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[00:00:00] The Y-curve with Phil Dobby and Roger Hearing
[00:00:04] Whatever happened to the future?
[00:00:06] Millennials were supposed to be the luckiest generation
[00:00:09] healthier, fitter, better educated than any before
[00:00:12] but instead they can't buy a house, they're squeezed on rent and shopping bills
[00:00:16] and they're more miserable
[00:00:17] Plus we're handing them a planet horribly damaged by climate change
[00:00:21] Well, triple lock pensions and high value housing means the older generations are mostly comfortable
[00:00:26] and using up the kids inheritance have to pay for them. But also it's a huge wealth thing because at one end there are people who are doing very nicely thank you whose parents are paying for everything or whatever and they're getting into the right jobs so they've got the right connection. And then there's those who don't. And those who don't. And that was always the case. And I don't get the economics of it. So the idea that we'll say, well, okay, if you're going to go to university, it's great for the university sector. I mean, the university
[00:01:40] has done very well out of the idea that everyone's paying because there's many more people going
[00:01:43] to university now and they can charge more figures from nationwide, they're saying it was three in 1995, so a house would cost three times your earning. Now it's seven times, I mean and you know it seems like it's just become an impossibility, particularly if you're on your own to be able to get a house.
[00:03:03] Absolutely and that's seven times outside London, if you're inside London and two thirds of their weekly expenditure just on rent. They can't even afford that their auto enrollment contributions. I mean, they're in negative savings most of the time because of the cost of living crisis. And there is this kind of, there's this kind of generation or morality coming down the generations to young people, basically saying, well,
[00:04:23] you're not working hard enough.
[00:04:25] If you worked as hard as our generation, you know, that we say were born between 45 and 65. Now if we go back and we think about how they've moved through life, they had to expand maternity services for them. They had to expand on primary education for them.
[00:05:43] They had to expand secondary education for them.
[00:05:46] Housing had to be clear on this, I'm a boomer, so is Roger, but I'm only by a year. I snuck in. I was one of the last of the boomers. He's a very young boomer. He's a young boomer. Okay.
[00:07:00] Thank you for declaring that, both of you.
[00:07:03] I like to be upfront, but all the, but the average and here it all gets a bit depressing, the four over 65s are living in a household which is worth one million
[00:09:41] quid. So that idea of all people over a people that are lucky enough to get an inheritance. Actually, the average age of receiving an inheritance in this country is now in your late 60s. Yes, it's a bit late. Young people that are there, and that's because of chance of getting out of that because they don't have the bank of mum and dad. Mum and dad don't have a bank. Well, two words, wealth tax or land tax. If you're old and you hold a lot of assets, then pay more tax. If that means that you might have to sell the house, maybe that has to
[00:12:23] be a way of adjusting for that. But if you paid the same amount whether it was wealth or earned income. our democracy that gives them power. That's why we have the triple lock pension because the government, and this is true of Labour governments as well as conservatives, know that that is where they will actually get political power from and they are not going to turn around and penalise that section. You're absolutely right. I mean yes all people do vote and all people seem
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