Why Britain’s Millennials and Young People Are Struggling to Keep Up with Boomers | UK Economy
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- Опубликовано: 1 мар 2023
- This video will explore the reasons why Britain's young people are economically worse off than boomers and how intergenerational inequality is affecting their lives.
We will take a deep dive into the economic landscape of Britain and how it has shifted over the years, resulting in a widening wealth gap between generations. From rising house prices to stagnant wages, we will examine the factors that have contributed to the economic disparity between boomers and young people.
The video will also explore the impact of government policies, such as changes to pension policy and cuts to social welfare programs, on the economic well-being of young people. We will discuss potential solutions and strategies to address this growing issue and ensure that future generations have access to the same opportunities and standards of living as previous generations.
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Please make a video about Bangladesh's Economy.
We don't enjoy it cos it is sad but it enlighten us
This is very much a western 'problem'; here in Asia and also in Africa it's the older members of society who are extremely poor!
Poor tax choices mean the youngest pay, while the elderly benefit most. These choices also shrink our economy by 30-50%. The aggregated selling price of land(£5.5trn) measures housing affordability issues. Taxing land's rental values drops that to zero. It also levels the playing field for all participants in the housing market, thus solving our chronic misallocation crisis. This shows exactly where the problem lies. Nothing to do with supply, NIMBYs or any other such nonsense.
Maybe only I noticed, but the voice generated needs more tune up as it feels weird listening to the audio. It feels completely robotic and not pleasant like a human voice
Buying a house was at least a goal to aim towards. Now I think many have given up on it. Which is problematic because when you think about it, what other insentive is there for lower wage employees to grind? If the grind is just to pay bills then it becomes circular. You grind so you can continue to grind, there is no apex to reach, no purpose. Wonder why things like a declining work force and "quiet quiting" are becoming increasingly popular. Some are even moving to alternative lifestyles to escape the rat race completely, like living in vans.
Need to put the cheese back in the maze.
The issue is that prices are going to crash pretty soon, what would make anyone buy property at the peak of a boom and find them selves in negative equity? In the 90s and 2000s when prices crashed, property was affordable, when prices fell 30% we lost 15-20k, now with houses up around 4 times more expensive, you'd be looking at negative equity of around £80k.
Too late for that. The Rats have already eaten the cheese. The only thing they can put back is a big fat dollop of shit.
Very much so. This is what the "you can just rent" tribe don't get. When you're renting you're in a totally different mindset, not a growth one. You're moving from one place to another without developing any local network or connections to people, you're dealing with the stress of greedy landlords who might raise your rent or kick you out. You're a nomad with nowhere to call home, I can't see how this helps.
I’m a boomer, feel you’ve just hit the nail on the head. Great post.
I think rich foreign buyers contribute alot to the house price inflation. Not to much the unregulated greed from estate agents valuations.
I think it's somewhat disingenuous to attribute the fuel price rises just to Ukraine, let's not forget the record breaking profits of the oil and gas sector.
Sounds like Afghanistan all over again
Don't forget America blew up Nordstream,gas prices won't go down now thanks to that act of terrorism .
There are many factors to the rising energy prices, OPEC cutting production, central banks around the world lowering interest rates to zero during covid and pumping liquidity into the system, the war in Ukraine and the sanctions on Russia, the push for green energy, poor planning by politicians, to name just a few.
@@edjones3410 Hahahaha ,you blamed everything but the yanks blowing up Nordstream ,we now buy gas off them at four times the price ,do you not think that might affect things ??
Fucking... Privatisation
It's happening all over the western world. I live in Ireland a country that apparently is doing really well. I don't know one person my age (31) that owns their own home or even has a mortgage right now. In so many countries you can follow wage growth and this has simply stall in the last few decades while more wealth is being consolidated among the top few. Somethings gonna give eventually and it won't be pretty
I'm Aussie, it's exactly the same situation here too
*Spain is pretty much the same...*
It sucks that no matter how hard we try, we can't afford crap.
We just barely make ends meet.
@@zoeydeu2261 funny because loads of Irish still going to Australia especially graduates
I live together with my sister since we both entered college, I'm 30 now and she 26 and thanks to living together as roommates we both have good enough savings. our parents ask us for grandkids and they constantly worry about their daughters who are not yet married, they are afraid that we end up alone forever but it is really impossible for my sister and me to even think about building a relationship. work is demanding, and we are both exhausted mentally and physically, never mind dating, if I have free time I would rather stay home, eat all my food, and sleep all day
Hows mum's and dad's cruise vacation going?
Thank feminism you’re an empowered and liberated cog in the machine. Don’t worry if you can’t afford kids because they’ll import foreigners to replace them.
Well ur high taxes and cost of living, goes to take care of the big bunch of elder ppl who could afford their own health by themselves. If they dont sacrifice, they will die without grandsons and have no legacy
I think most young people would agree that we don't want house prices to keep increasing, against the average income. We don't want to be dependent on inheritances. It would be a far more reasonable trade off, if house prices were lower and we got no inheritance at all. True meritocracy would allow each generation to earn its own way. In that situation, i guarantee the birth rate would return to replacement levels, and the old would not have to worry about their pensions drying up. As it is, more and more of us, cannot afford to have kids. The previous generations cannot have it all their own way. Squeezing most of what we earn out of us in rent. Benefitting from shares in companies, that exploit our labour for slave wages. Or charge us horrendous bills for necessities like water and power. And then expect smaller and smaller successive generations, to foot higher and higher social care and pension costs to boot. If they keep voting conservatives again and again. And think that somehow their inheritances make up for it. They Don't. Wealth is increasingly concentrating into fewer and fewer hands in this system, and meritocracy/innovation is dying. If this continues, the youth of this nation will leave it, and you will have no one left to look after you, or generate tax income. It will be entirely your fault for being led by the nose, by the murdoch press. Wake up.
