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18-40 Year Olds Have It Harder

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I read an article in the paper today stating that 18-40 year olds are far more stretched financially than their parents and "have it harder." It made reference to pensions, debt, education and so on.

What do you think, especially the 'older' posters such as Casual Observer and Marina?

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I read an article in the paper today stating that 18-40 year olds are far more stretched financially than their parents and "have it harder." It made reference to pensions, debt, education and so on.

What do you think, especially the 'older' posters such as Casual Observer and Marina?

For anything other than housing I simply don't believe this is true. Cars, foreign holidays, access to education (at a cost), low unemployment - things are not so bad. When people complain about everything they lose credibility in the areas where there is a justifiable complain.

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I read an article in the paper today stating that 18-40 year olds are far more stretched financially than their parents and "have it harder." It made reference to pensions, debt, education and so on.

What do you think, especially the 'older' posters such as Casual Observer and Marina?

I absolutely agree. When I look back at my generation - and going up to my eldest brother who is 64 - life was a breeze.

I read on here people saying things like 'don't buy, have a good time, enjoy life a bit etc.' Well we did that and bought houses. I was a late buyer - I was 27 when I bought my first flat. 2 bed maisonette in a nice part of West London. The mortgage was easy to afford - I carried on partying round the clock and never once had to think 'can't afford to go out because I'm skint.' When my (future) wife moved in after a couple of years the mortgage was a minor inconvenience - so we traded up.

I look at my nieces in their 30s - one of them just buying a half share in a 1 bed flat you (quite literally) couldn't swing a cat in - still with university debt round their necks - with 10k and more on credit cards - just to keep living - not much partying here.

Wages are cr@p these days. I know some people earn a lot, but a lot of people don't earn very much. Unless you are in the right industry with the right qualifications and experience - you are in the 15k to 20k range.

As for having a family etc. forget it. I really feel for young people today - it isn't fair what has happened to you. Life has got harder not easier - and we always thought things could only get better (where HAVE I heard that before?). I could go on about this all night. But, Arsenal are beating Juventus ... at least they were when I sat down and started this.

I have tried to wind you guys up a bit. Given the current market dynamics - you are going to have to do something to change people's attitudes. You can wait it out - a lot of you say you will do that. I fear that you'll be renting when you are 50 if you do.

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I read an article in the paper today stating that 18-40 year olds are far more stretched financially than their parents and "have it harder." It made reference to pensions, debt, education and so on.

What do you think, especially the 'older' posters such as Casual Observer and Marina?

Yes, and no. For example my parents didn't have cell, cable, internet bills & even getting take out food (and I use the term food loosely) like McDonalds was a treat.

They also had inflation. So that $200 house payment that was all they could afford in 1979, was nothing by 1985.

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I predict a riot.

quite literally - civil unrest within 2 years. Mark my words - Police friends of mine are gearing up for it...

Doom monger? I hope not. Civil unrest is a really bad thing - for those with money and anything to lose. Oh wait - that's everyone over 45. France's demos/riots are a foretaste of UK very soon.

If European youth get organised and uppity 'they'll' organise a war like they did in the Peninsula war, the First World War, the Second World War... finish that progression.

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As an older HPC`er I think that inflation was the key to an easier existence.In 1970 I earnt about £20 per week.By 1980 it was £200 per week.1,000% increase if I`m not mistaken!No way have wages really pegged inflation since then not even the very dodgy 2% that they would have us believe.

Agreed it`s not compulsary to have a cell phone,SKY and all the other wonders of modern day living but never the less inflation will do little to cancel todays debt.

Also I think that attitude to debt has changed.When we set up home it was furnished with hand me downs and second hand bits.In the 70`s it was unusal to have more than a little debt.Now I have a neice charging around in her new car which the interest is 4k more than the car ticket price was.She is 19!!!!!!!!Her Dad has 13k on a car,and has mew`ed for new windows and a holiday ect. ect.

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As an older HPC`er I think that inflation was the key to an easier existence.In 1970 I earnt about £20 per week.By 1980 it was £200 per week.1,000% increase if I`m not mistaken!No way have wages really pegged inflation since then not even the very dodgy 2% that they would have us believe.

Agreed it`s not compulsary to have a cell phone,SKY and all the other wonders of modern day living but never the less inflation will do little to cancel todays debt.

A cell phone and Sky+ is probably £500-600 per year, that's about two days house price inflation.

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Thanks for your contributions.

2-0 to the Arsenal :D:)

A cell phone and Sky+ is probably £500-600 per year, that's about two days house price inflation.

Exactly, when folk start going on about young (and I am not young) people having high tech gadgets such as iPods and are therefore, wasteful, greedy, "the want it all generation" etc it really makes my blood boil. :angry: What is so wrong, if you are earning a reasonable salary to want to be able to buy a property? Are YP people really so undeserving? People forget they were young too once and but some of this individuals seem resentful when YP expect a better quality of life than their parents. This is a normal expectation.

Edited by Buffer Bear

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Being at secondary school in the 70s, I remember having a serious classroom discussion about inflation. This would have been around 1976-77, I think.

