and wondering what sort of world they are going to enter when they turn 18 or 22.
I am sure many will excel but I fear a large number will end up financially insecure for most of their life.
When I graduated all those moons ago, I joined a graduate scheme, nothing fancy like investment bank, law or consultancy, it was with a well known high street retailer and I was earning around £23k, but many of my fellow grads were homeowners in their mid 20s, and their financial security is almost exclusively down to purchasing a property when they were so young.
A friend, who joined my scheme 3 years before me, purchased a flat in W12 for £240k in the early 00s. Her father was a postie and her mother worked part time in a supermarket, so the purchase was driven solely by her. She sold the flat this year for £800k, having rented it out for almost 15 years.
She is going to use the money to get her children onto the property ladder as soon as possible.
I was able to purchase my first flat 2.5 years after finishing university. A similar flat recently sold for £500k. There is no way I would have been able to do that now, and it terrifies what is going to happen to all these kids when they try to make their way into the world.