House prices were affordable prior to Tony Blair's government (look up the wage to house price ratios) so it's hardly down to Murdoch. The problem is governments (all parties) over the past 24 years have artificially pushed up asset prices through deliberate policies to expand the money supply (expansion of debt) increasing the country's paper wealth (GDP, asset prices etc). You could bring down asset prices but your generation might find itself out of work (no spending no job) because our economy relies on the wealth generated by those inflated assets to keep people spending. Be careful what you wish for.
@@stumac869 inflated asset wealth sucks up more and more investment. Money that people could use to train themselves, or start a business, invest in r and d or productivity gains, is locked up in bricks and mortar. Where it does nothing to help the economy. These assets don't generate new wealth, they just absorb and trickle up already existing wealth. It would increase the amount of talent, able to afford to live near employment opportunities. If house prices are lower, against the share of lifetime income.
@@stumac869 Actually, high house prices are a legacy of Thatchers Right To Buy policies. And yes, it is down to Murdoch. That man has backed every Prime Minister since the 70's. His press and influence is a cancer not only here, but in the US and Australia, too.
Said perfectly, only time I ever managed to save well was working an unsustainable 80hrs a week 55hrs as a children's support worker and 25 as a Just Eat driver, we are now expected to work ourselves into depression just for a financial dream that keeps kicking us in the teeth
Absolute truth spoken here, I wish the younger politicians - Gen X and Millenial - would speak this out at parliament, Boomers won’t let them and they’re tightening their grip on power and decision making whilst their bodies are falling apart from age and yet still refusing to let the next generations make decisions, make changes and improve theirs and future generations lives.
Classed as a millennial, came from a council estate and managed to buy my own house (mortgage obvs) about 2017. Used to think people in my boat just had to cut back and save instead of holidays to Ibiza and £1k spending money every time. That was possible then but now I genuinely don't know how people trying to get on the ladder can. It's so expensive and people who own their houses are also trapped in a financial burden as they don't want to sell for less so the prices keep rising. A new revolution of housing needs to be done and prioritised for the renter's like banks being more likely to accept rent payment history as a deposit of sorts
As a 25 year old. If it wasn't for me getting into tesla stock years ago. I wouldn't be anywhere near close to being able to afford a house. I could rent. But that would drain nearly every penny I have each month. Luckily I can live with my parents for now. But I'm getting frustrated with not having my own space. I just know I will be better off financially in another year with more savings.
The housing bubble has burst and is likely to crash deeply in the next 24 months (20-45%). Search for Charlie Lamdin on YT.
But every millennial is in different stages in life and many probably will never get a morgage. But for me I dont like being tied down in one place.
In 2012 an economic study showed that the cost of living had risen 66% whilst wages had only risen 11%. That is the problem
I think in an attempt to lower unemployment the government didn't really try to encourage companies to invest in making their workforce more productive. But that just allowed companies to hire people at lower rates
@@raysonviswascorrect!!!!!
It's mystifying how a system built around a social contract between the government and the people was so successfully taken over by the unelected and unaccountable that have turned everything into an opportunity to apply a capitalistic model and exploit everyone and everything for money.
Between 1980 and 2020 the US economy grew from 2,857 billion to 21,060 billion while inflation means $1 from 1980 would have the same purchasing power as $3.32 did in 2020.
But the economy grew more at more than twice the rate of inflation - the inflation-adjusted 1980s economy would have been 3.32 times meaning a GDP of 9,485 billion.
It's worth wondering what happened to the "extra" money. If the median household wage had grown at the same rate as the economy then a household median of $16,461.06 in 1980 would have become a household median of $121,324 in 2020. Instead, it's roughly half that.
Is it any wonder that people like Jeff Bezos, famous for avoiding taxes and paying his employees less than similar employees at other companies, is it any wonder the guy has so much money he decided to start his own space program? Bought a yacht that's so oversized it has its own accompanying yacht to support it?
It's the world the boomers built and unfortunately, it's a world that can't easily be fixed because the very systems we depend on to provide those corrective actions have been captured by the very people those systems were intended to regulate...
We know from the days of the occupy movement in 2010, that only 1% that of the population doubled their income while 99% stayed the same. It's just the 1% already had more wealth than half the 99%
@@agnosticevolutionist3567 Thanks!
Unfortunately, you cannot blame boomers. They simply reaped the rewards that the silent generation sowed for them.
Well I’m screwed either way as a millennial. Most of my peers have wealthy boomer parents and will inherit their parents house. My parents are broke af made many poor financial decisions and so there will be no inheritance whatsoever
Don't worry many of them will inherit jack shit, remember those equity release adverts all those years back? Boomers spent their kids inheritances on 4x4s, holidays and botox.
My parents have 5k to their name in a rented house. i'm an home owner with investments, do a budget and pay off your credit card the sooner you start the better.
@@wakey87 I have no credit debt or any at all except my degree but still struggle to find a job.
The economy is bs. Just because you're fine doesn't mean its working.
We need to revamp it or abolish it
@@connorbenning9920 you mean pay rent? Well I’ve moved out now but yes I was paying £400 a month and this was back in 2007!
@@wakey87 From personal experience I think the biggest issue right now is that we're having a shortage of workers but companies absolutely refuse to hire anyone if they have no experience which is counterproductive to the fact that to get experience you need a job but every job requires experience. Companies are complaining about a lack of labour but it's damn near impossible, especially since jobs that will train you are insanely contested. Maybe it's just where I live being a shithole but being poor and having no experience kind of dooms you atm.
Boomers: WAAAAAAGGGGGGHHHHHHHH. WHY ARE THE KIDS STAYING AT HOME.
