Rich babyboomers behaving like the nobility in the peasants revolt...

John_Pierpoint

quantic wrote: »

Well personally I took the "that's life, get on with it" approach and bought the best house which I could afford. I'm just saying that, it takes a lot of discipline to motivate yourself to save for 3 years, every single month, there needs to be a decent carrot at the end, spurring you on.

It used to be; stick in at school, get a degree, get a job, work hard, get a nice house and stable future.

If the youth of today do that, they are likely going to be faced with significant student debt, crappy part time jobs for the best part of their 20's - if they are lucky, once they finally manage to save up and buy a place it will likely be an ex council in a rough area or a tiny new build which is overpriced and has windows the size of a letter box.

That's if they are lucky! Its not really inspiring stuff is it?

Let us be honest, the country enjoyed an oil boom. individuals and especially the politicians saved none of it; worse than that most borrowed from the future, even before reality arrived in the form of the global financial crisis.
Where are the high saving ratios? Not in "Anglo Saxon" counties?
The baby boomers have suffered too, the money saved for a pension is being taxed away by inflation in an attempt to get back on an even keel. [We have all noticed the current bout of further Stering depreciation have we not ?]

wotsthat wrote: »

Did people used to have to wait for their parents to cop it before they could buy a house?

The well off boomers I know seem to be transferring wealth to their children and grandchildren in advance of the appointment with the grim reaper.

There'll be some complaints soon that the inheritance, when it does come, has to be shared with siblings so is 'diluted'.

Traditionally "ordinary" people were born with nothing and died with nothing - periodic crop failures tended to cull the "ordinary" population, those a bit higher up the tree tended to have rural businesses/positions handed down from father to number one son if he was up to the task - the middling sort of people lived in a multi generational household, only the top of the tree could afford to move "mater", when she became a widow into the dower house. An off shore European island went through an early social restructuring and was the first to harvest energy laid down over millions of years of global history.

[Here is a "fun" site where some one has tried to identify the involuntary "unnatural" world death toll over the centuries:
http://necrometrics.com/pre1700a.htm ]

The surplus created allowed a boom in population and a leap forward in science and technology to expand its empire worldwide.

The primary cause of this was a quantum leap in military technology. The development of efficient muskets and artillery was allowing entire civilizations to be brought under the command of a single dynasty, creating so-called Gunpowder Empires. Although in later centuries, these new Empires would be a stabilizing influence, they began by destroying ancient power balances and unleashing chaos.

Unfortunately this off shore island has been in relative retreat for over 100 years, with 25 years of oil boom offering a brief respite.

The so called "baby boomers" just happened to be at the peak of their earning capacity during those 25 years and the country is now back to its long term relative decline.

The baby boom is a misnomer in that recent years have seen an increase in population in absolute numbers both nationally and world wide that outstrips anything that occurred in the 20 years after WW2;

Clifford_Pope wrote: »

It’s curious the way an entire generation of young (therefore poor) people appeared in this country without apparently any procreative action by the older (therefore rich) generation.

It’s a bit like homo sapiens having very little connection with the Neanderthals. So hardly any of their genes or wealth will be transmitted.

I wonder what will happen to all their fine houses – fall into disuse and abandonment I suppose.

No they are being demolished and replaced by either mansions for the few rich, or small houses/flats for the masses, as the wealth becomes less equally distributed, egotistical attitudes fragment household size and the population grows.

United Kingdom Population

The total population in United Kingdom was last recorded at 63.3 million people in 2012 from 52.4 million in 1960, changing 21 percent during the last 50 years. Population in the United Kingdom is reported by the Eurostat. the United Kingdom Population averaged 57.27 Million from 1960 until 2012, reaching an all time high of 63.26 Million in December of 2012 and a record low of 52.37 Million in December of 1960. The population of the United Kingdom represents 0.91 percent of the world´s total population which arguably means that one person in every 111 people on the planet is a resident of United Kingdom.

mystic_trev

HSBC chief economist Stephen King claims rich Baby Boomers (those born between 1946 and 1964) are behaving like the nobility in the Peasants’ Revolt and risk an uprising by the younger generation. We look at 10 'entitlements' they have enjoyed:

http://www.telegraph.co.uk/finance/economics/10171591/10-Baby-Boomer-entitlements-todays-youth-wont-have.html

ukcarper

mystic_trev wrote: »

http://www.telegraph.co.uk/finance/economics/10171591/10-Baby-Boomer-entitlements-todays-youth-wont-have.html

Another poor article with sweeping statements and generalisation.

ruggedtoast

It's a shame the boomers do not recognise their good fortune.

