Jump to content
House Price Crash Forum

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


Recommended Posts

22 minutes ago, kzb said:

Yes that's the point. 

I see myself as Generation Jones:

...the cohort as those born from 1954 to 1964 in the U.S. who came of age during the oil crisis, stagflation, and the Carter presidency, rather than during the 1960s, but slightly before Gen X.

Jonesers inherited an optimistic outlook as children in the 1960s, but were then confronted with a different reality as they came of age during the shift from a manufacturing to a service economy, which ushered in a long period of mass unemployment, and de-industrialization arrived full force in the mid-late 1970s and 1980s, leaving them with a certain unrequited "jonesing" quality for the more prosperous days of the past.

Key characteristics assigned to members are pessimism, distrust of government, and general cynicism

https://en.wikipedia.org/wiki/Generation_Jones

 

I was born in 61 so came of age in late 70's I think our outlook doesn't have the pessimism tinge because things really took off - interesting piece

Link to comment
Share on other sites

  • Replies 424
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Posted Images

12 hours ago, MonsieurCopperCrutch said:

P.S. It's 'too', not 'to'. But I'll let that one slip as your generation left school at 15 to go down the mines and pay for those triple locks. 

I'm actually one of the privileged 10% from my generation who went to university.  In those days you had to be able to write good English to be accepted.  So please stop worrying about my English, I could give you lessons.  Going by some of your other posts, you need them.

Link to comment
Share on other sites

Just now, kzb said:

I'm actually one of the privileged 10% from my generation who went to university.  In those days you had to be able to write good English to be accepted.  So please stop worrying about my English, I could give you lessons.  Going by some of your other posts, you need them.

Feel free to give me lessons. I'm always open to learning, so don't hold back on my behalf. 

Link to comment
Share on other sites

7 minutes ago, GregBowman said:

I was born in 61 so came of age in late 70's I think our outlook doesn't have the pessimism tinge because things really took off - interesting piece

It also says we are more likely to have voted for Brexit and Trump than average, because of the cynicism about existing politics.

Unfortunately I tend to be pessimistic, at least you can't be disappointed then !

Link to comment
Share on other sites

48 minutes ago, kzb said:

If the crash is to be caused by higher interest rates, I don't see why it would help.  It's swings and roundabouts, ending up with much the same monthly mortgage payment.

In fact you could argue (to those who seem more interested in the financial investment view of property) that low interest on high prices means you are buying your asset for less interest paid to a bank, so it's better that way round.

great for mainly cash buyers ;) 

Link to comment
Share on other sites

7 minutes ago, MonsieurCopperCrutch said:

Feel free to give me lessons. I'm always open to learning, so don't hold back on my behalf. 

I've been tempted in the past, but I feel that other contributors would find it tedious, so resisted. 

Which it is, especially when it is simply point-scoring to try and show how clever you are.  That fails with me, because I know full well that my grammar is better than 99% of the population.  I can do it if I need to, believe me.

Link to comment
Share on other sites

Just now, longgone said:

great for mainly cash buyers ;) 

Well that would be another negative factor for cheap prices and high interest rates then.  It's another factor that would work against the cash-poor young (before anyone starts, I am not saying I support high prices).

Link to comment
Share on other sites

7 minutes ago, kzb said:

Well that would be another negative factor for cheap prices and high interest rates then.  It's another factor that would work against the cash-poor young (before anyone starts, I am not saying I support high prices).

i think we need to get back to a point where working and earning pays again rather than borrow to the max. 

Link to comment
Share on other sites

1 minute ago, longgone said:

i think we need to get back to a point where working and earning pays again rather than borrow to the max. 

Absolutely. 

For the last 20-30 years, actually working to get money has been a mug's game.  I should know, I am one of those mugs.

Link to comment
Share on other sites

1 hour ago, kzb said:

If the crash is to be caused by higher interest rates, I don't see why it would help.

Because you have to borrow less. In some cases, nothing. If prices fell by 50% tomorrow I could cash buy, for example. Interest rates could be 100%, 1000%, whatever.