Young people: You decided to vote the party to low tax to protect your property and pensions (and any other assets). Thus, the NHS, social housing, other safety nets, and infrastructure (infrastructure being a form of capital that contributes to the economy and productivity) have suffered as a result. Because you have refused to invest in our future, you will have to put up with us for longer and your healthcare is going to suck. Don't try to gaslight us either, the only demographic we beat you on is education, we've had it with you and the party you voted for.
@jaydenvancanne9981 You have a stagflation problem again. The last time the UK got out of it was through Thatcher, who happened to research monetary theory and successfully killed stagflation - a monstrous task. Liz Truss knew her economics as well, even better having actually studied, but she ended up mocked out of office in a month, for a government pension problem she had no hand in making.
I'm 37 yo and was fortunate enough to get on 'the housing' ladder. While rising houseprices would help me personally directly. I would rather see the prices stay where they are or even lower at least a bit. Even if it would be a virtual loss for our family, we think a stable society benefits ourself and children more, then a few tousand quids when selling of our house one day.
I was born in 1953 and lived in a one bedroom miners house with my 4 siblings we had no running hot water no inside toilet no washing machine TV or cooker. Food was cooked on the fire in the living room. Mum dad and the new baby slept in the living room and 4 children slept in the only bed in the only bedroom we had to use old coats for blankets. Our mother tried her best to keep us clean and fed while our dad worked down the mine for slave wages. I had to give up higher education to work in a woollen mill I was paid £5 a week which I gave to my mum and got 50p back. My sisters and brothers did the same as me when they reached age 15. We moved from the miners cottage in 1959 to a 4bed council house with a coal fire hot water boiler it was sheer luxury to have hot water on tap. Life was hard as dad had to give up work he was buried under coal and sustained a severe back injury plus he had a lung removed. Our mum got a job as a cleaner and we all pitched in to help keep our home clean and tidy this included keeping the large gardens front and back looking good. Food rationing ended in 1954.
We had Stagflation in 1973-1976 The Yom Kippur war resulted in a fourfold jump in oil prices. UK already had inflation problems when the Ted Heath Government attempts to boost growth caused the Miners and Rail workers to strike this led to a three day week. Companies could only work for three days with no overtime to conserve electricity. We had to read by candle light for between 5 and 6 hours a night this ended in 1974. Unemployment and inflation rose, and the cost of living rose hit a post war peak of 26% by the summer of 1975 this was Britains only double dip recession.
Margaret Thatcher came to power in 1979 she was convinced that radical action was needed to reverse Britains economic decline.Interest rates were raised to tackle inflation. The booming North sea oil revenues allowed to appreciate further on the foreign exchanges. Even so, the annual inflation rate rose to 20% in her first year in office and this , together with high borrowing costs and cheap imports drove 20% of manufacturing to fail causing massive unemployment.
Under Nigel Lawson a property frenzy developed fuelled by low interest rates and tax cuts. The interest rates in 1988 were 7.5% In 1989 interest rates doubled to 15% this resulted in a rise in unemployment to above 3million for the second time in a decade and house repossessions hit record levels.
The bust was intensified by Britain’s membership of the Exchange Rate Mechanism, which prevented interest rates from being cut.
2008/9 Banking bust In 2007 Northern Rock collapsed Lehem Brothers followed a year later this proved to be the most stubborn in UK history.
The 2008 -2013 recession was followed by rises in suicide in UK and the rest of the world. We need to learn to take care of peoples mental health excess deaths in the uk in recessions were an estimated 1000.
It’s predicted that the UK economy will crash again in 2025.
I am almost 71 and what life has taught me about the economy is that you can’t take anything for granted. I learned to get rid of debt to buy less to live a frugal life and to save as much as we can, and to be content with the little things in life. We have a 2016 Volvo and we cleared our mortgage we don’t have any vices and we don’t have any desire for luxuries.
We suffered great hard ship poverty and hunger when we were young and we don’t want anything from our children except for them to be happy. Please stop blaming us for the way life is today blame the Governments that we put our trust in to give us a life we can be proud of.
I don’t know where the young get the idea that life was easy for us and that money just fell into our laps. We sacrificed and worked hard to get where we are today.
I do feel sorry for our young they have been robbed of a hope for the future Not by the elderly but by consecutive Governments mis management and greed.
Britain is turning into CATASTROPHE for its own citizens, Imigration is high , but it hides a RECORD emigration of NATIVES as far away from UK as they can get to Australia and Canada, people are tired of excuses why things are imploding. Britain is experiencing ECONOMIC MELTDOWN as we speak, by the end of decade it will leave place of 6th largest economy and end somewhere in 14th place. RIP BRITANNIA RIP
Go outside and touch some grass.
@@user-lt7ff1tg9f your dead grandmother should do that❤
Just move to Birmingham, plenty of high paying none skilled 30k+ jobs and 3 bed houses are 150k 😂 (downsides include living in Birmingham)
Hey! I live in Birmingham . Don’t be mean 😂.
Most cities outside of London seem to be quite nice to London. I'm moving there from New York & already making a 2 - 5 year plan of finding a place outside of the city
Living in Birmingham is one hell of a downside m8.
But I get your point.
To live in a dingy Victorian terraced where you can hear your neighbours bonking at midnight? No thanks. Did that, bought the T-shirt. Never again.
@@Lando-kx6so Why on earth would you leave America to come here?
Agree, high house prices are having an effect on my mental health. I have two kids and we are stuck in a 60m2 flat because we can’t afford a house after the period of low interest rates. Now that rates are higher there is hope, but I feel the government will pump the market if they can. The only question is will get let it fall because of the issues listed in the video. It is now at a point where the county is hampered not improved by high asset prices.