Our teacher's take on the latest inflation figures, which were umpteen%, was that it was all rather a tiresome business, because inflation was simply a measure of how much wages and salaries would 'have to' go up to compensate.

Such confidence - that his generation would be insulated against the destructive effects of inflation - struck me as odd, even then.

Today, the link between earnings and real inflation has been severed. Who has any confidence that their earnings will keep pace with even the 'headline' rate of inflation?

Another reason why today's generation have it harder, IMO.

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I predict a riot.

quite literally - civil unrest within 2 years. Mark my words - Police friends of mine are gearing up for it...

Doom monger? I hope not. Civil unrest is a really bad thing - for those with money and anything to lose. Oh wait - that's everyone over 45. France's demos/riots are a foretaste of UK very soon.

If European youth get organised and uppity 'they'll' organise a war like they did in the Peninsula war, the First World War, the Second World War... finish that progression.

How about execute everyone over 45? that would be much easier. hahaha

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Today, the link between earnings and real inflation has been severed.

The fundamental link between money supply and inflation has been severed

inflation is always and everywhere a monetary phenomenon

How about execute everyone over 45? that would be much easier. hahaha

If you work all the young people to death in order to pay for pensions, debts and taxes and then feed them with junk food they will drop dead by 45 anyway, you will have a de facto Logans Run ;)

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The fundamental link between money supply and inflation has been severed

inflation is always and everywhere a monetary phenomenon

If you work all the young people to death in order to pay for pensions, debts and taxes and then feed them with junk food they will drop dead by 45 anyway, you will have a de facto Logans Run ;)

[/quote

Hang about a minute.The buggas are trying to get us lot{fair old bit over 45} to work till we drop to pay the increasing council tax ,to pay them lot who retire @ 60,namely our council worker friends.Being a bit independent my wife and myself have been self employed for years and paid a good whack of tax.Having done the right thing----cough cough----we have seen our pensions/investments going tits up.

Sure the world is in chassis!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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Cars

Only owned one car in my whole life – Certainly can't consider buying another right now and only keep the one I've got because bussing to work would add two hours to my daily commute which would mean two hours less overtime earned which covers the cost of running the car and some.

foreign holidays

Had two in my life. Haven't had any holiday, foreign or otherwise, in the last two years.

access to education (at a cost)

Yes, at a cost I am going to night-school to try to learn something that will pay a decent wage.

low unemployment

AKA low-paid employment.

I've said it before, and I'll say it again... To buy the house that my dad bought when he was my age my wage would have to go up by 101%. So much for 'my generation' having so much more :rolleyes:

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The problem with younger people is that they don't fight back. Instead they are obsessed with trivial issues like how many shots can you get out of a bottle of Jack Daniels.

I have given up hope on the 20 something age group and have little sympathy for them unless they get off their fat **** and take action. Instead I am working on the under 16 age group as I see them as the nation's future.

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In management courses it is often highlighted that one must manage people's expectations: Your customers, your subordinates.

I can't be certain, but I suspect the 20 somethings haven't had their life expectations "managed" by anyone. Consequently they don't expect anything per se.

But did anyone ever have this? Did the baby boomers?

Do people model their expectations on their parent's lives?

I'm afraid, from casual observations whilst avoiding locking horns with my peers over my non-house-buying, that they don't have the first f*****g clue about how the goddam housing ladder ever worked. Nor do they have the first f*****g clue about some basics, nor are they aware of the current economic environment.

"But surely it's better to be on the ladder, you could buy a two bedroom luxury apartment"

"But your salary will always go up"

"The market only busted last time because interest rates were double figures"

"But interest rates were 15% in my day"

I'm pretty certain that the sheer level of prices now will protect the younger 20s from their own ignorance.

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The problem with younger people is that they don't fight back. Instead they are obsessed with trivial issues like how many shots can you get out of a bottle of Jack Daniels.

I have given up hope on the 20 something age group and have little sympathy for them unless they get off their fat **** and take action. Instead I am working on the under 16 age group as I see them as the nation's future.

Mm. Unfair. People won't riot because of a gradual deterioration in living standards. Boiling frog effect. People will riot when something once-off and dramatic happens. See the French demonstrations.

Good luck with your under 16s, I think you'll find they're just as brainwashed by school/TV as the 20s age group, they just have the standard teenage rebellion thing going on to mask it. Once they discover alcohol/the opposite sex they'll be lost to you.

Incidentally what's your plan of action for starting the preteen revolt?

Btw it's really the under 7s you need to focus on (a la Francis Xavier).

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Ipods, cell phones, plasma TV's etc are inconsequential fluff compared to having your own family home.

In that the youth of today are in a worse position than those who enjoyed the post austerity era.

Not sure we can say they are worse off than the pre 1945 adults.

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Police friends of mine are gearing up for it...

Is this true?

In that the youth of today are in a worse position than those who enjoyed the post austerity era.

Not sure we can say they are worse off than the pre 1945 adults.

We are talking about a situation that has arisen because of a relaxation of the money supply over a few short years. Contraction? I'm taking front seats for this one.