Link to comment
Share on other sites

36 minutes ago, nickb1 said:

Because you have to borrow less. In some cases, nothing. If prices fell by 50% tomorrow I could cash buy, for example. Interest rates could be 100%, 1000%, whatever.

But not many Millennials will be in that position.  If they ARE in that position, i.e sitting on £120k in cash, then that limits my sympathy still further I'm afraid.

If you have half the value of a house in your bank account and are in the age range 25-38 (Millennials), you have NOT been short-changed relative to earlier generations, quite the reverse.

Edited by kzb
Link to comment
Share on other sites

12 minutes ago, kzb said:

But not many Millennials will be in that position.  If they ARE in that position, i.e sitting on £120k in cash, then that limits my sympathy still further I'm afraid.

Millennials schmillennials 😉 the more people will benefit the more sensitive prices are to interest rate rises. is this a known factor? If price were the capitalised value of the rental income, as in the simplest economic theory of property prices, then you could work it out, but that ignores the speculative element.

Link to comment
Share on other sites

43 minutes ago, kzb said:

If you have half the value of a house in your bank account and are in the age range 25-38 (Millennials), you have NOT been short-changed relative to earlier generations, quite the reverse.

noboy is saying "millennials" are in that position though. Anecdotals, my parents had bought their first house in their mid 20s and already had 2 kids, 2 cars, foreign holidays most years, permanent jobs, paying into final salary pension schemes. Good quality health and dental care from the public sector. not many people in that kind of position now in their mid 20s. unthinkable in fact when HPs are 8-10 times median income (mid 20s will earn less) etc.

Link to comment
Share on other sites

2 hours ago, kzb said:

The conversation up until recently has not been about removing props for house prices

My post specifically said removing props only, mentioned nothing about wealth transfer and elicited your hissy fit response so no it was 100% accurate in that regard.

Stop running off to new arguments and whatabouttery.

Remove all props / subsidies on housing - yes or no?

Prudential lending enforced max multiples - yes or no?

Apparently last time put that you had a strop about just confiscate your pension why don't we and send you to a state facility.

You are the only person who brought up wealth transfer to millennials and Gen-X as via inheritance. So please stop chucking out spurious tangents and having Momento level of amnesia about what is written by me vs yourself.

Link to comment
Share on other sites

4 hours ago, iamnumerate said:

I think a lot of people don't care about others not being able to afford  decent housing@Si1would you agree?

And just feel happy that their house is worth more.

I don't worry what my house is worth.  But I do care about the next generation(s) having a fair deal, which is not just about housing, but also education, climate change, democratic degradation, inequality etc.

I do not agree with some posters that I deliberately set out to disadvantage the next generation, I made the best decisions that I could at that time, some of which have turned out to be beneficial, others not so.  But I'm sure that most others would have done the same.

The argument is that both the cause of the current mess, and indeed the solutions are political.  Other solutions are available, but, in my view, have significant drawbacks.

Link to comment
Share on other sites

17 minutes ago, skinnylattej said:

I don't worry what my house is worth.  But I do care about the next generation(s) having a fair deal, which is not just about housing, but also education, climate change, democratic degradation, inequality etc.

I do not agree with some posters that I deliberately set out to disadvantage the next generation, I made the best decisions that I could at that time, some of which have turned out to be beneficial, others not so.  But I'm sure that most others would have done the same.

The argument is that both the cause of the current mess, and indeed the solutions are political.  Other solutions are available, but, in my view, have significant drawbacks.

I don't think that is true of everyone  - but it is true of enough people.

I don't think you deliberately set out to disadvantage the next generation.

Link to comment
Share on other sites

15 minutes ago, skinnylattej said:

But I do care about the next generation(s) having a fair deal

Think that is what most people have said - where people have got irate is when the older gen are lecturing the following gens as to them not having it hard like a sketch from Monty Python.

There are also quite a lot actively opposing any measure offering to eleviate situation - NIMBYS for example and howls if anyone proposes not loading any cuts disproportionally on the following gens. 

