Have the Boomers Pinched Their Children’s Futures? - with Lord David Willetts

The post-war baby boom of 1945-65 produced the biggest and richest generation in British history. David Willetts discusses how these boomers have attained this position at the expense of younger generations.

Lord Willetts is a visiting Professor at King’s College London, Governor of the Ditchley Foundation, Chair of the British Science Association and a member of the Council of the Institute for Fiscal Studies. He is also an Honorary Fellow of Nuffield College, Oxford. Lord Willetts has written widely on economic and social policy. His book ‘The Pinch’, which focused on intergenerational equity, was published in 2010, and he recently published ‘A University Education’.

Lord Willetts served as the Member of Parliament for Havant, as Minister for Universities and Science and previously worked at HM Treasury and the No. 10 Policy Unit.

This talk was filmed in the Ri on 28 November 2019.

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[Jeremy-ivbc]

The greatest generation climbed the ladder and pulled their kids up with them. The boomers climbed the ladder and lit it on fire behind them. Then they said "these kids are just too lazy to work."

[cubey_doo]

My boomer parents started charging me rent from age 16 when I did weekend work (essentially, 5 days in school, 2.5 days in work including Friday evenings). So, not only were they taking money from me, they were also claiming tax relief and child benefit from me right up until I turned 21 and left university. At one point I was paying rent from my student loans while out of work in my final year of uni as I was investing 8-10 hours every day on my research. The thought of supporting their child through a critical step in their life was unthinkable.
My parents never ever gave me anything towards buying a home (incidentally it was the inlaws who helped with that), but continued to enjoy 5-6 holidays a year, two cars, regular shopping trips, DAILY coffee shop jaunts (how's that for irony) and an almost daily stream of online packages in the mail. Yet, they would begrudge helping any of their children financially (on one occasion, reacting with such shock and disgust at my sibling asking for £800 to help pay off debt and get on her feet following car issues).
These kinds of boomers really are a different breed of greed. I don't expect a penny from them when they die at this rate.

[Konkata]

Elder Millennial here. My Boomer parents are retired and own a gorgeous house and so many cars they don’t have enough garage space for them. The water in my house broke last year and I spent 6 months without running water (with a child). I worked months on end without a day off, plus over time and could barely afford electric. They wouldn’t help until I literally screamed at them. We finally got the water fixed and I’ve had to pay their help back.

When I was going through my divorce I was allowed to stay at my dad’s place (and was only allowed out of my room from 9-5, otherwise they didn’t want to see me because it interrupted their flow). My boss had to care for my child while I worked because my father flat out refused to watch him, and daycare was unaffordable. I was so stressed out I came down with shingles in my 30’s.

I was only allowed to come stay with my dad during that time because the domestic violence shelter had a 30 day cap on everyone’s stay and my days were up. I couldn’t afford to rent even though I worked HARD.

When I was severely injured and was suffering from a brain injury, nobody helped me. I was on my own.

Boomers are the worst generation.

[xb]

I made a horrible financial decision to be born in the 90s

[Sorenzo]

Young people, travelling?
I've been outside the country twice since I moved out 14 years ago, and my parents are going to Spanish or Greek isles every month or two.

[Creznour]

I applaud this man...


Sadly, no one will buy his book. Boomers don't care, and the rest cant afford it.

[ilikelampshades]

The scariest thing about this video is that it is 2 years old. Things have suddenly got a lot worse for millenials over the past year.

[confusedcaveman]

Imagine having a credit card that your kids, or your neighbors kids if you have no kids, have to pay for when you die, and then running up the bill to live in luxury during your life. Thats what's going on in the US.

[OryxTheDragon]

Can we just hold up for a moment and apreciate how amazingly literate this sitting was? Im amazed right now. 50 min passed me like nothing.

[audigex]

"20% of boomers own a second house that they rent out" - this, plus nowhere NEAR enough house building, is the biggest problem. For young people, so much of their income goes, via rent, to older generations. Which means less security and no opportunity to build equity
The bank of mum and dad is a huge issue too - after decades of the idea of "work hard and you will prosper", we're now reverting to a generation reliant on the wealth and success of their parents. Lose a parent young? Not only are you dealing with that, but the financial implications will impact you for decades

[helsphoenix]

My Boomer "parents" have two houses, one has a finished basement that could act as an apartment all on its own (All you would need is a toaster oven down there to make it complete), and one is a modest vacation home up north on 6 acres of land. At one point my husband, young daughter, and I were really struggling and being able to stay either in their basement or at this second house would have potentially made a huge difference to us in getting our life set straight. I'd never asked for any help up until that point and we were denied (Mind you THEY were taken in by my grandparents when they were a young family back in the 70's who helped them get on their feet after a time of struggle and in a much smaller house, so what was good for the goose was not good for the gander).

So now they can turn to dust in their first or second house for all I care. This and 41 years of self-centered gaslighting b.s has lead me to cut them out of my life. Family means NOTHING to these people beyond rhetoric. Boomers will all eventually die and history will NOT look kindly on any of their self-centered b.s. I'm officially changing their name to the Most Hated Generation.

[jmac-rzzc]

A society grows great when old men plant trees whose shade they know they shall never sit in.

[UltraKev]

Boomer: "We didn't have those fancy pocket computers when we were young, you are all so spoiled"
Millennial: "True, you only had your own car, house and a secure job with future prospects"

[digiryde]

The way you are explaining this, the age divide is a class divide now.

[niallbailey]

I feel like the generations before mine were having the best, wildest, longest houseparty ever and then my generation have had to come along to clear up and pay for the damages and because it was such a rowdy party no one else thereafter is allowed to have one 🤣

[annnee]

My dad had a bachelors degree and retired at 63 with a comfortable pension. I have a PhD and the money I can put towards retirement will barely cover rent in 40 years. I don't expect to ever be able to retire and I'm LUCKY, I know many people who can't save any money at all. And he complains why I don't have kids he can play with now that he's bored.

[spiritualeco-syndicalisthe]

Each generation for thousands of years: Did everything they could, survided wars, diseases and poverty to provide a better world for the next generation.
Boomers: *I have the right to destroy both the world economy and the planet and I demand respect for that*

[sucellos]

I can't think of another time when one generation has anticipated, and even looked forward to the death of a previous generation. Not as a source of joy, but of relief.

[Bee-uycn]

Sadly I relate more to my grandma when talking about economic hardships of life. She doesnt tell me to get a third job, or to stop buying avocado toast (which i have never had in my life) like my mom does. She just says “i know honey, i went through it too, hopefully we can vote in some people to help you out, we voted FDR and that helped us tremendously.” She is apart of the greatest generation. When she was little housing wasnt an “investment” it was a roof over your head meant to keep you safe. She said she knew that when they started “flipping houses” in the 70’s and 80’s that the market would suffer. Her father was gifted a house by a complete stranger because he felt sorry for them. That would NEVER happen now.

[singingway]

That's what happened to me and my cohort group. And they never SEE that. They always think they "deserved" everything they have. They think they were smarter, more capable, "did life right" while we "did life wrong, " and they think they just "worked hard" even though they really have no idea what things are like for the people coming after them.