To worry for millennials

[eedon]

As many things are going backward in terms of quality of living. Now even for jobs that used to be entry level employers are demanding a degree just because there is a surplus of degrees. To get a degree is what 40k plus, with interest compounding on this most people will never pay it off, and didn't they change the law that it wouldn't be written off in peoples lifetimes like it used to be. More graduates then ever unemployed. The average house price has been going up double digit percentages for the last decade, many in the south east have learnt more through their house than working. I just can't see where it will all end.

Yes there's a massive generational inequality brewing. I'm glad I stopped at one as I know we'll be able to support DS with housing, university etc, even though we live in an expensive part of London. It just wouldn't be possible with two or more dc. It's going to be tough for those without parents who are able/willing to help them out, saddled with debt from an early age and stuck in shared rented flats miles from the centre of town.

I hope by the time the millennials get out into the world of work those of us who are their parents will have soaked up most of the shit and things will be on the up again.

Its rubbish isn't it. You begin to wonder if uni is worth it. And in my case v frustrated I wasn't on the housing ladder earlier so I'd have more space to house kids for longer!

Agree the cost of housing scares me for the kids. What will they all do?
The cost of everything is grim.
However outside the South of England I do think it is a little easier.

I think the way we're going is unsustainable to be honest. Its all going to come crashing down at some point, hard.

Increasing population + increasing life expectancy = increasing demand

Our resources are finite. Technology advances increase exponentially meaning there will be less demand for labour while the cost of living soars. We're seeing more and more jobs these days that aren't actually "real", if that makes sense? Making money from money itself, advertising, marketing, sell, consume, sell, consume. Its all absolutely just smoke and mirrors.

As far as I'm concerned it's inevitable, if not in our lifetime then in our childrens. All things rise and fall. I don't dwell on it too much.

Although I realise it may look like I do from this post polishes tinfoil hat

Which is why il be glad if mine follow their dad's and get a trade. No massive tuition fees, none of this freshers week bull just out learning the world of work to support yourself and your family at 16.

There are lots and lots of good jobs, which you don't need a degree for. I don't find employers are insisting at all.

In fact as an employer, of i was choosing between 2 24 year olds I would rather take one without a degree but some experience. There is an obsession with degrees that I just don't get. Some jobs do need them. In some job experience is everything.

I will support my kids through Uni if they want to go, but won't be trying to convince them to go.

The university thing has to stop, so many jobs do not require a degree and what is left us Masses of debt and the fact you went to uni is now not special and devalued imo. Apprenticeships or in the job training need to become commonplace.
I work with some grads in my retail role (here until they move into another part of the business) the majority of them every year are bloody clueless and haven't had a job before. I'd rather someone with experience but no qualifications.

There was never a 'golden age' when all graduates got high paid 'graduate' jobs, but the numbers were more closely aligned when only about 10% (is that the right figure) had degrees, rather than aiming for 50%. (The figures on how much more graduates earn over a lifetime are probably truer of the previous number of graduates in the workforce, than being predictive of what today's graduate will get).

Price of property? Well, the regional difference between London and elsewhere is growing. You can double the prices for much of the rest of the UK before you hit London levels - which people still manage to buy and sell. Of course, some of that comes from foreigners living/investing in property, and is a reflection of global inequalities.

Wars over things like water are becoming more frequently mentioned in predictions, as are other commodity-based unfairnesses.

If the richest few countries (and UK is one of them) looked to easing inequality rather more - bigger aid budget, lower domestic consumption, the tide would begin to turn and the underlying global causes would ease.

The difference in prospects for a Millennial Child depending on where they were born is horribly stark.

Agreed! And no-one has mentioned pensions so far. I do bit think there will be a state pension in 20+ years. How are we going to help our children, when we're all working till nearly 70, and there's no pension? There will be no grandparents helping out with childcare as we'll all be working.

Meditrina - I couldn't agree more. I may be a tin-foil hat wearer, but seeing all of this begin to play out over the last decade or so I moved to a place abundant in natural resources, "cheap" houses and plenty of jobs/work in trades as opposed to pushing buttons.

I probably won't be encouraging my DC's to go to uni unless it's to do something like medicine. I want them to concentrate on quality of life and personal fulfilment.

They'll probably decide to do degrees in beauty therapy and relocate to balham!

