The band Royal Modesty, from Sweden, began in 2002 as a music project calle… Read Full Bio ↴The band Royal Modesty, from Sweden, began in 2002 as a music project called "The Primary Sound". They started off rehearsing some Coldplay and other brit-style songs. The project seemed to work out well, and soon they began rehearsing their own songs for a CD. After playing minor gigs, they got a studio to record four of their best songs, and then made a CD, which they called Disaster, after the name of the song they liked best.

After good response from media and audience, they continued making music and came up with their new style of music under the name Royal Modesty. The band now consists of 5 members: Peter Krafft (vocals, acoustic guitar and trumpet), Sebastian Kullman (electric and acoustic guitar and trombone), Gustaf Zethelius (organ, grand piano, synth and trumpet), Örjan Grönlund (bass guitar and saxophone), and Nils Jangen (drums). Their music can be described as soft guitar play combined with powerful organ, which delivers the Royal sound. Some call their sound britpop but the band is influenced by many sources.

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Royal Modesty Lyrics

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Most interesting comments from YouTube:

Temporary Channel Name

2y↑10

As an American, this rings true for me as well. I would argue that all of these variables are even worse in the US where basically no consideration is given to what might help young people succeed.

When he says the bit at the end about how older generations should feel obligated to pass something on to their children... I would say that the boomers too this too literally.

That is, the extraordinary wealth that they generated by being born at the right time, needs to be handed over to specifically their children, and no one else's. So while the boomers might think they are doing their children a favor by ensuring their future, they are not only dooming the rest of society to inevitable decline, but their own children will find those inheritances to be worth less as the economy collapses around them.

All this because, as a wise philosopher once said, the mantra of the boomer is "GIMME THAT, ITS MINE!"

That philosopher being George Carlin

Kon Kata

44w↑2

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.

All comments from YouTube:

35627819028353729-4984653

2y↑1.5K

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.

Pasta&Peas

2y↑163

Yeah, he mentioned a small increase in home ownership for young folks in the video and said "hopefully that will continue to increase."

Not a chance

Ryan Reese

@Pasta&Peas you

A Snowman

2y↑37

I'm Gen x
Mass immigration of economical migrants (Net loss)
Greater proportion of wealth being taken by a global 1%..

I predict that those two factors alone account for the changes between boomers and millennials...

What I'm seeing in this video.
What boomer generation could expect to have and what millennials can expect to have. Then a placing of the blame on boomers for having more. Rather than an explanation of why they had more...

Brugs

2y↑41

@A Snowman Yeah, then put your own presentation together and show us how what you predict is the reason. I am going to take the presentation of someone who actually has access to all the information that they needed to even begin to come close to being able to figure what happen out. Not how some Gen X'er feels. No one cares what a random person on the internet predicts. Jesus, it is amazing how even confronted with the research people are still unable to accept it. But that is a true Gen X'er my sister has the same mentality. Gen X'ers always think they can do it better, when in reality then rarely ever do.

X 7

2y↑71

Most of us will never retire and never own a house. Most of us will be struggling to pay for basic human needs until we drop dead. A lot of us will perish before were elderly for various reasons related to lack of money. Majority of us will be worse off than our parents and their parents indefinitely. My parents were upper middle class I'm at the poverty line for example. That's not even the tip of the iceberg. When living becomes unsustainable you start planning how to die instead.

67 More Replies...

UltraKev81

4y↑2.5K

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"

Daft Punk

4y↑22

30 millions cars produced in 1990 compare to 70 milliosn produced now? WHO YOU TRYING TO TRICK???

UltraKev81

4y↑363

@Daft Punk You think young people own new cars? Not many ;).

Dale Hitchcock

4y↑279

Millennial here (in my early 30s). I literally have never known anyone around my age who has bought a brand new car.

TheSpacecraftX

4y↑202

@Daft Punk My gran has had 3 new cars in the last 10 years. My mum has had 2 used cars (because one had to be written off) and I've never had a car of my own; I have shared with my mum when I've been around but when I'm away from my mum's it's public transport only. Old people get new cars. Young people get used cars.

Angel 🐎

4y↑176

@Daft Punk Most brand new vehicles are bought by old people. That’s why a work truck now costs a hundred grand. We can’t afford anything.

113 More Replies...

QB

2y↑524

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.

40 Year Old Virgil

2y↑113

Most selfish and sociopathic generation ever mate. Disgusting.