Unfortunately, house prices won't fall because the government pumped money into asset purchases through quantitative easing. Happened in 2008 and again with pandemic. The only way to deal with this problem is to balance the budget and cutvtaxes on the poor but politicians would rather cut taxes on the rich and give us the crumbs.
We also need housing reform and prohibit buy to let non-sense.
No we need ethno nationalism to take over the state.
BOLLOCKS TO BANKERS!
@@oimate9796 ethno nationalism doesn't lower house prices. What does that have to do with what OP is discussing?
Life is rough in the UK for young people.
Old people hate young people and won't help them in anyway
Go to a 3rd world country and you will see what rough is we have it easy
@@simba_08g19 Yeah, I can't help but say these people are ungrateful, and honestly sometimes tragically foolish.
Not having children was one of the wisest decisions of my life, by sheer chance I've just never wanted kids. If I did, I'd be screwed. Everything would be tight at best.
I feel this. Happening in most US coasts. I grew up poor. No generational wealth. I worked my butt off. Now I'm 28, earn $112k+, no debt. Guess what I still can't afford a home on my own... This is ridiculous. I don't know how people on less income even do it. Something needs to change I should be able to afford a home and I should be able to give this apartment to someone with less income.
Save money the best you can invest safely and make a passive income. You can rent and live anywhere the way you want.
Dont feed the bubble, pay minimal tax as possible. Boomer wealth will eventually pass to their sons and grandson and will be spent out.
Your purpose was made just to feed the lucky ones above. Keep at It or walk away ✌️
"Happening in most US coasts"? How many coasts do you think the US has?
@@jerrymiller9039 are you being serious... Is the California coast the same and costs the same as Alabama, Florida, New York, Maine, even Chicago? Is the Pacific the same as the Atlantic? Southern California or Seattle? Try harder.
You make $112k and you’re moaning???? 🤣🤣🤣
@@soundscapemusic8980 you don't understand the point 👎 this income used to mean an easy comfortable life, with a decent home and car and money for vacations. Not anymore. Believe me I know it's gotten worse for the poor as well just saying the goal post moved so much we are all collectively fkkkked. Well everyone but the rich getting richer.
The baby boomers have screwed us…. Crazy to think it really took less than a generation for free market capitalism create such issues. Only since 1994 have buy to let mortgages been legal in the UK and later on the ability for foreign investment to enter the market. This deregulation has damaged the UK housing market to almost an unrepairable state. Certainly in my life time. A millennial who understands very well these kinds of issues he’s talking about. He’s not even future projected the impact of in 25yrs when the millennial cohort comes to retirement and the lack of home ownership as an overall percentage means they will continue to pay rent even in retirement so the state will have huge potential liabilities unless they want a pensioner homeless pandemic. Further expand that out to lower inheritance for the next gen etc. it gets rank. It needs to be fixed. Or this country if screwed
Regardless of political party, many in the UK have lost faith that the government and the civil service will stop the uncontrolled legal migration - note that is legal, the side of migration that we most have control over.
The effects of uncontrolled migration are seen in:
- increase of people on benefits. See the government's data of unemployment by ethnicity - despite the image fed to us, white British have the lowest unemployment rate compared to all other ethnicities.
- artificially lowering the minimum wage due to an abundance of cheap imported labour. We have parts of the indigenous population that rely heavily on low paid low skilled jobs, and they are having to compete with people who are used to earning below the poverty level of Africa, Indian Subcontinent, Middle East etc
- increase in house prices and rental prices
- more building on our protected Green Belt land due to the housing pressure
- more building on existing buildings and causing social tension as people live cheek by jowl. Legislation has been relaxed to encourage this in building. The UK already has some of the smallest homes, compared to Europe.
- increase in violence and crime. There is a general increase, plus some which is specific to certain ethnicities. Knife (and machete) crime is more frequent, however whilst it captures the headlines, many other forms of crime, not typical to the indigenous population are flourishing. The Asian (Indian subcontinent) grooming gangs rap_ing/assaulting/drugging white children.
- increased demand for extra policing, in the tens of thousands (look at the different police force's online wanted posters, there is a disproportionately higher number of foreign criminals, especially as a proportion of the population)
- increased demand for prison officers, and prison buildings (look at the prison population, where there is again a disproportionately higher number of foreign criminals, especially as a proportion of the population). We are already releasing criminals early, and not imprisoning others, due to a lack of prison places! And the increase in taxes to pay for these.
- increased demand on the judiciary. Our courts are blocked with massive queues, and everything is done to delay cases going to the CPS or going to court. We have a lack of staff and buildings. Very serious cases are rarely reaching the CPS or courts, or take years to go through the system. This causes a lack of justice, an increased risk to the population as criminals continue to live amongst us, and it encourages crime (justice needs to be swift to act as a deterrent).
- the loss of our capital city London. It is now predominantly populated by people who self identify as belonging to an ethnic minority. You rarely hear English spoken! This will impact tourism - a quarter of a million people work in the tourism sector in London alone.
- greater difficulty in seeing a healthcare professional, especially one that speaks English, be it a GP, Consultant, or dentist
- hospitals frequently declaring emergencies as their A&E queues of ambulances with patients stuck in them grow longer. Even hospitals, in areas with a vast majority of white British population, if you go to the A&E it will be full of people from the middle east, Indian subcontinent, and Africa. Often you won't hear English being spoken!
- increased burden of disabled children, on healthcare, special education needs, and benefits (both for disability, and for the unemployed parents that stay at home caring for their disabled children), unnecessarily caused by cousin marriage, from people from the Indian subcontinent
- lack of school and university places. Pressures to change what is being taught, to suit a minority religious population
- the enormous congestion on all our roads. Even country lanes, which were once peaceful, have now become rat runs
- religious and social tension, especially from ethnicities that are not interested in integrating
- increased suffering of female children subjected to FGM and child marriage
- increased distortion of UK elections, as women from the Indian subcontinent lose their vote to their husbands
MORAL QUESTION - is it morally right to import cheap labour to be exploited?
