t even go out and throw up a basic house on a plot.  In the boomer days you bought a plot and found a honest looking lad with a spirit level and cement mixer and used a fag packet sketch of a bungalow as your drawing.  House cost about 10k to build.  

Link to post
Share on other sites
6 minutes ago, Staffsknot said:

About 18 months ago a couple I know had just paid off their mortgage on 'doer upper' they bought to 'get on ladder'. 15 years, never made the move, scrimped & saved and all those cliches. Wanted to cash in some mad gainz so re-mortgaged, nothing too daft / ultra low fixed 10 yr.

Both decided wanted a long break and got 3 months leave to go travelling... enter Covid to kill that idea, now enter child number 1 in 3 months time too. Add in she worked in Green empire so that wage gone.

In 18 months gone from thinking they'd won and were housing rich, straight back to hand-to-mouth existence in mid 40s.

Ah you see, the boomer would never have done that, they would have paid the mortgage off and for the veggies planted so they could start saving 😀

Link to post
Share on other sites

Well durrrr.  When gen x reach boomer age then they’ll own the majority.  Why the **** should you expect to be rich BEFORE having done a lifetimes work, paid a mortgage for 25 plus years and perhaps copped an inheritance?

i would hope to be well off at 65 and expect to be skint when I’m 25.  Not sure what the story is here....

 

 

 

 

Link to post
Share on other sites
8 minutes ago, satsuma said:

To be fair there was a narrow entry point for mad gainz in 2010, despairing sellers were just happy to get a buyer.  But still not like the boomers where you could buy a mansion for truppence.  To be honest I have bad news, I increasingly think the 1950 to 1995 period was an an anomaly.  Prior to that there was 40 years of wars and revolution.  Prior to that you had the royals in every country and everyone else was a slave.  So what I think is happening is a readjustment back to the old order of the haves and have nots.  The awful thing is that due to the level of regulation and planning needed to build the current generation can’t even go out and throw up a basic house on a plot.  In the boomer days you bought a plot and found a honest looking lad with a spirit level and cement mixer and used a fag packet sketch of a bungalow as your drawing.  House cost about 10k to build.  

I agree.

 

Link to post
Share on other sites
4 minutes ago, Innkeeper said:

Well durrrr.  When gen x reach boomer age then they’ll own the majority.  Why the **** should you expect to be rich BEFORE having done a lifetimes work, paid a mortgage for 25 plus years and perhaps copped an inheritance?

i would hope to be well off at 65 and expect to be skint when I’m 25.  Not sure what the story is here....

If you read more carefully you can figure out what the story is.

If you can't then it is likely that you won't understand even if someone explains it more carefully.

I apologise in advance for being snarky but many of us on this forum are tired of vested interests purposely not understanding the problem that is very widely acknowledged.

Link to post
Share on other sites

breaking news - younger people have less money than those who are older.

I have more money in my 30's than I did when ~I was 6 or 15 or 21./

When I am 60 I will have more money than I do now as I have had another 30 odd years to accumulate.

I am sure that is the case with every person on this or any other site.  

 

 

Link to post
Share on other sites
22 minutes ago, Innkeeper said:

Well durrrr.  When gen x reach boomer age then they’ll own the majority.  Why the **** should you expect to be rich BEFORE having done a lifetimes work, paid a mortgage for 25 plus years and perhaps copped an inheritance?

i would hope to be well off at 65 and expect to be skint when I’m 25.  Not sure what the story is here....

 

 

 

 

A lifetimes work of what?

Pushing some numbers around so that we can build and sell more useless crap?

Just to get some money to buy more useless crap?

 

 

 

 

Link to post
Share on other sites
1 hour ago, nome said:

Exactly this.

As a Gen X, I bought in 2001 but there's definitely been no 'ladder'.. even now 20 years later all I could afford is a sideways move at best, and the only way I could ever benefit from my ''mad gainz'' is if I were to sell up and go live in a tent.

It really depends if you are early or late Gen X, as this effects when you enter the housing market. As an early Gen X born in the 60's , I entered the housing market just in my late 20's in 1996, at the almost very bottom of the 1989-1998 bear market. 

Within six months of buying, prices where rising, and never stopped rising. 

A best mate same age as me, doing as well as me, didn't buy until 2001, and paid almost double for his first house. And now lives in a house smaller and worth 40% less than my final house.  

Link to post
Share on other sites
1 minute ago, markyh said:

It really depends if you are early or late Gen X, as this effects when you enter the housing market. As an early Gen X born in the 60's , I entered the housing market just in my late 20's in 1996, at the almost very bottom of the 1989-1998 bear market. 

Within six months of buying, prices where rising, and never stopped rising. 

A best mate same age as me, doing as well as me, didn't buy until 2001, and paid almost double for his first house. And now lives in a house smaller and worth 40% less than my final house.  

Late gen x born mid 70s, bought 1998

Most of my gen x mates are worth mid 7-8 figures

 

Link to post
Share on other sites
2 hours ago, Mikhail Liebenstein said:

 

What we really need is a disease that kills people over 60 and which doesn't harm the young so that they can carry on working.

You did say it has been noted your pretty low on the EQ scale...;)

Link to post
Share on other sites
2 minutes ago, sta100 said:

Late gen x born mid 70s, bought 1998

Most of my gen x mates are worth mid 7-8 figures

 

Well done, but you are unusual in that you bought in your early 20's, i didn't leave home until aged 22 , and then rented with mates then girlfriend until 1995.

Link to post
Share on other sites
8 minutes ago, markyh said:

It really depends if you are early or late Gen X, as this effects when you enter the housing market. As an early Gen X born in the 60's , I entered the housing market just in my late 20's in 1996, at the almost very bottom of the 1989-1998 bear market. 

Within six months of buying, prices where rising, and never stopped rising. 

A best mate same age as me, doing as well as me, didn't buy until 2001, and paid almost double for his first house. And now lives in a house smaller and worth 40% less than my final house.  

But yours is in a Bitcoin citadel so its worth more right ?

Link to post
Share on other sites
Just now, markyh said:

Well done, but you are unusual in that you bought in your early 20's, i didn't leave home until aged 22 , and then rented with mates then girlfriend until 1995.

London was throwing money at grads and housing was cheap. Many gen x parents bought up student properties for their kids to live in. There was still a stigma around house prices crashing. Most of the people that I know from that era were earning 100k+ by late 20s.

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.





×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.