N00byD00

2y↑71

You are fortunate. You can charge them per hour if they call you when they are old.

Chuck1804

2y↑51

I'm gonna assume from this your parents didn't love you. Loveless parenting isn't a generation-specific. In this case I always advocate leaving home and/or cutting ties. Cutting that 'safety net' might be the best decision you ever make. It forces you to discover your own value and focusses you on creating your own success. Also accelerates the process of finding the people in your life who DO recognize your value (or just, potential), and will step up to support in whatever small way they can. Bottom line is you don't need negative people in your life. Parents don't get a free pass.

QB

2y↑34

@Chuck1804 Yes you are 100% correct. I have been NC from them for 5 years now. The mother was a NP who controlled the family. I unfortunately lost all contact with my siblings as they were triangulated against me (the scapegoat). It's sad, but I am much happier now and would never ever go back. I get a small amount of schadenfreude thinking that they now all have to deal with her madness and are miserable, but she can blame me for all her problems if that makes her sleep better :)

Chuck1804

2y↑19

@QB I'm pleased to hear that. A tragic but unavoidable reality is that some parents aren't fit to be parents. Still I say that's a non-generational character trait, your parents just benefitted from good economic timing. Ultimately there is no cure for narcissism, except to escape it.

53 More Replies...

XB

2y↑377

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

Sound Tech

1y↑3

By far and away my worst financial decision

Warren Garabrandt

51w↑4

My solution to this is to never have any children. I can't help the mistake that has already been made for me, but I can prevent forcing that same horrible situation on another person.

DayDreamer

50w↑4

Anyone born each and every day since 2000 is doomed

ads2053

42w

Me too

Andrew Boilson

39w

That 😂was a bad 👎 idea 💡

1 More Replies...

Hels Phoenix

2y↑348

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.

40 Year Old Virgil

2y↑35

Heard this all too often

Tuter King

2y↑37

Why not the "Worst generation"

Tachobrenner

2y↑8

Wait, doesn't that just mean you had the misery of having bad parents?

Justin Zillow

2y↑17

Also they’re responsible for glam rock, some of the worst music

everyone

2y↑12

Careful we don't become the generation of complainers--- Never mind. Too late. 😅

31 More Replies...

Kim Powell

2y↑124

As a "boomer" I have long felt the sentiments expressed in this brilliant analysis but for me it was "gut feel". In my opinion we are the most disgustingly selfish generation and should be held to account. We will not be held to account because of our voting power. So it falls to us to be decent human beings. Our solution is to "generation skip" our own anticipated inheritances. We take responsibility for our own welfare and pass the inheritance from our parents directly to our children. This should deliver a real (capital) benefit to our children at the crucial time when they are trying to establish home/career/business. It may not work, but we have to get the conversation going.

Anthony Twohill

2y↑27

By the time you lot pass on all your I'll gotten gains, your children will be long past the age where they can have children of their own, biologically.

Kim Powell

2y↑25

@Anthony Twohill Exactly right. This is why we are disclaiming any inheritance from my parent's estate and passing it straight to the next generation. With normal life expectancy this will deliver an inheritance when my children are in their early thirties as opposed to waiting for me to shuffle off - by which time they will probably be in their late fifties. The point I am trying to make to my fellow boomers is that if we collectively make choices like this we could make a great difference in the lives of our children - and if our children choose the same method of estate planning this would be a permanent shift for the benefit of future generations. We need to start conversations like this, but to be respectful in the process.

Chuck1804

2y↑8

@Kim Powell I'm reading this and I'm thinking we probably need more Kim Powells in this world :). Yes a 'boomer' led, solution-oriented conversation around this would be a real step forward. That said, the cost of living extends well into retirement, so boomers without a comfortable pension are not without financial uncertainty. I watch my own mother grapple with this moral dilemma, although she is both careful and generous with her relatively modest savings, being that she has 4 (grown up) kids and now 3 grandkids to support. Ultimately this is an inequality created by unique and changing economic and political conditions over several decades within a capitalist system. It's unfair (and inaccurate) to blame an entire generation for actions they took as individuals, only for the basic comfort and security of their own futures, and those of their children.

Bee

2y↑6

My grandad died and my mom and went and bought a porche and another home to rent out for triple the mortgage. When my grama passes i suspect she’ll buy a tesla and another home.

