To think we shouldnt be giving millennials 10k?!

[savingin2018welltryingto]

Sorry if there is another thread about this, I couldn't find one.

But seriously, just no?!

Why should baby boomers pay more to use the nhs?
Everyone pays for the nhs - via taxes and NI. We don’t charge individuals who use it more more tax because that is the entire point of having a national health service. the burden is spread.
Otherwise by that logic we’d be charging babies in the nicu.

Older people will be selling homes to pay care Home fees as well.

I absolutely hate this millenials vs boomers shit. They are not immortal - all that money is going to get passed down eventually.

Actually, it's not that hard to save. Certainly not as hard as some people make out.

And when all these young people can suddenly afford to put down a deposit on a house thanks to their £10k gift, house prices will rise even further because of the demand for houses - so locking many of them out of the housing market again!

all that money is going to get passed down eventually

Or spent on fabulous holidays.

Actually I know lots of parents help out their grandparents and kids. But that redistribution is only useful if your parents are relatively well off. Taxing well the well off boomers would redistribute money mire evenly.

People are living to about 78 on average. That means those lucky millennials can expect some cash or a house when they're nearing 50. Lucky them.

And saving is definitely not easy. That's a hugely insulting thing to say. Especially when someone is in their early 20s and probably spending the majority of their monthly pay on rent.

Actually, it's not that hard to save. Certainly not as hard as some people make out.

surely thats dependant on individual circumstances

I get very cross being blamed for everything I am a baby boomer but didn't have it easy like majority on seem to think we did I used to sleep three in a bed for some times when young . Had outside toilet in teens. Worked part time Job after school and week ends left school at 15 no chance of doing further education . Left school Friday started work following Monday up til then I had only had 2holidays since I was born .paid parents board money . Went into medical profession when wages were rubbish . Helped parents.with money because they had very little pension . Paid for own wedding no hen or stag do no night do no honeymoon did have mortgage no new furniture all second hand no meals out no takeaways went out once a week camped in Britain for hols . So to be honest I don't feel guilty now I am retired I worked into my sixties we are not wealthy but comfy I do now help my own children they don't have massive houses but both on ladder not all pensioners are going on fancy cruises..sorry for long post just needed to say it my bro feels same .

I get very cross being blamed for everything I am a baby boomer

I guess it can sound a bit like people are blaming people (baby boomers). Thing is there’s not enough money going into the pot and services are suffering.
Asking the weathiest to contribute more seems sensible (and not blamey) - disclaimer not all baby boomers are financially stable but quite a few are doing quite nicely.

You may have had outside toilets etc. Etc. But no one has that now, it's not a luxury, it's just something that doesn't exist in the 21st century. People are going without, just because they have a bathroom doesn't mean they're not.

It's bizarre that people often go on about the fact young people have a mobile phone - it's a necessity for lots and jobs and even I suspect lots of people saying it have one too.

Maybe we should make the multinationals pay their share.

@ConstantlyCold

Why do this through taxing their parents? On average the over 65s have more money / assets than the under 30s. Kind of makes sense to tax the over 65s.

Why? The over 65s have already paid their taxes - and continue to pay tax on any income. Why should they? Especially if they're already continuing to support their children!

And of course they will have more assets than the under 30s - they have had time to build their savings! It's a nonsense to say that these things should just be handed to a generation who haven't worked for them.

It's very hard to compare generations and do fair comparisons - poutside toilets etc or my working until in labour, back full time after using 2 weeks annual leave to have baby in kind of thing which people must admit is not common these days as people presumably are better off! I didn't even get the 6 weeks at 90% pay. No minimum wage. No tax credits. no nursery vouchers on and on we could go....... Bottom line is many of us parents basically have given our lives for our children. I just gave my children and the state all my pension other than state pension for example. If I am faced wth an annual 1.7% tax on the value of my house that is quite a big extra burden plus national insurance from age 67 (my statement retirement age although i will work until I die anyway) to death again that is more tax than evisaged and I alreayd pay a lot of tax about half my income , half the year I work to pay tax. If we add on say £34k ie about 60k of before tax income in additional capital value of house tax which woudl be payable even for thsoe with no equity in theh ouse and no savings it would become quite an unfair system. Those with money in a yacht or jewels or spent on cocaine would not pay it and those who saved and housed their family would and also those of us who had to move from the NE for work pay it but those in the NE don't for exactly the same house and having exactly the same income.

@BIWI

Why? The over 65s have already paid their taxes - and continue to pay tax on any income. Why should they? Especially if they're already continuing to support their children!

