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


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1 hour ago, Freki said:

Don't mention the triple lock being removed. Kzb will have a sob story coming from the bottom 1% of the pensioners to justify it.

Worst state pension in the G20.  Very much less than pretty much any country in the EU.  To argue against the TL at your age is shooting yourself in the foot.  We've been round this circle before.

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2 hours ago, jiltedjen said:

 

From a millennial point of view it’s like pouring salt on the wounds of a terrible situation, we are really actually struggling as a generation, and now we are expected to also respect the chief architects of said situation? 

again history will be written by the millennials, and future generations and there will be reams and reams of pages on the greed and arrogance of the ‘worst generation’ 

I guess it’s surprising for those with their gold plated pensions, mortgage free houses bought for a few pounds, to really care all that much about their own children’s generation. 
 

im sure plenty of them just think ‘my kid is just struggling and just dopey’ when in truth said kid is far exceeding their own achievements at their age compared to their own parents at the same age. 

This is already happening with the term ‘boomer’ being derogatory, it has connotations of lazy, entitled, unearned wealth. 

Sometimes I find the generalisations about any generation breath taking and this is supposed to be the era of the individual. Not everyone 55+ has a gold plated pension I suspect they are in the minority, divorce, failed businesses etc probably means quite a few have a mortgage.

Some millennials are struggling some are flying. There are three partners in the business we created 30 years ago and between us we have 6 children . All in decent jobs, 5/6 property owners (in the mortgaged sense) the 6th my son green card holder in the States will buy next year just moved to Cali on another promotion (they love our accents) 3 of them have paid off their student loans, 3 with small amounts left. We were three working class guys who all left school 16/17 worked for big corporates then started our own gig. We had no mentors on how to build a business but Mrs Thatcher led us to believe we could. Our children work hard make smart decisions and aren't entitled. 

Our kids aren't dopey nor  are the tens of kids we have given a start to in our tech business. We know its tougher now and not one of us or the people we mix with match your lazy description of boomers. We don't need respect from strangers our family will do.

We did break the mould though before the 80's the social order kept people in place. Our generation had a chance through deregulation, the easing of credit etc to have a go build businesses and be in the city unheard of on our scale previously. We have always been despised from the yuppie tag, to the flash Essex wide boy trader tag. The establishment didn't like it and still don't so sorry a tag on our generation being derogatory is nothing new. I am pretty sure we don't care. We have done the right thing by our families and paid a lot of tax as a generation on the way through.

These and other rants against an older generation always intrigue me where are your parents in all this ? They probably did their best for you and your siblings and yet they attract so much ire. We couldn't have foretold the future we just rode the wave what was the other choice ?  

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1 hour ago, kzb said:

JJ, all that post is deluded. You've built up a fantasy of hate I'm afraid

Wasn't there a certain someone banging on about ad hominems when it suited and how its because your message is so true?

There's literally someone trying to make your case elsewhere too on the net saying 'its just a difference of inheritence' then having a strop when someone said how is that going to help and what about healthcare spending from that 'wealth'

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4 hours ago, Staffsknot said:

Seriously talk about his graph it rips his argument apart - 'own' means purchased with a mortgage so millennials have bigger debts and less comparable financial security than their parents at that time of life.

Either that or he's denying price rises too.

Anyway he's a boomer aint he, so full of that self-important denial.

 

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3 hours ago, jiltedjen said:

At least this thread does show the attitudes of boomers pretty well.

basically they think the did nothing wrong, kids are just lazy, they had it hard, head in sand mentality. 

it’s strange that a generation which had so much for free, even feel the need to try and take the mora high ground, also want respect, on top of everything else they got for free.

a truest greedy ‘me me me’ generation if there ever was one 

I think not being respected is probably the only things they have ever been denied in their lives, and thus why it’s jarring speaking to them. 

From a millennial point of view it’s like pouring salt on the wounds of a terrible situation, we are really actually struggling as a generation, and now we are expected to also respect the chief architects of said situation? 

again history will be written by the millennials, and future generations and there will be reams and reams of pages on the greed and arrogance of the ‘worst generation’ 

I guess it’s surprising for those with their gold plated pensions, mortgage free houses bought for a few pounds, to really care all that much about their own children’s generation. 
 

im sure plenty of them just think ‘my kid is just struggling and just dopey’ when in truth said kid is far exceeding their own achievements at their age compared to their own parents at the same age. 

This is already happening with the term ‘boomer’ being derogatory, it has connotations of lazy, entitled, unearned wealth. 

