Millennials are likely to enjoy the biggest "inheritance boom"

[Housey]

Can't say I've ever heard my mum or dad talk about how their parents (or that generation) had it better. I'm 32. Don't think I've ever heard any of the "Baby Boomer" generation say that about their parents.

My mum and dad paid £1000 for the house I was born in, £1,950 for the house we moved to when I was 2. I am a child of the 60's, so I can speak to that better than people who, well you know, aren't. The youth of today are the next world leaders todays decisions matter little frankly because well, you can change them. Now they have a medium (the internet) to demonstrate their angst. We had punk and some eggs for windows, but we were very clear that the adults simply didn't understand us youth. As I said, ever was it thus. Life is tough today, completion is hard, companies need less people but lifestyles are massively better. If 50% of the kids want to go to university then I won't pay for it, neither will the rest of us hard workers because you know what, we will still employ the same 10% we always do.

Tough this life thing

 

[Housey]

Plenty still do it for the specialisation, which is even more important nowadays to differentiate yourself. A decent degree is still worth it even with current tuition fees, but once upon a time it would have been free, or very low in cost. Private school fees were also a lot more palatable. I accept this is a luxury, but still, it was possibly easier for the lower/regular middle classes to properly get on.

Because very few people did it. Now loads do, someone has to pay.

 

[Nitefly]

Aren't you a solicitor or something? Surely this junior isn't going to be on low pay for all that long and once qualified that 50k can be cleared pretty quickly.

Personally I think student debt ought to be wiped for nurses, soldiers, police, teachers etc.. subject to a certain amount of public service but for others it mostly down to their own life choices... do well in a law degree at a good uni and get a high paying job then not much issue, do a course in advanced basket weaving at a uni that required 2 Es at A-Level and get 50k into debt then that's your own fault.

Well, he's got to successfully apply for and get the 'golden ticket job' first (on which I support him fully). Nevertheless, my ~£10k (at outset) is more 'manageable' than his +£50k. Plus interest rates on student loans have gone hurggggnnn! Specifically at it then goes to a relatively redonk rate of up to ~6%, which is far higher than it was advertised to said person at the time. I have a lot of sympathy for him.

 

[Vonhelmet]

Because very few people did it. Now loads do, someone has to pay.

Loads of people go to uni because the government oversold the value of degrees. Mind you, they had little choice, as globalisation has killed off unskilled labour in this country.

 

[Housey]

Loads of people go to uni because the government oversold the value of degrees. Mind you, they had little choice, as globalisation has killed off unskilled labour in this country.

It comes down to having a realistic perspective which they don't get from eduction sadly or their social circle about what business expects. I have some experience of this as I put some of my personal time into working with local schools to help them prepare their students for what employers expect, what they look for, what misconceptions they have and really when they should focus on, how they should prepare. On occasions this has caused me to fall our with head teachers who feel it might unsettle them, you know, being honest.

It never ceases to disappoint me how badly our education system prepares teenagers for their future. So they head off, all happy that now the teachers treat them like young adults, that they are free not to turn up to lessons and can have a life of fun thinking "I'll get round to the exams at some point" and then wonder why it's so stressful, hard to get a first and difficult and expensive. Today you have to pay for education, that is life. So accept it, prepare better for how you will deal with it. So what the 10% who went in my time didn't, today you do, change it back when you become the elected member of Dudley or wherever.

Focus less on Brexit, it really is for the moment, you can make it better in 20 years, as you will be the future leaders. But then it's easier to moan about others than step up and own what you have. If many more had they would not be moaning about Brexit. THAT is what disappoints people like me and my age because you know what, I did just that back then too and I know how shortsighted I was, but that as I have said is life.

 

[Fusion]

Would be a positive for the country overall I'm sure if we funded certain degree courses, particularly the likes of STEM. The country benefits overall from these graduates in most cases- higher tax/NI take from higher paying jobs, high net value added industries which often export and help the trade balance, so on.

The government obviously do specifically value these graduates as I could retrain as a Physics teacher and pick up a £26,000 tax free bursary. It's not something I want to do though, and I'd be taking a pay cut anyway. I am however, still paying off that student loan (though thankfully it's not as much as people today will end up paying, and is a very low rate of interest).

 

[Fusion]

Snip

Agree with some of what you say, especially about taking ownership of a situation. Decisions could be made now though which would help the situation, we don't have to wait twenty or thirty years. Germany happen to have Europe's largest economy, built on exports and manufacturing, have free tertiary education AND still manage a budget surplus. They may well end up continuing to create world beating, home grown engineering giants stuffed with home grown talent (including apprentices) while we play the classic British role of ditherer and fall further behind.

Anyway, gone a bit off topic now. No-ones asking for constant free rides, but some things are really worth investing in properly. We need to stop being so short sighted and see that dividends will be paid in future.

 

[LabR@t]

In my case you need a computer science degree or equivalent - because of the knowledge gained on the course - and because you won't get an interview without it. So definitely a requirement.

you can have that knowledge without a degree.