And what about those skilled migrants, eg nurses and doctors, that are actually needed in their own country. Is it morally right for the UK to benefit from poorer countries paying to educate and train skilled workers?
MENTAL HEALTH BURDEN
The effects of a lot of the above pressures, are seen in a rapid increase in mental health problems across all ages, but especially in the young working adults, adults who should, if anything, be the most resilient of society.
FINANCIAL BURDEN
At Budget time in March 2024, the UK National Debt is estimated to have grown to £2.70 trillion!
BIRTH RATE FALSE THEORY
Some people believe in the theory, that we need to import people because of our lower birth rate, and that there is certain work that we don't want to do.
This ignores the fact that we need to increase productivity, especially with automation/robotics/AI (Artificial Intelligence), because other countries will certainly be investing in this, and all of these reduce job vacancies.
Our population might not apply for very low paid jobs, eg picking fruit, or nursing the elderly, but that is because the rates of pay are ridiculously low. Pay a fair wage in an economy that doesn't tilt the table by importing cheap labour!
WHAT CAN YOU DO?
Please watch, action, and share this historian Simon Webb's RUclips video: A Parliamentary petition to suspend immigration to Britain for five years
Regardless of if you think this will give the results that we need, it is important for people to see that there are many others who share their concerns, and this is one very simple and quick way to do it.
Many thanks, and don't forget to share 👍
13 years of the tories and we're all on our knees.
We young British people must collecitvely unite to ensure wealth and resources are diverted away from property assets, elderly medical and social care of upcoming boomer generation, and even investment returns - instead for education, childcare, first house purchases, etc. We should be serious about getting young politicians into office who represent us.
So will you be happy to pay for your own parents medical and social care needs, assuming they're still around?
@@stumac869 My parents own 3 houses worth collectively way past £1.5m not considering rent income over many years. Both semi-retired. They could easily afford their own care. Case in point is the majority of wealth held by Britons is in the hands of this demographic, yet somehow they are immune from an economic squeeze that applies to everyone else’s life planning.
@@weipu93 UK doctors each on a salary of £130,000 per year?
Replacing the population with foreigners is whats gonna happen also in politics 😂
No point. You can abuse the British however much you want, but the only thing that will piss them off is people on dinghy boats.
'You don't need to buy a house! You will own nothing and be happy' WORLD ECONOMIC FORUM.
Saving this so that I can show it to my mother when she complains that I'm still living at home 🤣
Parents aren't into this kind of gobbletygook.
@@anuragchakraborty8766 I'm a parent and am interested.
I have no objections to my daughter still living at home. I'm a generation X and understand how difficult it is for the younger generations to get on the property ladder as I'm still renting too.
@@samanthahardy9903 My mum does have objections unfortunately and I hear about it every week. She doesn't seem to understand since she owns her own house and has had no major problems so it would be nice to show her how bad it actually is in the world right now.
Things to solve this problem
- alot more social housing
- increase wages for low and middle income earners
- pricing cap on private rent
- more tax relief or govement contributions on saving and pension
- lower cost for higher and adult education
A crack down on economic migrants who come to the U.K illegally would also help as in many areas they seem to get more priority for social housing than someone who has been on the waiting list for over 10 years.
Getting the rich to actually pay their taxes would probably help too.
None of that will have much effect when there is a net migration into this country of over 600,000 per year.
Answer: Margaret Thatcher, Tony Blair, and the 13 year Conservative Government.
I would like to see a 20 year wage correction rather than a house price correction. Houses can rise as long as people's wages also rise. It's really that simple. Time businesses to start sharing that profit back amongst the workers.
If only it were that easy…
I’m 25 in the U.K. and was oxford educated. I can’t wait to leave here. I was at university for 7 years and I currently earn 20k. This will go up over time of course (probably to around 100+k in 10-15 years) but this is also about a third of what I would earn in the same job in Canada, the USA or Australia. Not to mention new digital nomad visas abroad where I could avoid paying U.K. income tax. For the young and educated there is little upside to living in the U.K. I’ll spend all my money on trying to get a house and saving until I’m 40. Who wants that? I see lots of young people looking elsewhere for opportunity if they are fortunate enough to be able to do so.
Compare this to my grandparents who didn’t go to university- my grandad did his National service and was able to return home at 21 and buy a house, have children young, and have guaranteed employment throughout most his adult life.
Life is getting worse not better in the U.K..
You went to oxford and you earn less than minimum wage full-time? How does that work, mate?
@@Stinkmeaner420 north east paralegal wage
Why lump Canada, the USA and Australia together. Many leave Canada for the USA like no tomorrow. They get paid double and everything costs less. Yes the UK is the worst of the bunch but having a job in Canada is awful as well.
@@CommoditySC well because, like you say, it’s better than U.K.
The energy crisis has nothing to do with Ukraine. It’s to do with the energy futures market and the fact that nobody wants to invest in prospecting for new reserves. Only 3% of the UKs energy comes from Russia yet prices have more than doubled. The energy companies are just using it as a convenient excuse.
Which will only get worse because of the Net Zero agenda.
Technically it’s due to European refusal to buy Russian gas if that’s what you mean. Otherwise the energy crisis which is more a price shock and not a crisis is absolutely a consequence of the war. The UK uses gas for peak energy supply and is integrated into the European market.
Despite for example, sourcing gas domestically or from Norway, Norway and Centrica will switch selling gas to UK and sell to Germany if we don’t meet the intercontinental price of gas.