JJ on point. 👍

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21 hours ago, kzb said:

Well, clearly it would be better if all housing was state-owned and assigned according to need.

This way, persons could live within walking distance of their workplace.  Single person gets a small flat, get married get a bigger flat or small house, have children get bigger home according to number in family. 

Special retirement zones at the seaside, and maybe people could even be given a small choice over where they want to live for the last 3 or 5 years of life (because retirement would be state pension only and your retirement age would be calculated according to how many years you have left on average for your gender and health conditions).

The rent is the same for every worker, probably as a percentage of earnings.

How about that?

I suggest you go and live in the Russian Federation for 12 months.

Moscow would be an education, and some of the smaller industrial cities even more so.

You will need to take a lot of brown envelopes with you.

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1 minute ago, skinnylattej said:

I suggest you go and live in the Russian Federation for 12 months.

Moscow would be an education, and some of the smaller industrial cities even more so.

You will need to take a lot of brown envelopes with you.

I think that was an ironic post surely a sense of irony spans the generations 

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1 hour ago, GregBowman said:

We couldn't have foretold the future we just rode the wave what was the other choice ?  

Greg I think the ire comes from how if anyone says that generation has benefitted in any way other than due to favourable conditions or says harder for next gen there are wails of denial.

You could only play what's in front of you true, but its the fact as evidenced here and elsewhere the boomer generation are quick to decry others as snowflakes or not hard workers yet largely deny they had any good fortune themselves / complete cognitive dissonance that the forces they have benefitted massively from cause issues in later on gens.

These are generalisations true and there are those who do not decry follow on gens - David Attenborough for starters but then if he speaks out on any benefit he's called a climate blamer.

I think that is why the friction between gens is occuring.

I'm a very early millennial / end gen X. Have Gen X brother & sister. I paid tuition fees they didn't so I can see 2 gens there that had differing experiences by a couple of years.

Just to blow up kzb argument we all are stupid and vote to impoverish ourselves without knowledge I voted for Lib Dems purely for their anti tuition fee pledge even though I had left and paid them, why because the fees were rising and it would cripple future years just starting. Must just be the vacuous & rapacious who only seek what's in best interest for solely them.

Edited by Staffsknot
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After the second world war, America needed to show the world that capitlism was the system to follow, so capitalism was made very attractive and the ordinary person was given opportunities that the previous generation could only dream of.

Since 1989 the evil communist threat was crushed in Europe, so it's no surprise that since then, capitaism has reverted back to it's original form.  99% serf, 1% elite.

Very easy to see what happend from 1945 till 1989.  A blip that allowed peasants from council estates the opportunity to see how great capitalism was, so that they didn't want to join the fooking red army.

 

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5 hours ago, Staffsknot said:

on a parade where on older tankie came over after and went banging on about the standard of marching and all the modern softer kit. 5 min chat he'd only ever been to Germany with the BAOR but made out like he'd been in WW3. He was talking at 21 year olds who'd just done a year in Helmand.

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.

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36 minutes ago, Social Justice League said:

so that they didn't want to join the fooking red army.

To be fair most of the Red Army didn't want to join the Red Army given how expendible most it was viewed as.

30 minutes ago, 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

Don't forget the 'you don't know what it was like with interest rates' - you mean when saving paid and helped you save up?

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1 hour ago, Staffsknot said:

Greg I think the ire comes from how if anyone says that generation has benefitted in any way other than due to favourable conditions or says harder for next gen there are wails of denial.

You could only play what's in front of you true, but its the fact as evidenced here and elsewhere the boomer generation are quick to decry others as snowflakes or not hard workers yet largely deny they had any good fortune themselves / complete cognitive dissonance that the forces they have benefitted massively from cause issues in later on gens.

These are generalisations true and there are those who do not decry follow on gens - David Attenborough for starters but then if he speaks out on any benefit he's called a climate blamer.

I think that is why the friction between gens is occuring.

I'm a very early millennial / end gen X. Have Gen X brother & sister. I paid tuition fees they didn't so I can see 2 gens there that had differing experiences by a couple of years.

Just to blow up kzb argument we all are stupid and vote to impoverish ourselves without knowledge I voted for Lib Dems purely for their anti tuition fee pledge even though I had left and paid them, why because the fees were rising and it would cripple future years just starting. Must just be the vacuous & rapacious who only seek what's in best interest for solely them.

nice reply thanks and to lay my cards on the table I think a lot of boomers if not the majority are as you describe. People vote for all sorts of reasons I was totally against extreme tuition fees but also thought uni's should of been reined in both the number attending and the institution themselves. In the same vein George Osborne made a move no one saw coming against small time BTLer's which he doesn't get even now credit for.