 

[Housey]

Agree with some of what you say, especially about taking ownership of a situation. Decisions could be made now though which would help the situation, we don't have to wait twenty or thirty years. Germany happen to have Europe's largest economy, built on exports and manufacturing, have free tertiary education AND still manage a budget surplus. They may well end up continuing to create world beating, home grown engineering giants stuffed with home grown talent (including apprentices) while we play the classic British role of ditherer and fall further behind.

Anyway, gone a bit off topic now. No-ones asking for constant free rides, but some things are really worth investing in properly. We need to stop being so short sighted and see that dividends will be paid in future.

Britain has made some bad decisions no question, but so has any nation. Germany has it's issues, France, Italy, Spain they all do. The world and life is complex, what seems an easy thing to fix from a keyboard and screen rarely is, what seems like the right thing done completely wrong rarely is and what seems like the obvious way to fix a problem also rarely is. We can all look back and think if only but life is based on making bets, certainly in a capitalist system, a game of odds and robbing Peter to pay Paul all the time, you give you take. If everything remained as it was then we could plan better, but it doesn't because ever few years we all go and shake it up at an election box and therefore we breed short term political decisions.

Tiz life sadly.

 

[Housey]

Depends where he works. City firms and big firms = lots of money. Smaller firms/high street solicitors/etc = okay money, but not what people expect.

It also depends what he means by junior, because if he means a paralegal, you’re now finding paralegals needing law degrees and spending years and years unsuccessfully applying for training contracts.

That debt isn’t the basket weaver’s problem, though... it’s our problem as they’ll never pay any of it off. It’ll actually just increase.

To my point, the cream comes to the top, the less creamy (that sounds wrong) will just get paid less. Sad thing is this is rarely clear and everyone thinks they are a superstar and if they do A then B will happen. EVERY person in work needs to be a salesperson, their product is them. That is something most don't have an appetite for, but that is business.

 

[dowie]

Depends where he works. City firms and big firms = lots of money. Smaller firms/high street solicitors/etc = okay money, but not what people expect.

It also depends what he means by junior, because if he means a paralegal, you’re now finding paralegals needing law degrees and spending years and years unsuccessfully applying for training contracts.

That debt isn’t the basket weaver’s problem, though... it’s our problem as they’ll never pay any of it off. It’ll actually just increase.

yup I can't say I agree with the current system tbh... I think under a new system the debt should stay with people and any remaining be deducted from their estate when they die, however the interest rates should revert to being more in line with inflation than the current rates which are pretty bad

if there is an oversupply of law graduates then that is something people need to consider when choosing that path, though it isn't like paralegal is the only career option for people who don't get a training contract... but I'd assume the risk of not getting one (or not having other options career wise) is perhaps greater if you end up at a lower ranked institution, don't gain some relevant work experience in the summer etc..etc..

 

[Randomface74]

you can have that knowledge without a degree.

Sure... by studying... which is what university is for.

 

[theone8181]

Yep I'm 31.

We're you born in the area? Me and my wife were and weirdly enough, my wife's sister lives in Oxfordshire so can totally relate to the shocking difference in house prices.

 

[Ayahuasca]

you can have that knowledge without a degree.

You can have knowledge in a whole host of areas but you need to be able to demonstrate a means to applying it, without a degree it's likely you won't even be given the opportunity to do so in a field like the one @billysielu mentioned.

Is there an alternative solution in these fields you believe is more suited? Even some apprenticeships have pre-screening methods which vary between being quite restrictive to the we'll take anyone on approach.

 

[Randomface74]

We're you born in the area? Me and my wife were and weirdly enough, my wife's sister lives in Oxfordshire so can totally relate to the shocking difference in house prices.

I'm from Hull. I rented a 2 bedroom flat for 400/month at uni. Moved to Oxford after uni and couldn't get a bedsit for that. Actually made a financial loss in my first year as a graduate.

 

[Randomface74]

btw I do believe there should be more "trainee software developer" opportunities for those who don't want to pay for uni. If I was in that situation today this is the sort of thing I'd be looking for. However that comes with the hindsight of knowing I'm good enough to have made something like that work.

 

[sigma]

This is basically a non-story.

 

[No1newts]

The inheritance boom won’t teally help millennial if people live to their life expectancy. They’ll be getting it when they are 55+ so it will probably skip their generation and go straight to their kids.

That’s what will probably end up happening with me anyway.

 

[Tunney]

So how do the resident millennials feel about this? With the recent calls of how unfair life is, will this make them feel any less angry towards the older generation?

Nope. Rather than rewarding those who work hard, it benefits those born to the ‘right’ parents and who’ve probably already had a head start in life.

If we want a meritocracy and a strong economy in this country then we need to tackle inter-generational wealth rather than encourage it.

 

[dowie]

Nope. Rather than rewarding those who work hard, it benefits those born to the ‘right’ parents and who’ve probably already had a head start in life.

If we want a meritocracy and a strong economy in this country then we need to tackle inter-generational wealth rather than encourage it.

simplify the IHT system by raising the limit for IHT but have no limit for taxing property included in the estate...

suddenly this older generation has a massive incentive to free up their property full of spare rooms they don't need, faffing about bits re: IHT only need apply to the richest and everyone else need only worry about selling a home and paying a bill based on it