Oh, sure, a small number of the "older generation" can remember the impact of the Second World War, the effects of rationing and so on. But the ones who are whining are the people who grew up in the 60s, 70s and 80s. Before you grumble about how entitled the younger generation are, please consider the following ...
6 Harsh Realities Of Millenial Life Non-Millenials Need To Understand
- The final salary pension you took for granted will probably not be theirs. All the private ones are pretty much closed down. The state ones are much less generous (read "more realistic in their funding expectations") than they were when you started your career. A money purchase pension is as far removed from a final salary pension as a STEM degree is from an arts degree.
- They can't afford a mortgage. As in, they can't afford one. They don't have the necessary £50000 in equity (a year's income) and a joint income of £150,000. The problem here is partly that the rising property prices which secured your future as you climbed the property ladder made it harder and harder to get on the ladder - because ...
- "As a rule of thumb, you should not pay more than 30% of your salary in rent" but "Tenants in England spend half their pay on rent." Yep, the rent you are charging on your buy-to-let investment to boost your pension is preventing the entitled Millennials from getting on the property ladder at all.
- Some of you took early retirement on full pension (see 1) in your 50s - so your employer could employ cheaper people. In return, Millennials can expect to work into our 70s. I am not a Millennial. I was asked by someone who had retired by 50 when I might expect to retire. He was shocked when I told him that my retirement age was 65. I'm luckier than my children.
- When your generation graduated, you had the milk round and graduate salaries. When Millennials graduate, employers have found all sorts of dodges to avoid paying them anything at all. Millennials are expected to live at home and have unpaid internships. Forget the minimum wage: some Millennial graduates are paying to get the "experience" they need to be employable. It goes without saying that the company would have to pay someone to do the work that their interns are doing for free.
- You got your degree for free. Millennials will have deductions from their salaries for up to 30 years to pay for theirs.