Aibu to think that "suspended adulthood" is going to lead to large problems?

[BlancheBlue]

www.theguardian.com/society/2016/sep/22/young-people-living-in-a-suspended-adulthood-finds-research

Just this really. There was a telling comment about this article with the ever increasing age profile of parents the chance of children knowing grandparents is going to be remote.

I think lots of the boomer generation really fail to understand this. Whenever it is said it is tough for young people que loads of "well I worked my arse off and owned a house by the time I was 21" type comments.

It may be a problem for a generation in some parts of the country but it's not everywhere. I know loads of young single people and couples who have all bought places in my area.

The nursing home issue is an interesting one - homeowners will need to sell to fund care, again draining money from the individual into the pockets of private providers. Because you can bet state care will be limited/poor. More money for the mega-providers like Sodexo et al.
The mega rich have ways of protecting wealth through generations - trusts etc, holding property in companies. The bulk of the population will see the house they paid for sold for care fees. So again, we've got this divide between a small tranche of society who have been handing land, power and property down since 1066 and the rest of us. The game is rigged.

I have no issue with people being rich per se . I do believe in equality of opportunity though and right now we don't have that. the degree of inequality in the population matters. There are many examples from history of empires falling when key indicators like inequality reach certain thresholds. It's in the intetrsts of all of society to sort this out. No one should be working a hard full time week and be unable to house themselves safely.

I would like to give pluto a high five for the reply to user

I'd have less of a problem with never owning a house if it was a secure option and I could actually treat it like my home. So what if I want dark purple walls and a few mirrors and pictures up, if the LL let me live there for 5 years, the LL wouldn't have to worry a it repainting it Godawful Landlord Yellow every 6 months. I don't want a moldy kitchen/bathroom from the 60's, neither would the LL. So why must I have to live with this shit just because I was unlucky enough to be born long after the LL.

My big bugbear is investment property. There are whole neighbourhoods of London that are essentially ghost towns because no one lives there - it's all investment property owned by super wealthy foreigners.

It's killing London, and it really should not be allowed.

I agree little, and (maybe I'm being naïve) it seems easy enough to implement. Not domiciled in the UK? You pay a special stamp duty / council tax at a promotive rate. Buying through a company? The ultimate beneficial owner must be UK-domiciled.

I agree too littleprincess (and made the point earlier in the thread, as have others before us both). It just seems outrageous to me that this has been allowed to go on so long! I'd like to see Sadiq Khan putting some effort into getting this indefensible situation rectified.

And don't start me on London house prices - yes the salaries are higher but so are the asset prices. Even getting on the property ladder for a 1bed flat is almost impossible........ never mind starting a family and needing a spare room.....

I remember mortgage interest rate at 15%. Can anyone beat that?

15% on £25k is very very different to 4% £300k. It was still relatively less money in terms of affordability

When I bought my first house in 1989 the mortgage rate was 17%!

Think the point is they want to go off and do their own thing but are restricted by lack of reasonable salaries within jobs and stratospheric rents and mortgages. So they resort to staying with parents. We parents should do the right thing and downsize/die and pass on what we have to them....

Cheval - dh and I will certainly downsize some time soon. Some of the money will go on propping up the dc through University (if they choose to go) and some will go into a pension because all the pension funds we have saved into over our 30 years at work are worse than useless now. I also lost a lot of money through negative equity in the 1980s and having an endowment mortgage that paid out £10,000 less than it should have on maturity.

We also need to be mindful of helping our dc onto the housing ladder if we can because we'd like to stay in the South East (where 100% of our friends and family are) and, in an ideal world, we'd like our dc to be able to live somewhere not at the other end of the country if they'd like to.

And of course we will very likely need money for our care when we can't live independently any more.

We are younger baby boomers, but we still fit that demographic. So, yeah, baby boomers - got it made eh?

Nauseating examples of attribution theory in action on this thread.

All the good stuff in my life are the result of my hard work, noble values, self sacrifice, and commitment.

All the bad things in your life are because you are shiftless, selfish, and grasping.

For fucks sake. It is unarguably the case that today's young people have a worse time of it than the previous generation

I'm 53. Being condescending and judgememtal about the generation who are going to be looking after you when you're old is not just fucking offensive but stupid.

No way would I want to be facing the future my lovely kids are facing. No way. And mine are the lucky ones.

18%in 1979 279

Sorry 579

Bravo bucking! Its so sad and worrying.

I haven't RTFT but where we live it is quite difficult to get on the housing ladder. The only people I know who own their house are people who a)spent years at their parents saving up b) had parental help with the discount or c) managed to buy before it all went batshit crazy.
Sadly I was a very immature pretty stupid young adult so missed a fantastic opportunity to buy at a very young age. Still kick myself regularly about it. Now live in a rented reasonable house that costs more than a mortgage would but don't have much to save and parents do not have room to have use back while we save even if we wanted to. I hope to have a mortgage by the time I am 40 (currently 30). Unless our financial situation changes dramatically I don't expect it to be before this. We live about 60 miles outside of London so not subject to their crazy house prices but a nice house here is over 130k. Which is low by many standards but the wages here are also low so.... And by nice I just mean that it's in an area away from drugdealers and people who would stab you. Not fahbulous nice. Although I did live next to a drug dealer before who was a fairly nice guy, just not what I wanted nezt to me with my 2 year old

£130,000 for a nice house is completely affordable for a couple on average salaries, surely .

Sadly I was a very immature pretty stupid young adult so missed a fantastic opportunity to buy at a very young age. Still kick myself regularly about it
we live in a modern wealthy country, it shouldn't be the case that you only get one shot at having a secure home and if you dont take it then you are stuffed
who didnt make decisions in their youth that turned out not to be very wise?

an average person with an average job should be able to afford to participate in modern society, a stable affordable home (rented or owned) with standard utilities, internet mobile phone etc

The thing is that, in later years, boomers can liquidate their properties to pay for their care.

With those of us who rent, we have no such monies tied up and our old age care looks very scary indeed.

Most people I know have to have children by the time they're 40, and no matter how many Starbucks trips I eschew, I can't argue with biology.

I have a pal who waited and waited until she had her own little house, and she can't have kids as she's too old. Her eggs didn't get the memo.

What we need is
Better tennancy rights
Tenure rights
Rent caps.
A ban on people owning more houses that they can live in
A ban on empty properties
Council houses only for the poor who are men's tested and not a lifetime tennancy.
Council properties not for sale.
High Inheritance tax.

AND the biggie, that first time buyers need not have a deposit to get a mortgage if they can prove they have paid rent reliably for the previous five years. I'd much prefer to pay rent to the bank, than some boomer landlord.

Why on earth are we not all rioting I don't know!

I've paid exorbitant rent for 20 years, no help for college fees (I worked during college) and I've spent years looking after boomer relatives who are still housed in their extra large mansions.

I don't mind renting, and apart from the homeless, crack users and drunks on my doorstep I climb over to get in, I like the location, it's close to my work, but we are on top of each other, in a tiny flat, with a leaking roof, a shower that could be condemned, and it's only twice what a mortgage would be.

I've never had a Starbucks, btw, I don't have an iPhone and I haven't bought a new coat for 15 years. All my money goes on rent and food and the dcs expenses. I live on less than 7K after tax. I'm super frugal, cook from scratch, and have resigned myself to never buying.

For those mentioning the high interest rates on mortgages, the interest rates for savings accounts was high too at that time. Now you're almost watching any savings depreciating before your very eyes. Beat that!

Totallypearshaped Don't suppose you could run for prime minister, could you?

Totallypearshaped
What do you mean by you live on less than £7k after tax?