Everyone knows that people in their 50’s and 60’s are minted. Bernard Hickey is right in one way, they’ve milked housing booms and obtained free education and do not have costs that the rest of us have. The best news for them is that even if they are down to their last million in net assets, their lives haven’t got that long to go. They are not poor or downtrodden at all.
In the UK there has been a newly termed “super boomer” to describe them.
While I’m not hard-done-to, this is hardly the ‘Superboomer’ dream we’ve been sold. A new report this week claimed that my generation – the over-50s, born after World War II – are care-free, cash-rich, and keen to hang on to our youthful vigour.
So right on cue a whinging celebrity elder complaining that she’s broke.
Yet this has come at a huge price — one I and my fellow superboomers are still paying.
For ours is the first generation of parents whose children aren’t advancing and doing better than we did — and, as a result, our time and resources are being wholeheartedly directed into helping them.
While our parents may have been well shot of us by the time they reached their 50s and 60s, we were the first generation for whom marrying and producing children in your 20s was no longer de rigeur.
We built our own careers, and embarked on families in our 30s and 40s, with the result that we still have dependants when we are almost in our dotage.
My sons, Ed, now 31, and Charlie, 27, were born in the 80s and, as a result, when the time came for them to go to university, they – or, more accurately, my husband and I – were hit by unexpected student tuition fees.
The crux of the middle class problems of the world – these silly parents are paying for their loser kids. These kids are not babies they are adults in professional jobs who went to University. The kids are milking their parents nest eggs. Which no one should care less about really but the net result is these families are demanding taxpayer assistance from the rest of us. It is a revolution that is currently taking place all around the world.
Silly women sitting in cafes talking about how terrible it is that their underachieving middle class University educated children cannot buy a home. You don’t see this happening with kids who left school and started saving to buy their own home while they trained as plumbers or electricians do you?
Every time my friend Sal and I go out for a bite to eat or a drink together, the conversation revolves around how we can release some cash to help the kids on to the property ladder.
So many of my friends are thinking of selling those expensive family homes that are the envy of younger generations, down-sizing to poky flats, and giving their children the money for a deposit from the proceeds.
This sort of behaviour is going on all around New Zealand right now. Especially in Auckland. It is not among the poor in New Zealand who don’t actually have homes to leverage to help their kids it is in the ridiculous middle classes who are demanding their kids be helped to buy homes with cash from the taxes of the rest of us who haven’t got Mummy and Daddy to dribble off.
When you bid for a home at an auction these days you do not bid against another adult buyer who has earned their money like you have, you bid against kiddies Eddie and Charlie’s age who have family assets to guarantee their loans or assist in paying deposits or worse still handing them interest free loans.
The above example from the UK is precisely why no taxpayer resources should ever be put into assisting middle class people, especially those who chose worthless University degrees as it was “something they loved to study” into owning their own home. Let their parents drain the family resources first before turning to people who do not have the same level of support in getting what they want in life.
“Housing affordability” is essentially a middle class problem. Poor people have not been able to buy a home in Auckland for decades. But suddenly the middle class cafe dwellers have found their little underachieving kiddies cannot live like they have, it is an election issue?
I think not.