£1.2tn given to old from young

Really2

StevieJ wrote: »

I have news for you Graham, they can't take it with them I wonder where all that dosh will end up :rolleyes:

Looks like that bank of mom and dad we keep hearing about are just giving the money back then.

Looks like it wont run out either.

Really2

Afriend wrote: »

This forum is too addictive. It's fun, but I need a break.

So long, and thanks for all the fish!

Agree it is OCD heaven.

Graham_Devon

Damn, you guys didn't like that did you!

Was BBC saying it, not me! Just thought it was an interesting statistic!

abaxas

IveSeenTheLight wrote: »

That's still not taking it from them is it?
To take from them they have to own in the first place.

What it sounds like is another moan about how some young cannot afford to buy and blame the older generation while other young people manage fine.

Maybe the young should opt out? Sounds like a plan to me.

StevieJ

Graham_Devon wrote: »

Damn, you guys didn't like that did you!

Was BBC saying it, not me! Just thought it was an interesting statistic!

Anything to fill the schedules on the cheap:rotfl:

Cleaver

Graham_Devon wrote: »

It's not. It was the calculation of how much the "baby boomers" have made from taking from the younger generation. I.e. the cost of the decades HPI to the young.

Over 50's also held something like 80% of the wealth in the country (though I may have misheard that, only started listening when I heard abot HPI).

What I'm about to type isn't directed at you Graham, just a comment in general.

My Dad is a baby boomer and he is pretty rich.

He was born and lived as part of a very poor family on one of the roughest council estates in the country. His parents worked but were very poor and he shared a bed with two of his siblings until he was 15. The basics in life like food and heat were hard to come by. He went to a very rough school where, by the sound of it, most people ended up being expelled or in prison. Because of this he decided to study hard to get out of this situation and ended up being the first in his family to get a qualification and managed to get to university on the basis of his hard work and determination.

Again not wanting to end up back in the situation he grew up in he plodded off to uni (no halls of residence then, so he worked almost full time and rented a bed in a guesthouse in a room of five beds, which were normally filled with a variety of salesmen, builders and various oddballs) and got himself a first.

After getting a first at uni he started on his career and worked damn hard. He worked his way up to be a director and, finally, a chief exec. My Mum, also a Baby Boomer, worked hard to bring me up and also helped to save and invest money and make sure we were financially sound.

Yes, my Dad's house rose in value through HPI. This didn't make him rich though, his general attittute to life, his work ethos and his sheer determination to do well in life got him where he is. If the rest of his generation are similar then they probably deserve to hold 80% of the wealth in this country. If you told him that he'd "made his money from the younger generation" he'd look at you gone out then probably tell you to work harder.

Really2

Graham_Devon wrote: »

Damn, you guys didn't like that did you!

Was BBC saying it, not me! Just thought it was an interesting statistic!

Who did not like it, we were just stating that it is not a true reflection as it does not include inflows from the old.

They say it cost over £100,000 to bring a child up to adulthood. (i believe that is the stat now)

so basically the stat is the young have spent £1.2T on housing in the last 10 years.

Would be realy interesting to get a stat taking out inheritance and the money the old spend on the young IMHO.

It is just a fairly pointless stat otherwise and one steve rightly pointed out it will just end up coming back to the young one day anyway.

1984ReturnsForReal_2

£1.2tn [STRIKE]given to [/STRIKE] robbed from the young & given to the old rich

Much more appropriate......

Bonia77

Do you think that they have somewhere in the archives older version about how the baby boomer were robbed of 1.20 tn by the previous generation :cool:

sjaypink

Cleaver wrote: »

.......Yes, my Dad's house rose in value through HPI. This didn't make him rich though, his general attittute to life, his work ethos and his sheer determination to do well in life got him where he is. If the rest of his generation are similar then they probably deserve to hold 80% of the wealth in this country. If you told him that he'd "made his money from the younger generation" he'd look at you gone out then probably tell you to work harder.

This is a good point, perhaps the differences are equal- in attitude than in figures?

Are houses too expensive? Well maybe not if your social life is a few pints at your local, and you holiday at Bognor (not saying your actually Dad did this Cleaver )

But, maybe, we (the 'average' or below) will just never be able to have it all. What do you want? Nice car, good holidays, club til 3am every weekend, £75 jeans? Tough then, no house .....maybe we want too much?

ETA: Sorry doing the thinking out loud thing again