Debate Magazine

"We Didn't Waste All Our Money on Mobile 'phones. We Rolled up Our Sleeves and Paid off the Mortgage."

Posted on the 20 September 2017 by Markwadsworth @Mark_Wadsworth

From the Resolution Foundation report, emailed in by OnTheOtherHand:
Crucially, we show how barriers to entry have increased dramatically, not least from rising house prices: with the average young family today having to save for 19 years to accumulate enough for a typical deposit compared to just 3 years a generation ago, it is small wonder that home ownership rates have tumbled...
On average millennials spend 23 per cent of their income on housing compared to the 17 per cent baby boomers spent at the same age, and the 8 per cent of the silent generation [those born between 1926 and 1945].

The dig about mobile 'phones is stupid anyway. They keep inventing new stuff and making stuff cheaper, and people keep spending money on what's now available/affordable. From our grandparents or great-grandparents' point of view, the generations after them "wasted" their money on televisions, washing machines, fridges, cars, holidays abroad etc.


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