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?!

boomers are just hard working and industrious. If other people just concentrated on themselves and working rather than complaining they could be just as successful.

The average public pension is just 8k and that along with the state pension of 5k makes 13k a year to live off. That is poverty. What about if the boiler goes or you need a new roof? That's the spending money for the whole year gone! They had 18% interest rates and people now have 0.5%.

most politicians, CEO's, management, industry leaders, etc are boomers. So they have a great deal more control then previous and subsequent generations.

I think the age of these people is irrelevant. I don't think the CEOs of tax avoiders like Amazon and Starbucks are boomers are they?

All the boomers I know are desperately worried about the future for our offspring and the mess the economy is in. Most of us are paying our kids through uni and trying to put money together for deposits.

I think I fall into the millennial category (I'm 25)? And I think it's utter tosh.

The head of Amazon and starbucks are both mid/late 50's. Doesn't that make them boomers?

I think facebook is one of the few big tax avoiding companies that isn't run by a boomer. Apple has a boomer CEO.

It’s a structural problem.

People today will have a worse future than those in previous generations.

That is unheard of in history.

£10k doesn’t really solve the problem but it does get people talking about it.

Younger people today have much much higher, as a proportion, living costs than those before them. They will come out of university saddled with debt. Or if they want to be a teacher or nurse. The same. Saddled with debt.

Job security is not as it was. Home security isn’t as it was.

Something isn’t working.

boomers are just hard working and industrious. If other people just concentrated on themselves and working rather than complaining they could be just as successful

Nonsense.

I don't think the CEOs of tax avoiders like Amazon and Starbucks are boomers are they?

They are one person. What's the average age/gender/social class/race of their Board of Directors, their Executive Management, their investors? What's the average age/gender/social class/race of most politicians.

All the boomers I know are desperately worried about the future for our offspring and the mess the economy is in.

Of course. So are the ones in positions of power which is why they've sought to maintain their power and ensure the security of their children, in spite of other children, which is what's happened. The majority of wealth is in the hands of the minority, and they are determined to keep it, while the rest of us struggle. This isn't new, what's new is the boomers aren't bloody dying/retiring, and have such a massive voting block, that they aren't making way for the next generation, so the wealth keeps piling up for the 1%.

It shouldn't happen. I'm technically a millennial and not on the property ladder, but don't feel like I should be given £10k.

If will only feed in to the entitled behaviour we see so much nowadays.

Perhaps focus on how the house prices (both buying and renting) have become so far removed from what people can realistically afford.

There was a story in the DM today about a young couple who want to downsize to a smaller mortgage with their current lender but, because the bank's rules on lending have changed, the bank reckons they cannot afford this new mortgage.

Even though the equity in their house would help them pay off their debt (reducing the monthly outgoings) and reduce their monthly mortgage payment (reducing their monthly outgoings even further).

There are also proposals for a gift tax but not including payments for university fees for sums paid to keep infant children at home. It would include allowing an adult child to live in a place you own (as long as you were not also living in it) and gifts to the child, a car etc It would be quite complicated to put that into force as everyone over 18 would have to register with HMRC and complete a tax return each year with all gifts on.

A 17% land value tax would cripple many homeowners in London, even the very high earners would struggle. £1 million homes not uncommon, who could find an extra £170,000 every year to pay in tax? Not your average MP, doctor or lawyer. They would lose their homes, let alone most people earning less.

Don’t think this proposal is a goer.

My property land tax apparently would be £12k a year. Ha ha! There also happen to be people who have houses in expensive areas who have big mortgages and/or have paid top dollar for their properties. Not everyone is a boomer who paid £37k in 1972.

I had several run-ins with our Momentum friends on here before the last General Election on this subject, and I think they envisage most householders being unable to afford the plt and just letting the tax roll up so that eventually councils will own everyone’s house, or at least the houses of ordinary schmucks. You won’t even be able to sell your house if it comes with a £12k annual tax.

Where is this land tax of 17% mooted?

Land tax exists in other countries and its a good idea at the right level and to replace council tax. Then landlords pay it and stops the gambeling on house prices.

a 0.5%charge would make the average bill be about 1250. So about the same as council tax. Then in westminster it would raise alot.

Love the way the proposed gift tax has loopholes for the very rich. Mr and Mrs average boomer get taxed for scraping together a £10k deposit for their child and the super rich basically gift their kids houses with impunity.

Talk about divide and rule.

To think that i sold a property in 98 with negative equity! wouldnt happen now i bet.
i cant even recall how we did it, borrowed more and bought a cheap doer upper place i think, but the bank went with it. i doubt you could do this now ( in hindsight, a bad thing to do, but we needed a slightly bigger place and hated the area) never been good with property but at least we could buy and sell on one wage, not something that can happen much these days ( and prices were cheaper too) i feel for the young as my own son is struggling but trying to save up and be frugal etc. on your own and its 10 x harder of course.
someone i know are wondering why their g/ child aged 18 i think on 20 hour per week min wage cant save up for a home in essex. i think that sometimes people just put their head in the sand and think its all the youngs fault, when she probably cant save enough or will be 40 by the time she does have enough , if prices stay the same of course. which they won't.

Have 18 year olds ever aspired to home ownership? It never occurred to me at that age. I was 37 when I bought my first place.

Of course 18 year olds want to own a home, it's seen as being successful and rents are so expensive.

It didn't used to be like that - renting used to be cheaper than a mortgage and now its far more expensive so people were happier to rent.

If they can stay at home for 5-10 years, no take aways, nights out, cinema, holidays, car or new clothes then most can get a deposit together for the north.

None of my grandparents earned their own homes (doing the same job as my parents). They still lived in the same houses all their life though. Perhaps we really need to look at rent reform rather than housebuying as the solution.

There's no "of course" about it. Between us we have four adult children, none of them even thought about buying a house at 18. One has just bought, aged 27, and my son is about to buy, aged 43. The 25 and 33 year olds aren't remotely interested.

Of course 18 year olds want to own a home

We were grads and bought our first house at 29 in the 80s, as did most of our friends. I can think of only one person who managed it earlier. No need to be saving for a house when you are 18 for goodness sake.

MY DS is currently at home (shortly moving out) brings home £1350 a month, gives us £200 and saves £500. He seems to be living a pretty good life on what he has left over. He could get £10k together in a couple of years if he wanted.

Sorry if I thyped 17% I definitely meant 1.7%. It was the Resolution Foundation's proposal along with this £10k and national insurance unto death for older workers and for houses over £600,000 I think it is.

While we debate and argue, blaming each other as entitled or boomers or millennials, the 1% laugh at us.

I think I am in the 1% however you define that and I am not laughing at anyone at all.

Bonkers idea.
There is no year where people suddenly became worse off.

I read through this thread then got interrupted and couldn't find it again.

Every generation has had its problems. The 80 & 90 something's suffered the war year's. 60 & 70's struggled to get mortgages esp those who were hourly paid but did well with the council house sell off. 40's & 50's did ok able to get funded through uni but struggled with high interest rates and property prices going up. 20's & 30's struggling to get on the property ladder. But get help with childcare.

Throughout time the working classes have had issues and problems to deal with.
I'd also comment that some families will help adult kids in whatever way they can. Others seem to only hand out help with strings attached.

The 18 year olds that don't go into HE I know want to buy asap. The others want to buy once they start working too.

Renting is so shit and expensive in the UK almost everybody renting wants to buy, I think ONS said 90% do. Only ones that don't are usually students or here short term.