J D

1y↑3

Well done Kim. As a millennial age 30 you sound like a great person, just feel you putting the weight of others in your generation on your shoulders. If we had more like you in this world things would be great. Have a good one friend

5 More Replies...

spiritual eco-syndicalist hero of the working class

4y↑4.1K

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

Lena Sauve

4y↑159

The best comment here.

gaby1491

4y↑128

This is so true and i dont think they know

Quinn Paterson

4y↑108

It never ceases to amaze me when people combine open selfishness with self-righteousness .

I can understand saying "Hey, I know it's bad but I really like having an SUV and think its worth it"; but that's not what you hear, what you hear is
"everyone complains so much about SUV's today, well screw them, it's my right."

Internet Mameluq

4y↑289

Gotta use up the world before my children get it.

Dolan Dumpf

4y↑13

@Internet Mameluq shit ... do you think they saw us playing sonic and though "gotta be fast!"? :o

87 More Replies...

Bee

2y↑107

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.

Eye Patch Guy

1y↑2

"We voted FDR and that helped us tremendously.”

Not in the long run.

Samy AndKitty

1y↑4

Go look at this mans graph. According to him people born in 1920 made way more than us.

Laura Jane

Not according to Mr. Beast (lol) 🙂

Wester

52w↑13

I’m a millennial, I have worked and saved hard until now to buy a house. I’m 32, my wife is 30, we have two children. We are both nurses in good paying positions, yet the housing market is so rough it took us a lot longer than it would have in the early 2000’s let alone earlier during boomer season. My dad who is a boomer to this day scoffs at house prices, and believes we should be able to find a good 4 bedroom 2 bath home for around 50k.

//edit i’m American.

Jon D.

2y↑166

This has greatly affected American cities. Boomers have consistently opposed upzoning and adding new housing, for various reasons, but (either intentionally or not) their policies have created a massive housing shortage because we didn't build near enough housing from the 70's to the 2010's. So rents are wildly out of control, and housing prices just keep going up. An average home in my neighborhood is about 15-20x my yearly salary. I can move into a more economically poor area of my city and it drops down to about 8-10x my salary. In 1970, the average home price was a little more than 2x the median salary here in LA.

Adjusted for inflation, overall median income is actually 2% lower than it was in 1970, median rents over that same period increased 85% and median housing prices have increased by 60%. Nationwide, the median income of people between 25 and 34 only increased by $30 in 44 years (1974 to 2017).

It really is a case of "F** you I got mine." They bought houses and then watched them appreciate, and refused to support policies that add housing, including even modest proposals for rezoning to duplexes and triplexes.

itoibo

2y↑5

after the crash in 2006, we had tons of unoccupied houses. The shortage was because banks and the wealthy do not have to sell. They can sit on it.

BreadForMyFamily

2y↑6

The problem is millions and millions of people trying to cram more of themselves into small areas like LA for example. Of course it goes up in price, there is literally only so much space and everyone wants to be there. Duh. Move away from the fun.

Jon D.

2y↑9

@BreadForMyFamily Greater LA is about 80% zoned for single family housing. Creating infinite sprawl by continually building suburbs in more and more marginal locations is silly, we have plenty of room here to upzone. The issue is that the people who own homes don't want apartment buildings and missing middle housing in their neighborhoods. So there is a generational divide between people who don't want their neighborhoods to change and people who want to live and work in LA.

Space isn't the issue, it is the way space is allocated.

Jon D.

2y↑9

@BreadForMyFamily What's wrong with that? If people want to live in cities, let them. Everyone knows you can buy a house in the middle of nowhere and have lots of space, but people are CHOOSING to live in cities. So build more dense housing our cities so people CAN live there.

The issue right now is that it is literally illegal to build dense housing due to restrictive zoning laws.

13 More Replies...

touchthesun

2y↑99

Spoiler Alert: Yes, yes they have. In the unlikely event that there are historians (or a functioning society at all) in 100 years, Boomer will be remembered as the generation who ate the future that belonged to their children and held on to power so long they forgot their own names.

Ligne Étoilée

2y↑27

an entire generation of ringwraiths

John Merces

1y↑8

@Ligne Étoilée Nazgul economics

Brandon

Aren't most of the big time CEOs gen x'ers these days tho? I fail to see what exactly boomers did so bad

LudwigVaanArthans

1y↑9

@Brandon nope, most CEOs are boomers, and even if they weren't, the vast majority of investors are boomers, and the CEO is nothing but a lapdog of the board of investors in most Western countries. Also, if you can't see what they did wrong, even after watching the quite good presentation shown in the video, that sounds more like a you problem than anything else.