There was never a 'golden age' when all graduates got high paid 'graduate' jobs

Your missing the whole point, people used to not have to get degrees and it was the norm to walk out of school and buy a house in your early 20s with a Normal house. There was a golden time for living standards in the UK, and it was several decades ago.

Normal job not house!

Not so sure about that. Home ownership wasn't that common before the 1980s, was it? and London flat prices were already over 4x the starting salary of those in 'graduate' jobs (more towards the centre).

When, and where, were you thinking of?

Also, the biggest inequalities that will face the Millenials are the global ones. The tide of refugees, who want to find safety in affluent countries if at all possible (and so risk longer more hazardous journeys to do that rather than head for somewhere safe but poorer) are but one manifestation of the human cost of having a small, highly privileged group of countries, when much of the rest of the world is so much poorer.

Well it wasn't so common, but that is massively distorted by social housing.

And now in London the average prices are what 20 times graduate wages? The average first time buyer is late 30s.

Globalisation is an issue, now in London people have to compete with the worlds highly motivated people. But that doesn't stop the intergenerational inequalities, that I think are a much bigger issue. As a pp said the state pension won't exist in the future, millianials probably won't ever retire.

You are right on housing.

I disagree about degrees

I am a member of many business owners groups. No one I know insists on degrees for staff unless it's needed (like medicine, research etc).

Hopefully things have changed since I last looked at the job market a few years ago. Then even very junior roles were asking for a degree, just any degree.

Even as someone in my late 30s I think I had it harder than my parents generation.

12 years ago I bought a 3 bed semi for 129k. I can't see us ever moving from here. As house prices spiral the yes our house has increased in value but the gap between our house and a nicer, detached house becomes larger.

About 4 years before I bought my house my parents bought a massive 4 bed detached house in a posh part of town for 104k. It's now worth about 400k.

My mum used to snipe at me a bit for not been able to afford a better house! As I pointed out to her she's never been able to afford a house as expensive as mine!

But yes I'm lucky compared to people who aren't on the housing ladder yet. Especially those who come out of uni with debt and unable to find a decent job. My younger brother has a good degree and works in a cafe. At least he has a permanent job and he's grateful for that but it doesn't pay well.

I feel really uneasy about the way we're starting to talk about the state pension disappearing as if it's like bad weather: inevitable and beyond our control. We are a rich country.

I think I would do whatever was required to fight for it, including spending my old age in jail. I believe I owe it to my son.

We are a rich country.

Counting all liabilities the UK debt is about 80k for every single man woman and child.

www.iea.org.uk/blog/true-level-of-uk-government-debt-exceeds-£5-trillion

State pension is an outdated idea, my mum only did odd work now and again for pin money. She's only been on the state pension for 8 years and will have already taken out far more than she ever paid in, not including her degree that was free and all the NHS services she's used. Would be lovely to give everyone state money from 60, but there isn't the money.

State pension is an outdated idea
There isn't the money
This is exactly what some people would like us to believe. I believe the UK is normally rated the 5th or 6th richest country in the world but thank you for illustrating my point so beautifully.

My DS is applying for apprenticeships for next year. He wants to work, hates studying.
Not everyone wants a degree. He also has a house deposit given to him by generous relatives. He has 2 part time jobs. Our house is big enough to house both Dc until they have saved up to leave, but we will be encouraging them to buy a house asap. That's what we did and a good job too. It's helped us along more than anything else. Dc have a lot more support in general than I did.
Regarding state pensions I think it will always exist but only to cover basics. Anything else you will have to save for.

Well interpret it how you like, 80k debt per person doesn't scream rich.

At least I posted research to back up my view. I notice you have no sources for calling the UK rich.

Why is there this obsession for home ownership? It really wasn't the norm until around 80s and still isn't in many European countries.

I agree the millennials will find it hard but to be honest probably no harder than the rest of did when we left school. My first job on leaving school in 1988 was a whole £4.5k a year. Being able to afford rent was a struggle even then.

I do think though that those coming through to the world of work now and in a few years need to be a lot more realistic about their capabilities and what they can do straight from leaving full time education. We see a lot of the 90s cohort who think they can walk into a managerial job paying upwards of £50k a year with fuck all experience. They tend to get rather pissed when we direct them to entry level jobs and tell them they need to work their way up.

Because renters don't have many rights in the UK. Anyway that's irrelevant as rents are too high also.