Nick Clegg should never have caved on the tuition fee thing did a lot of damage to the Lib Dems

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3 minutes ago, Staffsknot said:

To be fair most of the Red Army didn't want to join the Red Army given how expendible most it was viewed as.

Don't forget the 'you don't know what it was like with interest rates' - you mean when saving paid and helped you save up?

High interest rates are great for FTB causes more distressed sellers and makes saving easier.

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3 minutes ago, GregBowman said:

 

Nick Clegg should never have caved on the tuition fee thing did a lot of damage to the Lib Dems

And really harmed remain because one of their leading politicians had no credibility anymore.

If the referendum had happen in 2009 the Lib Dems would have had a lot more credibility

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3 minutes ago, iamnumerate said:

And really harmed remain because one of their leading politicians had no credibility anymore.

If the referendum had happen in 2009 the Lib Dems would have had a lot more credibility

Good point 

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6 minutes ago, GregBowman said:

nice reply thanks and to lay my cards on the table I think a lot of boomers if not the majority are as you describe. People vote for all sorts of reasons I was totally against extreme tuition fees but also thought uni's should of been reined in both the number attending and the institution themselves. In the same vein George Osborne made a move no one saw coming against small time BTLer's which he doesn't get even now credit for.

Nick Clegg should never have caved on the tuition fee thing did a lot of damage to the Lib Dems

Yeah Clegg caved for PR which he couldn't sell. But looking how he has gone now not surprised he bent in the wind as he seems like he sells out quicker than Cameron.

The gen thing isn't so clear cut though either - one cousin of mine got made redundant after buying do-er upper. Everyone pitched in to make it liveable and helped inc all his friends. 18 months later he flipped it and fkd off down south to coast - now a BTL. He's convinced its only his hard graft and forgets everything else. His FiL died and they blew that into more BTL and setup a property company.

Prior to that he was moaning how he hated renting and landlords are just evil, etc...

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23 minutes ago, Staffsknot said:

To be fair most of the Red Army didn't want to join the Red Army given how expendible most it was viewed as.

Don't forget the 'you don't know what it was like with interest rates' - you mean when saving paid and helped you save up?

Those high interest rates that they like to waffle on about and lecture others over how they had to pay them only lasted months anyway. Boomers are just full of chite. 

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18 minutes ago, Staffsknot said:

Yeah Clegg caved for PR which he couldn't sell. But looking how he has gone now not surprised he bent in the wind as he seems like he sells out quicker than Cameron.

 

He might have sold if he got Nigel Farage involved more in the campaign.  

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3 minutes ago, iamnumerate said:

He might have sold if he got Nigel Farage involved more in the campaign.  

It just came across as got in power wanted reform so could get in again. Its pretty much what we accuse grubby politicians of doing, prepping for next election, but his entire brand was we're different.

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1 hour ago, 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.

 

You seem to know everything so perhaps you could answer this question.  We have to identify what is the exact problem before it can be solved.  Look at this from Rightmove:

 

Properties in Hackney had an overall average price of £684,313 over the last year.

The majority of sales in Hackney during the last year were flats, selling for an average price of £532,520. Terraced properties sold for an average of £1,141,689, with semi-detached properties fetching £1,295,558.

Overall, sold prices in Hackney over the last year were 14% up on the previous year and 12% up on the 2018 peak of £612,739.

What I want to know is, who exactly is buying terraced houses for £1.14m ?  (I've looked up the price of a terraced house in Blackpool and it is £98k.)  Can you explain how they can sell at these prices in London?  What is actually going on?

 

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9 minutes ago, kzb said:

 

You seem to know everything so perhaps you could answer this question.  We have to identify what is the exact problem before it can be solved.  Look at this from Rightmove:

 

Properties in Hackney had an overall average price of £684,313 over the last year.

The majority of sales in Hackney during the last year were flats, selling for an average price of £532,520. Terraced properties sold for an average of £1,141,689, with semi-detached properties fetching £1,295,558.

Overall, sold prices in Hackney over the last year were 14% up on the previous year and 12% up on the 2018 peak of £612,739.

What I want to know is, who exactly is buying terraced houses for £1.14m ?  (I've looked up the price of a terraced house in Blackpool and it is £98k.)  Can you explain how they can sell at these prices in London?  What is actually going on?

