singular_me
22nd June 2017, 07:52 AM
anything that is unearned goes bunk... the illusion of all booms
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Young people in the UK will now be poorer than their parents because of a vast £2.3 trillion transfer of largely unearned property wealth to baby boomers, new research has found.
The expectation that each generation will be wealthier than the last has broken down and has in fact gone into reverse, with all age cohorts born since 1955 falling behind predecessors at the same age, the Resolution Foundation think tank found.
A typical adult born during 1981-1985 had half as much total net wealth at age 30 as a typical adult at the same age five years before them.
Home ownership among young people has halved in 20 years
Those born in the 1950s have received an average property windfall of £80,000, as well as £45,000 from generous defined benefit pension schemes, the report, which was produced for the Intergenerational Commission, found.
Those born in the 1950s have received an average property windfall of £80,000, as well as £45,000 from generous defined benefit pension schemes, the report, which was produced for the Intergenerational Commission, found.
Much of this bonus has effectively been paid for by younger generations who have had to contend with spiralling property prices while their wages stagnate, partly because firms have had to plug huge deficits in their pension schemes............
more
http://www.independent.co.uk/news/business/news/pensioners-property-windfall-23-trillion-baby-boomers-young-people-inheritance-homes-houses-a7798821.html
============================
Young people in the UK will now be poorer than their parents because of a vast £2.3 trillion transfer of largely unearned property wealth to baby boomers, new research has found.
The expectation that each generation will be wealthier than the last has broken down and has in fact gone into reverse, with all age cohorts born since 1955 falling behind predecessors at the same age, the Resolution Foundation think tank found.
A typical adult born during 1981-1985 had half as much total net wealth at age 30 as a typical adult at the same age five years before them.
Home ownership among young people has halved in 20 years
Those born in the 1950s have received an average property windfall of £80,000, as well as £45,000 from generous defined benefit pension schemes, the report, which was produced for the Intergenerational Commission, found.
Those born in the 1950s have received an average property windfall of £80,000, as well as £45,000 from generous defined benefit pension schemes, the report, which was produced for the Intergenerational Commission, found.
Much of this bonus has effectively been paid for by younger generations who have had to contend with spiralling property prices while their wages stagnate, partly because firms have had to plug huge deficits in their pension schemes............
more
http://www.independent.co.uk/news/business/news/pensioners-property-windfall-23-trillion-baby-boomers-young-people-inheritance-homes-houses-a7798821.html