Tuesday, November 21, 2006
Nice to see an MP that has some sense. Baby Boomers take note.
THE CLASH OF GENERATIONS, A Speech to Policy Exchange by David Willetts MP, Monday, 28th November 2005
First, personal financial assets are skewed most heavily towards the older and the rich. The top quarter of 50-69-year-olds own 84% of all the financial wealth held by that age group. Having built it up rapidly in their 50’s and early 60’s it is then run down quite fast to boost incomes in retirement. Amongst young people home ownership is an aspiration as strong as ever but one that seems harder and harder to fill. There is a fortunate generation of baby boomers who got into the housing market in time to enjoy the enormous appreciation of the past 15 years but it is going to be a longer, slower, and more painful process for the younger generation to achieve home ownership.