 

 

You can get a £112,800 right to buy discount on a council house in Hackney!

https://hackney.gov.uk/buying-your-council-home

Buying your council home

You can buy your council home from us at a discounted price under the right to buy scheme if you meet the eligibility criteria – including being a secure public sector tenant for a minimum of three years.

Since 6 April 2015, the maximum discount that a secure tenant can receive when they purchase under the right to buy scheme has increased to £110,500.

The exact amount of discount will depend on the market value of your property and the length of time you have been a tenant. You can estimate your likely discount and the value of your property using the government’s right to buy discount calculator.

From 6 April 2021, the maximum right to buy discount in Hackney will increase to £112,800.

The new discount does not apply retrospectively to applications made before 6 April 2021.

These discounts will apply to applications which are served on the landlord by the tenant on or after 6 April 2021.

 

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1 hour ago, kzb said:

What I want to know is, who exactly is buying terraced houses for £1.14m ?  (I've looked up the price of a terraced house in Blackpool and it is £98k.)  Can you explain how they can sell at these prices in London?  What is actually going on?

I can tell you because I know the people who have done so, having lived in the area for a while (rented sadly).

Couples, separately while still single in their 20s with decent jobs, bought flats in the area between 2000-2007 while banks were handing out loans. Maybe bought for around £150-200k? Examples:

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=70691181&sale=92333187&country=england

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=82426351&sale=92332902&country=england

Couples meet around 2012, decide to live in one of the flats for a while together, rent the other one. These people live close to their city offices, work hard, get promotions and end up on large combined income, definitely > £200k (with bonuses). 

Eventually first kid comes along. They talk about selling up and moving out but they still like the area and are career progression focused. They decide to sell one of the flats, pocket about £500k+ in deposit, plus they've saved up another few hundred £k. Easily able to afford one of the nice houses in the area. They want to live close to the office because they're still on career path. Have nannies, or kids in nursery or primary. They have cleaners a few times a week so they can focus on their jobs.

That example is one couple I know with some details obscured. But they're not the only ones. As I say, I lived in the nicer parts of Hackney for a few years and know several of these sort of couples.

People don't understand how much wealth has been "created" by low interest rates and gifted to existing asset owners. They also don't realise how many well paying jobs there are in London. The average is not an indicator of the top 10%.

 

Edited by dugsbody
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1 hour ago, kzb said:

Can you explain how they can sell at these prices in London? 

Succinctly you have jobs paying much more in London within commutable radius than in Blackpool.

Just like idea of HS2 pushed up Brum prices as suddenly a commuter option.

There was an IT bod in London getting paid 3x equiv of a better lad in Manchester, simply a London factor and they had to offer that to get applicants. The Manchester lad was on £25k and found out, wasn't happy, but he couldn't uproot the family to go down south. Then he chatted with the new lad and found out despite that wage his quality of life was cack as everything priced accordingly for London.

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1 hour ago, dugsbody said:

I can tell you because I know the people who have done so, having lived in the area for a while (rented sadly).

Couples, separately while still single in their 20s with decent jobs, bought flats in the area between 2000-2007 while banks were handing out loans. Maybe bought for around £150-200k? Examples:

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=70691181&sale=92333187&country=england

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=82426351&sale=92332902&country=england

Couples meet around 2012, decide to live in one of the flats for a while together, rent the other one. These people live close to their city offices, work hard, get promotions and end up on large combined income, definitely > £200k (with bonuses). 

Eventually first kid comes along. They talk about selling up and moving out but they still like the area and are career progression focused. They decide to sell one of the flats, pocket about £500k+ in deposit, plus they've saved up another few hundred £k. Easily able to afford one of the nice houses in the area. They want to live close to the office because they're still on career path. Have nannies, or kids in nursery or primary. They have cleaners a few times a week so they can focus on their jobs.

That example is one couple I know with some details obscured. But they're not the only ones. As I say, I lived in the nicer parts of Hackney for a few years and know several of these sort of couples.

People don't understand how much wealth has been "created" by low interest rates and gifted to existing asset owners. They also don't realise how many well paying jobs there are in London. The average is not an indicator of the top 10%.

 

Very interesting post thank you.

Particularly the 2nd Rightmove link.

Aug 2002 £185,000

Jan 2021 £920,000

5x the price in just 20 years

This growth curve is just not available for millennials.

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2 hours ago, Notting Hell said:

5x the price in just 20 years

This growth curve is just not available for millennials.

How do you know?  If someone said prices would double 2009-2020 back in 2009 I would have thought they were nuts.  But here we are.

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