@@Starstung it's still corporate greed trying to blame everything possible to justify to rack up profits.
Same old
Germany was a very big consumer of Russian gas but now they're competing for the same source that we rely on. Knock-on effect.
Not to mention the fact that bills were soaring and smaller companies were going to the wall in August/Sept '21...nearly half a year before the Ukraine ops.
I wonder how much longer all this can go on for. I live in East London - a one bedroom council flat in a Ultra High Emissions Zone sells for £350,000.00
I agree with this and I'm one of those British millennials
Unfortunately, the status quo will remain, whether young people (me included) like it or not. As long as the population pyramid remains inverted, and the population continues aging, the older generation will continue to grow their voter power, hence it will be political suicide to tax the older generation anymore than necessary. Not to mention the housing market has an 18 year cycle, from 1990, 2008 and 2026. Once you miss it, house prices will continue to rise until 2044. The reality is, unless you join the band wagon, whether its houses, stocks or some other investment, everything will continue going up unless there is a revoultion (very unlikely)
This channel feels like a more improved version of Johnny Harris, extremely good editing combined with top notch (instead of surface level) research.
JH is so superficial. He just has nice editing skills.
Voice is AI generated - absolutely nothing wrong with that. Just listen to this channel's first video
You should do a video on Canadas economics struggles
It's mostly struggle
@@axel3895 no its not
@@thisismarkbro Um? A 15 year economic downturn isn’t a struggle?
@@benchoflemons398 lol where ?
@@thisismarkbro Canada’s gdp per capita in 2011 was 52k usd, the US’s was 50k usd.
In 2021 (the latest data available) Canada’s gdp per capita was 52k usd, the US’s was 70k usd.
Canada’s economy has been trash for a while now.
Almost all of Europe is going to shit, even Germany & The UK.
Everywhere is getting shittier
But the UK is the number one shit-house.
This is happening around the world, not just Britain
I quit my tech job and do gig work because what’s the point. I don’t want to buy anything other than a secure home. If I’m gonna be renting forever anyway I might as well do a lower stress more flexible job.
it's true, but even if you won't be able to afford a house, wouldn't you want to spend money on other things?
Side hustles, investing. holidays whatever.
@@alexandrabellerose3550 you can’t buy free time and lack of stress, I’ve got that by changing jobs and it’s extremely valuable. Don’t get me wrong I’ve stashed my saved deposit, just won’t get a mortgage until I have a partner who can match it, then I’ll have to get a job again to get a mortgage. I just fucking hate that this is the system.
@@leighbee13I'm in tech. 28 and earn $112k+. Swapped jobs every 2 years and thankfully this one is very very chill. Only do around 30hrs/week. Fully remote. But homes here are too expensive so I'ma need a partner for a mortgage. This is sad. I should be winning and able to do this on my own. Can't imagine lower income people. System is a mess.
@@djm2189 save up and quit.
The economy is crap because successive governments have ignored economics 101. Ie, facilitate markets, make investment and work worthwhile by sensible laws and taxes and modernise and reduce the cost of the public sector. Lawson enabled house price inflation by allowing banks to finance housing with hot international capital abolishing the building society role of lending only what is deposited which kept a natural lid on prices. Since then, no government have faced down the construction lobby, allowed house price inflation to keep the old voters on side that has pushed housing out of reach of the young but maintained GDP with immigration and QE. So, housing is too expensve for the young to set up house and have babies and we rely on immigrants to do it.
And what do us young people so when our families are unsafe to be around or we are estranged from them and we have no house to stay at
Exactly. We pray for a miracle.
I'm 44 I've never owned my own home due to how much everything costs and them wanting a house deposit of anything from £40:000 and £45:000 who can save that?
Middle class people get their parents/uncles/grandparents to give them the money.
Inheritance
@@tancreddehauteville764 Or smart lower class immigrants who still understand the importance of patiently working as a family collective to ensure that one by one moves up the social ladder. I know the importance of patiently working as a collective et vola got my 3 bedroom house stone throw away from national football stadium. Save 1K +
Feel sorry for you 1st world born people. Too many of my kind of 3rd world people come over and auf wiedersehen to your kind. It is much like how homo spaien arrived in European continent said auf wiedersahen to neanderthalensis.
My kids don’t want to live in Uk , they think Uk is not livable country and no future for their generation
TAXES. TAXES.... Too much money for benefits people, refugees and in general people that do nothing.... and too little tax cuts.
That too! I'm in US and feel bad for UK's awful open-borders. Like, your own citizens are suffering, DON'T let in more sandbox dwellers! 😑😑
Awesome video. The change of the narrator is a huge upgrade. I was struggling to understand older videos.
At around 7:37 there's talk about someone born in 1956 receiving approximately double the state benefits of someone born in 1996. I'd like to learn more about this and the reasons does anyone have some information on this they can point me towards? Is this purely down to population increase so money having to spread further or has there been a cutting back of benefits even though a lot of people tend to think of this modern age as a welfare state.
It’s not approx. double
More people = more tax revenue. More spending, more jobs. It was possible to invest in more healthcare infrastructure and housing, physical space is not an issue, we have plenty of it. The conservative party just said "lol it's not our job to govern, let the freemarket do what it wants" and as a country we failed to build much. We could have, the government just didn't do it, or incentivise companies to do it either. The aging population means there's less tax revenue to go around, and increasingly less gets spent on young people.
Due to paying 50 years worth of National Insurance Contributions.
I started work aged 15 in 1973; left school and like most Boomers straight
into low paid, dead end work; basic tax rate at 35%.
Students today are years behind, not starting work until age of 21 or 22.
I think this video counts for all the developed economies world wide not only in the UK though millennia generation and generation z got less debt in Europe.