Veritably, they have been the 'lucky generation', high on the hog, long on the loaf.

Lucky.

Luck: Occurring by random chance, fortuitous. An event brought about by serendipity irrespective of the actions of it's recipient.

PaulF81

Ronaldo_Mconaldo wrote: »

And what's going to happen, eh? The youth of today is going to stop playing Candy Crush on their mobiles and do what? Get their pitch forks out and demand a bit more money? And from whom? The "Baby Boomers"? In other words, their own parents? Not going to happen.

Stephen King needs to get back to mass producing hooror stories rather than giving the world financial advice.

Withdraw certain NHs treatment for those past a certain age. Means test the state pension would be my guess.

ruggedtoast

It used to be that teachers told us kids when I was growing up that we should study hard and go to uni or we would end up working in a factory or a super market like the people from their generation that they looked down on.

Well I guess the joke was on us, because the boomers who worked in factories were able to buy a house on one income and then sat pretty watching it rocket in value while waiting for a fat pension. While the kids in my school who ended up working in super markets doing zero stress jobs were handed all the council houses at a knock down price and got to have kids supported by the state in their early 20s.

The people who went to university, took on all that debt, tried to clamber up the collapsing pyramid of globalisation and had to delay having kids til their 30s only to find out the best they could hope to raise them in is a grim BTL bought by some spiv with a 0.5% loan obtained from some other spiv , well I guess they turned out to be the real mugs.

ukcarper

ruggedtoast wrote: »

It used to be that teachers told us kids when I was growing up that we should study hard and go to uni or we would end up working in a factory or a super market like the people from their generation that they looked down on.

Well I guess the joke was on us, because the boomers who worked in factories were able to buy a house on one income and then sat pretty watching it rocket in value while waiting for a fat pension. While the kids in my school who ended up working in super markets doing zero stress jobs were handed all the council houses at a knock down price and got to have kids supported by the state in their early 20s.

The people who went to university, took on all that debt, tried to clamber up the collapsing pyramid of globalisation and had to delay having kids til their 30s only to find out the best they could hope to raise them in is a grim BTL bought by some spiv with a 0.5% loan obtained from some other spiv , well I guess they turned out to be the real mugs.

I hope you enjoy living in your fantasy world.

IveSeenTheLight

ruggedtoast wrote: »

It's a shame the boomers do not recognise their good fortune.

Veritably, they have been the 'lucky generation', high on the hog, long on the loaf.

Lucky.

Luck: Occurring by random chance, fortuitous. An event brought about by serendipity irrespective of the actions of it's recipient.

I'm in a general agreement with this.
The last couple of decades is in effect the anomaly in the opportunity to become a homeowner in the UK and as such it's a decreasing percentage who will be able to have this opportunity going forward.

It's good that you recognise this and therefore maybe consider adapting / teaching your siblings that they must increase their efforts if they wish to recognise any aspiration to become a homeowner

Percy1983

IveSeenTheLight wrote: »

I'm in a general agreement with this.
The last couple of decades is in effect the anomaly in the opportunity to become a homeowner in the UK and as such it's a decreasing percentage who will be able to have this opportunity going forward.

It's good that you recognise this and therefore maybe consider adapting / teaching your siblings that they must increase their efforts if they wish to recognise any aspiration to become a homeowner

Back to the point of work harder than those before you to get less than those before you.

By all means I am playing the game and doing exactly that, but it doesn't mean I am happy about it.

grizzly1911

Percy1983 wrote: »

Back to the point of work harder than those before you to get less than those before you.

By all means I am playing the game and doing exactly that, but it doesn't mean I am happy about it.

Jam tomorrow don't you know.