More evidence of increasing wealth gap

ukcarper

cells wrote: »

probably 45-50

what does that tell you?

that parents never gift to people age 20-40?
that grandparents never do that?
That parents/grandparents never leave anything in their wills for those age 20-40?

and even if a 75 year old woman dies and leaves £300k to her two children aged 45 and 50 does that mean the children who are 45-50 are in a better or worse position to help their own children age 20-25?


Also on a slight side topic, why is a pension worth £200k counted as a persons wealth when an inheritance of £200k in the future not? both might be unaccessible until age 55 so should they be treated that differently when talking about it in general terms as in this discussion?

If we assume very few people in thier 30s benefit directly from inheritance you need to provide figures for those who benefit indirectly.

CLAPTON

ukcarper wrote: »

If we assume very few people in thier 30s benefit directly from inheritance you need to provide figures for those who benefit indirectly.

the evidence is all round you
you can see it in the record high percentage of 30s who are owner occupiers

cells

ukcarper wrote: »

If we assume very few people in thier 30s benefit directly from inheritance you need to provide figures for those who benefit indirectly.

I don't accept that very few people in their 30s inherit there will be significant numbers who do. Probably in the tens of thousands each year (somewhere in my head its saying 1.2 million such people per generation from previous discussions but it's late I can't be bothered to check for you its out there though)

It clearly isn't zero. My own anectodal evidence is that in excess of two thirds of the young ones age 25-35 get significant help/gifts from their parents and or grand parents.


Either way the argument at worse has gone from 'people in their 30s are screwed' to '~48% own their own homes and are in line for significant gifts and inheritances if they haven't already received them'. Hardly a generation of hardship and poverty.

cells

CLAPTON wrote: »

the evidence is all round you
you can see it in the record high percentage of 30s who are owner occupiers

That figure of yesteryear is not comparable to today as lives and lifecycles are different

Either way ~48*% of those in their 30s own and that is compared to the high of ~75% towards the end of peoples lives.

48/75 = 64% of those who will ever own already do so in their 30s which does not look bad at all. What is your option in this?




48% is the average of the 37% for age group 25-34 and 59% of the age group 35-44 to try and get the figure for the 30-39 age group. Also this is the age of the reference person in the household which will often be the man of the house and often men marry women younger than them so if its say a man age 40 and a woman age 30 and they own their own home that household shows up in the 35-44 band even though one of them is well within the 24-34 band. This means If the data was broken down further it's likely to show a small increase on the figure above of ~64% of those who will ever own already do so by rhwie 30s

ukcarper

cells wrote: »

I don't accept that very few people in their 30s inherit there will be significant numbers who do. Probably in the tens of thousands each year (somewhere in my head its saying 1.2 million such people per generation from previous discussions but it's late I can't be bothered to check for you its out there though)

It clearly isn't zero. My own anectodal evidence is that in excess of two thirds of the young ones age 25-35 get significant help/gifts from their parents and or grand parents.


Either way the argument at worse has gone from 'people in their 30s are screwed' to '~48% own their own homes and are in line for significant gifts and inheritances if they haven't already received them'. Hardly a generation of hardship and poverty.

I'n not saying that nobody in thier 30s gets help but it's not the majority I know very few people in thier 30s who have had significant help.

The fact that many 30 years olds are inline for inheritance does not help them now.

cells

CLAPTON wrote: »

the evidence is all round you
you can see it in the record high percentage of 30s who are owner occupiers

From 1991 to 2001 supposedly the golden years of house price affordability the number of owners in the 16-24 age group fell, the number of owners in the 25-34 age group fell and the number of owners in the 35-44 age group fell

This is suprisong to me and it should be to all of you too. Why do you suppose ownership in those age groups feel during the 1990s a time when property (especially in London) was very affordable?

As I keep suggesting your one dimensional thinking and analysis doesn't work too well for a multi variable real world. In this case there seems to be an interplay with older generations. I've yet to spend much time thinking this through but on initial thought it occurs to me we can achieve a higher hosuong stock owned but also a higher number of people on renting this would come about if single person owners expand (widows or the older generation who never married living alone or divorc!es).

cells

ukcarper wrote: »

I'n not saying that nobody in thier 30s gets help but it's not the majority I know very few people in thier 30s who have had significant help.

The fact that many 30 years olds are inline for inheritance does not help them now.

Say it out loud. ~64% of those who will ever own already so so in their 30s and ~30% of those who will ever own already do so in their 20s

That's not anywhere near as bad as the picture some try to paint in fact for the 30s age group it looks quite good

mrginge

Doesn't look quite so great for those 30s (and every other age bracket) that occupies the lower end of the wealth scale.

https://www.ifs.org.uk/publications/8239

I wonder if the vast majority of 30s are more likely to be situated towards the top or bottom of this scale?

Interesting report on the effect of inheritances too -

http://onlinelibrary.wiley.com/doi/10.1111/j.1475-5890.2016.12087/full

CLAPTON

cells wrote: »

Say it out loud. ~64% of those who will ever own already so so in their 30s and ~30% of those who will ever own already do so in their 20s

That's not anywhere near as bad as the picture some try to paint in fact for the 30s age group it looks quite good

say this outload
if you want to start a family then you really need to do it in your 30s
so you need property in your 30s
so one thinks in terms of over 90% of people who will ever own to do so in their 30s

ukcarper

cells wrote: »

Say it out loud. ~64% of those who will ever own already so so in their 30s and ~30% of those who will ever own already do so in their 20s

That's not anywhere near as bad as the picture some try to paint in fact for the 30s age group it looks quite good

In 2011 42% of people between 25 and 34 owned compared to 59% in 2001.