Really good video- keep it up!
Forgot to mention, that not only brexit pandemic and outgoing war in Ukraine but also China was closed for 3 years not letting any English teachers in lol
The English teaching by Chinese themselves is very high quality now and foreign language teachers are not so needed anymore.
Just stop buying new phones and maybe you’ll get a house.
Ridiculously bad opinion.
even if someone buys a new iphone every year it won't even make a dent in the amount of capital needed to buy a home
my old android...
The next issue will be a shrinking population because no young people can afford childcare and migration won’t be able to offset this. We need affordable housing and childcare
Theres one huge factor most aren’t aware of which will kill off property as an asset for producing wealth over the long term going forward. Will come to it at the bottom of my comment.
Banks and Government encouraged extreme house price inflation which has now lead to a stagnant and declining economy. Young workers should shame and hold those people to account for the damage they’ve done.
House prices at todays massively overvalued prices are unsustainable and the property market is now one to avoid for producing long term wealth. Young people should be very cautious about taking on huge debts to buy a house as the property market is unlikely to ever produce returns seen over the last 20 years ever again.
All developed nations across the world are seeing significant declines in the fertility rate as people are choosing not to have children (in part because housing and raising a child has become too expensive). Over the last 100 years the global population quadrupled, over the next 100 years the population will decline by over 1 billion people. Houses which when built can last hundreds of years will be outstripping demand, leading to long term real term house price declines. The days of buying a house and it just increasing out of line with inflation and reality are over.
immigration can and will be used to keep demand for housing up.
to bad Britain is lead by the people who are not inteligent enought to solve this ,even with decades on their disposal .
Its extremely demoralising to hear when your parents and grandparents could WALK into a job that provide them enough pay to afford a house and family if you work full time.....Even if low skilled.
Now I hear that and weep inside because I know that dream is GOOOONE... and I actually want a family but I'm priced out.
I know people will say "get a better job", yeah of course....except those jobs are filled, held, require years on years of dedication on something such as education or/and a entry level job within their company...which gets hundreds and thousands of applicant's for only a few positions
Something is going to break and I'm worried what people will do when that happens. Including myself.
Also! Can older people stop saying the younger generation is lazy? All older people in my extended family have ALL said that things have just got harder and they are thankful for what they got, rather then trying to down play our current situation.
I’m an GEN Z people of my age just can’t take accountability and like making excuses 🤷🏾♂️
I would tell any 18 year old today, not to save, but to invest. I know it sounds a bit wishy washy, but even £25 a month, when invested over a period of 40 years, really does compound over time.
ETFs and bonds in an ISA, annuities, gold.....it's possible to invest in all if these things with small amounts of money. If you invested £25 a month into the S&P500 from the age of 18 to 65, with an average rate of growth of 8%, you would end up with roughly £141,000. Now imagine if you invested £50 a month.....you get the idea.
Many young people can't even afford to invest £10 a month!
@@tancreddehauteville764 I'm not talking to those young people. I'm talking to those who can afford it, but don't have a plan. Retirement seems like an eternity away when you're 18.
I wish that I'd started when I was 18-20, but I pissed my money up the wall instead.
@@curt3494 How would you recommend someone to start looking into investments such as this?
Your right. But also get a marketable education. Supply and demand. Did STEM and I'm 28 and earn $112k+. Invested in my retirement. Currently have a 6% company match. Also put $20k into an individual account. Unfortunately still don't make enough to get a home over here 🫥
in this current climate most young people don't have even a tenner to spare a month
Who else here is on "good" wages but is broke all the time?
Define good? I'm 28 and earn $112k+. Not broke but definitely can't afford a home over here. They cost 700k for a dumpster home. I need a partner to be able to jump into a decent basic home.
@@djm2189 By good I mean wages that would last us no problem 5-10 years ago...
Its surely bad fpr productivity that people are forced to live with their parents. Jobs theyd be most productive in wont be taken
This is some high quality production. You deserve more subscribers.
We are all feeling the effects about the cost of living.. yet the UK is sending millions of pounds of equipment to Ukraine which I have never heard any British person either friend or family disagree with.. we support migrants and send aid to other countries yet we are all struggling back in the UK..what other country commits so much money while it's own people suffer...and have to get help to pay for gas and electricity we are a very proud people and wont ask for nothing... but were is this going to end up..
Bro, you are growing 💗
10k.
With some videos reaching 100k views.
Now I am proud of that I followed you from beginning
Well, this is not only happening to the UK but globally #1 this phenomenon due to the rapid changing of technology #2 the rise of tuitions and boring teachers or professors 3# missing the motivation, guidance, attention from their parents. 4 # trends and it's my life attitudes 5 # the phone have taken over the natural world...
It’s sucks I’m going crazy my parents are poor and not just no help activity brining me down finically I’m trying to finish school work full time and do everything I’m suppose to do Is crazy
Hi, I'm not sure if you're reading from a script or getting an AI to generate the narration, but there were parts where it seemed quite unnatural. Even some lines that just didn't make sense. If you are using an AI, I would definitely advise narrating yourself or getting someone to narrate for you. Grammatical errors or abnormal inflection can take away from what is otherwise a well-researched and edited video.
how would they be able to afford house when they drink Starbucks and eat in McDonalds every day? when was last time they made simple soup at home at eat it?
Electric bills just became as expensive as a drug habit 🇬🇧 🗑 6/2023
Boomers also had the majority vote and would vote in governments that would benefit them. That's slowly unwinding now
nice video and thanks for the info on how young brits are struggling to keep up with the boomers, nice video
Shorter life term is not a negativity
Median wealth instead of average wealth would have been more honest.