Pre 1945 adults: I had considered a comparison with my grandparent's generation, and they definately had it harder without any shadow of a doubt. Some of the baby boomers on here are genuinely concerned right now.

Don't know what's gotten into Marina lately though. Maybe things just arent' happening fast enough. But then BOE monetary policy DID press the PAUSE button! It's a bit like Merv's trying to hold in a huge fart.

Anyhow, It's late so I'm signing off.. Nite all.

:D

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Being at secondary school in the 70s, I remember having a serious classroom discussion about inflation. This would have been around 1976-77, I think.

Our teacher's take on the latest inflation figures, which were umpteen%, was that it was all rather a tiresome business, because inflation was simply a measure of how much wages and salaries would 'have to' go up to compensate.

Such confidence - that his generation would be insulated against the destructive effects of inflation - struck me as odd, even then.

Today, the link between earnings and real inflation has been severed. Who has any confidence that their earnings will keep pace with even the 'headline' rate of inflation?

Another reason why today's generation have it harder, IMO.

Indeed, yet many young people are taking on massive mortgages that are going to hang like a millstone round their necks all their lives - getting bigger as they get older as they trade up.

Don't forget in this marvellous world you are lucky to still be in full-time employment past 50 - yet people are taking on mortgages they won't pay off until they are 60 or 70.

You need to change people's attitudes to all this. That requires a high profile in the media for your case. You won't get that posting on here. I am sorry but the whole world is against you. Far more people own property than don't own property - lots of people who don't own property are, by virtue of relative poverty, effectively silenced - there is a massive VI against you who control the media - in days gone by there would have been some sort of revolt. But all you lot can think to do is post on here and slag off anyone who disagrees with you.

What a bizarre generation you are.

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Agreed the housing market is mad, we get taxed for being in your 20's and single, jobs out look not great etc etc

but on the plus side.....flights out of the country are cheap! My parents wouldn't have had the opportunity to go round the world on a whim. :lol:

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Guest Guy_Montag

Agreed the housing market is mad, we get taxed for being in your 20's and single, jobs out look not great etc etc

but on the plus side.....flights out of the country are cheap! My parents wouldn't have had the opportunity to go round the world on a whim. :lol:

But they did have the opportinity to emigrate to Australia for a tenner!

Actually, now my parents have retired, in the last 12 months they've been to New Zealand, Hawaii, California (twice), the Alps (twice), Italy (for the Rugby) & the Baltic states. They've been frugal all their lives, they never moved house, they've saved & put money aside for their retirement. Now it's here, they're having a fantastic time, good luck to them. They've told me their sorry that they can't see how my generation can have such lifestyle, when we get to their age - & I agree. But then it's impossible to know what my situation will be in 30 years time.

Edited by Guy_Montag

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But they did have the opportinity to emigrate to Australia for a tenner!

Actually, now my parents have retired, in the last 12 months they've been to New Zealand, Hawaii, California (twice), the Alps (twice), Italy (for the Rugby) & the Baltic states. They've been frugal all their lives, they never moved house, they've saved & put money aside for their retirement. Now it's here, they're having a fantastic time, good luck to them. They've told me their sorry that they can't see how my generation can have such lifestyle, when we get to their age - & I agree. But then it's impossible to know what my situation will be in 30 years time.

One thing is for sure - we won't be flying around the world in jet planes in 30 years time like we do today as the end of cheap fuel will put an end to cheap flights. It'll be trips to Torquay and Blackpool on a coach for most of us.

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I've said it before, and I'll say it again... To buy the house that my dad bought when he was my age my wage would have to go up by 101%. So much for 'my generation' having so much more :rolleyes:

Does that take into account the difference in interest rates?

I read an article in the paper today stating that 18-40 year olds are far more stretched financially than their parents and "have it harder." It made reference to pensions, debt, education and so on.

What do you think, especially the 'older' posters such as Casual Observer and Marina?

Yes and No.

Buying property is harder for many, but that's because of 1) the tendency for more people to buy alone, 2)the absence of high inflation and 3) we're at a peak in the HP cycle.

On the other hand youngsters nowadays seem to find it far easier to travel abroad (I thought a 3 day trip to France when I was 18 put me in the jet-set category, whilst my kids go to about 3 different countries each year). When I was young there wasn't actually much to spend money on, nowhere near the number of affordable restaurants or clothes shops.

In short, people feel hard up PARTLY because there's more to buy!

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makes me laugh.

all this cheap air travel bonus talk, possibly from individuals that might also 'save tin cans' for recycling.

the sooner air travel is banned the better.

do we really need to be able to globe trot around the world on a whim, burning up HUGE amounts of fuel all in the name of casual leisure.?

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makes me laugh.

all this cheap air travel bonus talk, possibly from individuals that might also 'save tin cans' for recycling.

the sooner air travel is banned the better.

do we really need to be able to globe trot around the world on a whim, burning up HUGE amounts of fuel all in the name of casual leisure.?

Not sure it's all that bad.

Maybe a tax on aviation fuel would help?

Much worse is the thought of burning a litre of aviation fuel to transport a litre of bottled water. Thats madness, but many people actually pay for bottled water.

It's about the dumbest industry going.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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