Tuesday, Nov 21, 2006

Boomers have it far easier than the Ipod generation

Propertyinvesting.net: UK wealth and cultural differences within the age groups – investors take note

The post war generation of baby-boomers (more 1946 to 1962) were bought up in an austere post-war environment of rising unemployment, closing of heavy industry and increasing competitiveness. Many, taught by their parents, did not take anything for granted and worked hard to get themselves up the social ladder – out of the slums, into the middle-classes. This all sounds rather historical and old fashioned, yet this psyche led to rapidly increasing wealth, living conditions, deposable incomes and retail spending. The Thatcher years created a bunch of hard working, keenly competitive workers – aspiring to climb a social/wealth ladder. Increasing borrowing led to the current sustained housing boom over the last ten years – where prices have tripled. Most of this wealth of some £1 Trillion now resides with the baby-boomers. Some of these even went into buy-to-let, helping to drive asset prices further up – and out of reach of the younger first time buyers. Many of these younger generation have now been forced to rent because of the high costs of stamp duty, deposit, fees and mortgage payments on high capital borrowing.

Posted by scumbag @ 04:57 PM (406 views)
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