Text to speech is so unnatural, though this is very informative... delivery needs work.
i think 45T dollars is enough to run a small country like UK
i would be more interested in why UK is struggling. was Brexit a big mistake ?
they dont manufacture anything anymore, haven't natural resources of their own and a corrupt political elite.
Generation X: what a resourceful, intelligent narrator!
Generation Z: thanks, Chad!
I don't know a country this is not happening in.
(7:25) This makes sense. The elderly tend to vote more than the young.
Gen Y is very much two camps. Those that got on with it and those that complain and obsess about a previous generation. What about gen X? They got on with it and it’s their parents who were the boomers.
A lot of them could solve their problems by getting rid of the expensive phone contacts, stop vaping and buying energy drinks, takeaways and coffees
Need to build more council houses 🏘
boomers are preparing to live for 300 years
Death is not allowed in the Age of Aquarius.
Nah, only 100.
They have to work twice as hard for twice as long to earn half as much because of corporate corruption of the political system that encourages waves of cheap immigrant labour to undercut them, it's not hard to see why.
Since joining the EU in 1972 average wage in the UK has been cut in half relative to house price due to uncapped low human capital immigration labour growth & free trade deficit colonialism capital drain crashing the UKs capital labour ratio, productivity per person & thereby average REAL wage (including house price & tax necessary to maintain a balanced budget in the basket of goods). The solution is lowering immigration with a minimum £50k p/a salary job offer to move to UK (the net tax contributor threshold) & hi tariffs on non staples to reduce the trade deficit capital drain & force productivity per person improving capital investment in producing non staples for UK market within UK.
We're no longer in the EU you prat. And no, the EU has NOT caused lowering of wages - it's the economy itself that has done that. You think that a waiter should earn £40k a year? Dream on, it won't happen. It would mean prices doubling in every restaurant, and then only the rich would be willing to eat out, so restaurants would go bust. You have no understanding of economics, you TOTAL PRAT.
@@tancreddehauteville764 My MA is LITERALLY economics & its not even MA level but A level economics to understand that capital labour ratio (tractors to people ratio) defines productivity per person (tractor people produce more) defines average real wage (produce more, eat more). Nations running a trade deficit are suffering CAPITAL DRAIN, which lowers productivity & in turn average real wage garnering a lower tax revenue per person in real terms over time.
Its an empirical fact that average wage in the UK has more than halved relative to house price, so while average wage has grown nominally its been over halved in real terms. Untwist thine knickers madam.
I'm paying £1k a month to rent a 24m2 apartment!
Good vedio 🥰
my only problem is to pay my appartment it's taking like 60 procent of my salary ;d :X
if uk had high risk of earthquake like japan maybe housing wouldnt be a problem anymore,pay a shit ton for a place youre barely present for few hours.
There's a few things wrong with this article e.g. That younger people will struggle more because interest rates are higher ATM. One of the biggest reasons house prices are so high are because of low interest allowing older people with more wealth to take multiple mortgages on multiple properties with negligible costs without having to sink huge capital. High interest rates have already resulted in house prices falling this year
Half a million net immigrants in 2022, a new city in a single year who all need to live somewhere and people wonder why no one can afford a house
Those people didn't crash the economy in 2008. Those people aren't the ones ripping you off with low wages, high rents, high utility costs etc. Grow a spine FFS.
@@marktaylor6491 Its a highly contributing factor mark. The simple law of supply and demand. since the 90's we as a country have opened the doors to millions with out actually building enough housing or infrastructure to cope.
By the way this isn't a dig at people who are migrating to the uk, if you have an opportunity to better your life by migrating why wouldn't you. It is however worth noting that increasing the available work force by the vast amount we have will reduce wages, increase house prices and put strain on public services.
The same people that benefit from all of this is as you say, those people ripping you off, creating higher costs to living. These are the same elites that already own the companies, recourses, and land. they donate to the government to push policies through the government that allows all of this to happen, fucking over the working man and lining the pockets of their friends and themselves.
@@minecraftoutcast Not really. What drives house prices are the incomes of the rich. They're the ones gobbling up all the houses and then letting them out to rent.
Then we've got 'Right To By'. Which was great for one generation, and horrific for all the rest.
F off from here and take your Farage propaganda elsewhere.
If these predictions are based on wealth from property values are young first time buyers now have high interest rates and can't afford to buy expensive houses then the older generation already own homes you won't be able to sell your valuable home to anyone unless the old and have savings so the value isn't great because they have a smaller percentage of people who will be able to buy it
It's not viable to start a business in the U.K. with high Property Prices , maybe one should start a window cleaning round!
This is a good way to de-populate
Won’t happen with constant immigration
the only ones who are still spending like crazy are the 18-26 age group - go in any shopping centre, high street the high end sports shops and junk food places all of this age group so they must have money if they have it to spend!
You cant compare wealth of 20 y.o and 60 y.o
Older millennials are in their 40s now
@landlord5552 Exactly, it's a foolish analysis.
Nothing wrong with living with your parents... how many houses should a family have...
Look to net-zero nonsense for your increased energy costs.
No? It's because of the Ukraine war and COVID aftershocks.
😂😂😂😂 I should have 105k average wealth 3:14 😂😂😂😂 I wish!
Someone must have my share 😮
I thought that too 😂 lol
Problem is ridiculous cost of housing either to rent or buy, which stems from increasing population. So, this problem is only going to get worse!! 😢
Btw, Free Palestine 🇵🇸 🇵🇸 🌹
Problem with audio at approx. 7:23
My bad:(
@@econYT S'alright. Brilliant video for such an unknown creator otherwise, and luckily the subtitles are correct anyway.
Well, if you live as though there's no future, you can't blame the future😢
Great video
Why do you use AI voices?
@KoralTea I think he lost confidence or is practicing because in the past he used his true voice.