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?!

There were a few phone ins about all this yesterday, waste of time as i doubt it will happen, plus the ones over 25 ( or whatever the cut off point is) will feel left out and a lot might not spend it on what its meant to be for - unless they police this somehow, i am not sure how they can without more hassle, then a few will just use it for holidays and things maybe? i would like to think they would be sensible, but how would you know? I think the youngsters do need some help , but this seems a bit crazy unless its really well managed. i cant see any government doing that without problems.

@hammeringinmyhead - can you not see how this contributes to the problem? You couldn't afford a house without government help and had to rely on rising house prices. Prices have risen which in paper gives you positive equity in your house....however as you point out a buyer would now need almost 3x the deposit you had ......so who do you expect to sell it to in the future, especially if it's s starter type home!

Society as a whole needs a shake up. People want to live longer, but then moan about paying care home fees; people want cures for cancer, dementia etc, but Moab about the rising costs of pensions; people want to own their own home and complain that they will never get on the housing ladder, then sell on their house for the largest profit they can make. These contradictions are all part of human nature - throwing money at a small proportion of the population is not the answer.

My sister would be classed as a Millennial, she has just bought a £400,000 house with her partner. She didn’t go to uni but got a job and worked her way up. I on the hand am older and have two degrees but work in Social work and education where I am chronically underpaid and can’t get on the property ladder.

@BellBookandCandle Yes, actually I do. In fact as you pointed out I had already said that my house would not be affordable to an average couple of 29, the age when we bought. I was more replying to the implication that it was some kind of taxpayer's handout when we are 5 years on and almost all of us paying back more than we borrowed.

And it's not a starter home, it's a 4 bedroom house. We bought a 1990s 2 bed in 2008 just before the crash and gained exactly £1k in equity before we sold in 2013. However, both of our next door neighbours were FTB so perhaps some would class it as a starter! I think if we were to sell in would be to someone also selling, with equity.

Sorry, I mean to say sold for £1k more than we paid. We had paid off a miniscule amount of the 35 year mortgage so had a bit of equity to cover stamp duty!

I doubt it will happen. Can you imagine The uproar from 24 and 26 year olds?!

Has there been a link posted yet?

Some of us really don't want to live longer! If someone with a crystal ball could tell me I'd go to bed and not wake up again at some point in my mid 80s, I'd be delighted. The thought of ending up in a care home with dementia makes my blood run cold - and not because of the fees.

Another crap ‘let’s make ourselves popular by offering people money’ idea.

The articles I have seen on this are in the FT and Times earlier this week but you need to subscribe to read them.
www.ft.com/content/079b8786-5141-11e8-b24e-cad6aa67e23e That includes the idea of having to pay £17% of the capital value of your home in extra tax a year - the one I particularly don't like as it penalises me from getting on my bike, leaving all family behind to work in London instead of NE england, living in an identical house to one in the NE and yet having additional massive taxes just for living down here even if income is not one penny more and even if you have a £2m mortgage and no assets or equity! I hope that idea doesn't catch on..... although it's labour party policy and very popular indeed with Tories and Labour so I am not holding my breath- I will jsut have to trash my house or divide it into 10 flats I suppose....

Blue lady - I said this to my 92 year old fil and he was surprised!
my dad has dementia and it’s awful. I don’t want to live forever as my own dad has ( he is 96) Controversial attitude I know but that’s how I feel. Not much I can do about it though!

Stoopid idea. It's called growing up. Stuff costs lots of money. This golden age when everyone could buy a house never existed. There was a blip with mortgages given to people who couldn't afford it. That's gone.
Do I fear for how much stuff will cost and how I can take care of myself when I'm older? yes, of course. Do I worry about what my child will be able to afford? yes, of course.

@hammeringinmyhead - I never mentioned anything about tax payer handouts....just that I personally think it is bonkers that the government lends money to people who can't afford the overinflated prices developers charge. Just sell the house for 15-20% less in the first place.

I can't say I'm enamoured at the thought of living into my 90's .......but as my parents died at 69 and 70 I guess that it was one less worry. Of course DS and DD still don't get the house ......my will gives DP the right to live in it until he dies/remarries/repartners.

as a 'millenial' i loathe the term i was born in 1989 FFS ......but yes, considering how the older generation got their fill of uni eduction, affordable housing etc amd then fucked us all over (generalisation) i will take that 10k.amd feel no guilt!! .....and im not donning a hard hat come at me bros,!!!

@BellBookandCandle I didn't say you did! Someone a couple of pages back mentioned it.

The80s, I guess your FiL is surprised as he hasn't got dementia and possibly hasn't seen it up close and personal. My parents were 99 and 97 when they died. Mum had dementia and it was dreadful, death is infinitely preferable.

We have fucked nobody over, stay dazzling, nobody has any choice in when they're born, you just work with what you're given.

I suppose that the scheme hs changed in 5 years as many predicted - when we bought, the house was about £20k under the value of an average 4 bed in our area and we got free flooring.

@hammeringinmyhead - ahh! Serves me right for skim reading!

I really do despair at how well it seems to be working Agreed.

Can someone please explain to me how the boomers fucked the younger generations over?

Should they have said, "Look actually I don't want to go to Uni and pay no ,fees, here take this £9k."

Should they have said, "No I don't want to buy this house for a reasonable sum, I actually insist on paying double what you were asking".

All the boomer generation did was live their lives as best they could, in the most part pretty frugally until they reached middle age. Their position now is down to market forces and the world economy, not some devlish plotting.

It is successive governments who haven't managed the economy well enough to provide a good living for our younger generation. And most parents are worried sick about that.

Can someone please explain to me how the boomers fucked the younger generations over?

You voted for the governments & policies that have led to most of the current situations.

There was very little foresight to the future, in terms of economy & environment in the 80's (Regan/Thatcher).

It’s so hard to generalise.

Some of my friends are inheriting huge amounts in their 50s. One friend has just inherited over £1m, purely from house price inflation enjoyed by her dm.

Otoh, dh and I will inherit nada, as my parents died early and dh’s, by contrast, both got dementia and have powered through over £500k of care-home costs, including the sale of their house.

So, I know “millennials” who are getting big windfalls thanks to grandparents, as their parents don’t need it and are passing it straight to their dcs.

But nearly 50% of people didn't vote for Thatcher, (and I agree she destroyed industries and asset stripped the nation) and there have been many years of Labour since.

And it's not just the boomers who vote is it?

And it's not just the boomers who vote is it?

No, but they are, and remain, the largest voting block, and most politicians, CEO's, management, industry leaders, etc are boomers. So they have a great deal more control then previous and subsequent generations.

It is a mad idea. There is no cut off at 25yrs for the generations that suffered wage stagnation, inflated house prices, etc. Both my parents and inlaws are in much better situation that us and always will be, but there will be no inheritance. It is crap, but we get on with it and deal with it. Younger people shouldn't have to pay the extortionate uni fees (though seems like few are repaid according to report the other day- linked to wage growth so not over the limit? I don't know) to then have this amount to pay them back. As others have said, we should be looking at longer term solutions - better housing options, wages growth, etc. so it's better for all rather than to just benefit young people at a time in their lives where it may not make such a difference as many now look to buy houses in their 30s due to only finishing education/starting jobs later than previous generations. Putting it in the bank for 5yrs wouldn't help too much these days either as interest rates are low.

Bring on universal basic income!

And yes, as someone who has had to spend time in GP waiting room recently on several occasions, it's not full of kids!