Yes the over 65s have contributed but the costs are massive. Those 45-50 years worth of contributions need to cover 20-25 years worth of pensions and hospital care. The costs are massive.
I actually think National Insurance should be abolished and the tax system reformed with a lot of people paying more taxes including the over 65s.

Also on the “supporting their own children” comment. That’s only useful for those offspring, if your parents aren’t well off you are in a shit position.

It's another ploy to try to keep house prices high. Even Help To Buy throwing tax payers money at builders wasn't enough, so now someone has come up with another great wheeze.

Just let house prices fall back to levels where they have some meaningful relationship to income, please.

That would help far more millennials - and almost everyone else - far more than a 10K bribe bung.

YANBU
Saved up for years and years and finally bought teeny house with no help from anyone. I would feel very hard done by if this happened, I’m also older than average house buyer. It’s not just millenials who are suffering sadly.

Yes,David Willetts hasn't factored house prices going up overnight,has he? It's not a problem he's ever likely to face.

Crazy idea. It won't happen as it's a sure fire vote loser.
How about putting some of the money into joined-up health and social care instead of the present mess.

Maybe people who have more than two children should pay more taxes? There's too many children in many families.

I could do with 10k

Ugly. But people don’t have to go to uni. They should only go if the benefits outweigh the costs surely? So on that basis the £27k of debt is not a disadvantage, the thing it was used to buy is an advantage! My dad on the other hand, one of the baby boomers wasn’t even allowed to sit his 11plis cos his family couldn’t afford the uniform (he was always top of the class) now that’s a disadvantage. Unfortunately handing over £10k is not going to solve the issue of high housing costs. The only way to address this is to totally rethink the relationship we have with housing. Prices will not crash to 2000 prices. There needs to be a move towards encouraging multigenerational living, better regulation of the rental market, stopping the sale of social housing. More diversification of the geographical location of big business to stop the demand reaching even more stupid levels in London and give access to more affordable housing in the regions esp young professionals. Moving social housing to a complete safety net model. Quite frankly the socio economic model that’s existed for the last day 60 years of majority home ownership, vastly better lives as each generation was born, massive increases in the length of time spend in education, unfettered travel throughout the world, rich retirements, wastefulness is a bit of a blip.

Bearhunter thanks for your response.
I agree that some change to the housing system/market/whatever would be better than giving all the 25yos £10k.
However with regards to your first point - as degrees become more and more commonplace and thus less valued, you often need one in order to get a job that pays above minimum wage. So uni becomes more and more of a necessity for many people. And 27k (at least) is definitely a disadvantage which carries a particular sting knowing that my grandparents’ and parents’ generation went to university basically for free and were homeowners in their twenties.

Please dont shoot me if I get a few facts wrong- I am very tired and have to stay up all night revising- be gentle.

When the recession hit here a few years back, the idea was floated that an investment should be made for around E2K for those on benefits. Based on a Scandinavian model (cant quote it, dont flame) that where the government invested in those least privileged they would re-invest in local businesses to continue their lives as opposed to buying 'luxuries' elsewhere.

Whilst a paradox, you have to spend to accumulate, it did make sense.

Actually I know lots of parents help out their grandparents and kids. But that redistribution is only useful if your parents are relatively well off. Taxing well the well off boomers would redistribute money mire evenly.

They’ve already paid - my parents are this generation and don’t have a massive house, nor are they loaded. They’ve just worked very hard from a very young age to afford a fairly modest house.

The generational stuff is divide and conquer. If you can get young people mad at their elders you deflect attention from the real problem.
The real problem is those at the top asset stripping the country. It’s big corporations not paying taxes, it’s shit wages and taxpayer tip ups with tax credits. It’s a systematic looting of the public purse by a small but very powerful tranche of society.

It is not the average SE boomer granny and grandad in their big semi in surbiton. But having that generational conflict certainly deflects from that.

If only millennials gave up one coffee a day they would own a house, right?

I don’t know too many millennial who “buy new clothes every night out” or who “take multiple foreign holidays a year”. I do know many millennials who on the national average salary could not afford a house since average house prices are as much as 5/6 times average income. Particularly in the south east.

Or are we saying “no young people should live in the south east, that’s for baby boomers and oligarchs”?

The 10k idea is a bit daft I agree. But the sentiment is correct. We need to ensure that this generation has the same opportunities as those that came before it. And they don’t, to be blunt.

You'd need to give 10k every single year to actually reduce the inequality they face.