I agree you can only play what's in front at the time but acknowledging a problem seems beyond many.

Link to comment
Share on other sites

On 06/05/2021 at 14:39, Dorkins said:

The housing equivalent of this is a pre-Boomer/Boomer going on about how hard it was financially when he was a first time buyer, then you dig a bit deeper and find out this all happened when he was a 20 year old still at the bottom of the wage ladder in his field, his wife was a stay at home mother and they were buying a 3 bedroom semi on his wage alone.

I've heard this from a boomer before.

Link to comment
Share on other sites

7 hours ago, nickb1 said:

noboy is saying "millennials" are in that position though. Anecdotals, my parents had bought their first house in their mid 20s and already had 2 kids, 2 cars, foreign holidays most years, permanent jobs, paying into final salary pension schemes. Good quality health and dental care from the public sector. not many people in that kind of position now in their mid 20s. unthinkable in fact when HPs are 8-10 times median income (mid 20s will earn less) etc.

You said you were.   You said you could buy a house for cash if they were half the current price.  That's exactly what you said and I was responding to that.

Unless you aren't a Millennial?

Link to comment
Share on other sites

7 hours ago, Staffsknot said:

My post specifically said removing props only, mentioned nothing about wealth transfer and elicited your hissy fit response so no it was 100% accurate in that regard.

Stop running off to new arguments and whatabouttery.

Earlier posts were full of hate speak and you know it.  Watch your English or Monsieur CC will be onto you.

7 hours ago, Staffsknot said:

Remove all props / subsidies on housing - yes or no?

Yes for all I care.  Be careful though, because removing Help to Buy etc will cause howls of outrage as larger numbers of young people are excluded from the housing market.

7 hours ago, Staffsknot said:

Prudential lending enforced max multiples - yes or no?

Yes.  Although it's a crude measure, much better to do a full affordability assessment.  Limit mortgage to true affordability, no problem to me.  One problem with this however is "LIAR LOANS" where people lie about their circumstances with the connivance of the lender.  It would have to be tightened up.

 

8 hours ago, Staffsknot said:

Apparently last time put that you had a strop about just confiscate your pension why don't we and send you to a state facility.

You are the only person who brought up wealth transfer to millennials and Gen-X as via inheritance. So please stop chucking out spurious tangents and having Momento level of amnesia about what is written by me vs yourself.

That's exactly where this hate speak is heading.  It's widespread on this forum.  It wouldn't be tolerated against other groups in society. 

Link to comment
Share on other sites

7 hours ago, iamnumerate said:

I don't think you deliberately set out to disadvantage the next generation.

Nobody did.  It's ludicrous to even suggest this, but they all seem to believe in it. 

Why would a parent set out to disadvantage their own offspring?

Link to comment
Share on other sites

7 hours ago, Staffsknot said:

Think that is what most people have said - where people have got irate is when the older gen are lecturing the following gens as to them not having it hard like a sketch from Monty Python.

TBH this is a real factor in my outlook.  I don't see any poverty in the younger generation in my circle, quite the reverse.  All I see is new cars, trips abroad, eating out and the latest tech.  Houses only in fashionable areas also.  In this area, there are many poor people left on the benefits scrap heap.   But in every generation there are those who end up millionaires and those that end up in the gutter.  Nothing new about that, although I suspect there are very few now that end up genuinely in the gutter, and none of those are on this forum.

7 hours ago, Staffsknot said:

There are also quite a lot actively opposing any measure offering to eleviate situation

There's plenty of boarded up properties around here.  Also, the biggest thing we could've done to alleviate the situation is control immigration.  Do you agree with that?

Link to comment
Share on other sites

9 hours ago, nickb1 said:

Millennials schmillennials 😉 the more people will benefit the more sensitive prices are to interest rate rises. is this a known factor? If price were the capitalised value of the rental income, as in the simplest economic theory of property prices, then you could work it out, but that ignores the speculative element.

Report to Monsieur CC for lessons.  I'm shocked that he has not pulled you up about this up to now.

Link to comment
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...
 Share

  • 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.