Michael Delarm

2y↑141

my grandfather always told me "just work hard, if you wanna have a lot of money, fold it in half and put it in your pocket" 30 years later Im broke Af working multiple jobs still trying to find this money to fold and put in my pocket... He's a business owner with a hand full of properties that he owns.... thanks for the solid advice grandpa...

grouchy88

2y↑9

you just need to work harder

Name

Well to be fair that’s inheritance money if he hasn’t pledged it away.

Dammit That Guy

2y↑2

@grouchy88 He's gotta work 4 jobs smh

D00der

1y↑2

@grouchy88 You need to pray harder too. Gotta step up to muh Jesus game. Watch Kenneth Copeland. He'll show you the light.

17 More Replies...

Creznour

4y↑4.3K

I applaud this man...

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

callukcraft

4y↑26

true but yea he seems like he wonts to help to be honest.

Hisame Artwork

4y↑63

it's ok, he's a lord, he'll manage... but I'm surprised anything good came out of the aristocracy.

pgsats

4y↑73

Creznour I am a boomer and I care I despair at watching young people working so hard and not being able to set them selves up just for a basic decent life it’s the boomer 1% that has destroyed it for every one f*%# the system

tom foolery

4y↑69

in the 70's a supermarket cashier earned $2000 a year and 2 story houses cost $4000-5000

86 More Replies...

thekagifret

2y↑29

I live in Australia and am astounded by the parallels between us and the UK. This is one of the most incredible, heartfelt presentations on what a society is there for, and how far we have strayed from this. Poignant, on point and wonderfully presented. It is a must see . Thank you for your contribution Sir.

ShonicBurn

4y↑47

As a millennial this is sadly crushing. You can even see it here in America as our presidential nominations are getting older.

Gomathi G

2y↑3

That is scary.

Jon Do

1y↑1

As a millennial this is hilarious. So many wet blankets in the comments. Jesus get a grip.

2 More Replies...

Luka

2y↑32

My late grandpa who was a boomer. Is one of the people I respect the most. After he died Al of his savings he had left went to his grandkids college education. He lived in a apartment and after he retired he spend most of his time investing money in the community and took care of my dad when he was in a rough part of his life.

audigex

4y↑507

"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

Brent Farvors

2y↑16

No. The biggest problem (has been, and always will be) Compounding interest based fiat $ lending. This is the process of the PRIVATE (as in for private sector profit), loaning $ they just made up from nothing (yes; Literally fractional reserve banking), and loaning it out to your gov't, with YOU being the "collateral"...Verses...The gov't doing the same thing( like, one of their most important benefits of a gov't), and getting paid back without interest...We literally pay govt's to borrow $ from someone else with INTEREST, that we can't even afford the interest payments on...All of our problems stem from this.

Spencer Heckwolf

2y↑33

BOOMER NIMBY's have blocked housing construction. Join your local YIMBY group and advocate for more development.

Isidore Aerys

2y↑6

@Brent Farvors yes. Those 3 words. Fractional Reserve Banking.
Are at the heart of all of our problems we deal with in the modern world. Climate Town just made a great video that relates to this.

Lawrence

2y↑11

@Brent Farvors Even the gold standard had a fractional reserve. It might have been more restrained by comparison, but this alone is hardly enough to cause the current issues.
If anything, the runaway accumulation of wealth by the few, combined with declining top marginal and corporate tax rates, a decrease in public investment (education, healthcare, infrastructure), and the military-industrial complex (roughly 40% of gov't discretionary spending) are larger issues.

32 More Replies...

Arterexius

2y↑59

As a millennial, this was extremely enlightening to watch, albeit also extremely terrifying and worrisome 😳And as if all this weren't enough, now we also have the remnants of a pandemic and a new warzone to worry about. Except this time there isn't a series of larger cohorts to foot the bill, but instead a series of smaller cohorts who have the entire system rigged against them and yet these generations (myself included) are expected to fix both the economy, the trade deficits from both the pandemic and the new war, as well as global warming and simultaneously increase global wealth and decrease global conflict. All while being fewer hands to do all that work. Oh, and because of global warming, we have a limited amount of time to achieve it, before it's too late to save the climate and hundreds of millions of people will be displaced, leading to yet another major crisis that needs to be fixed. I hate to say it, but we really don't need inflation and recession again. We need a new, great depression, so the wealthy, upper generations will lose their wealth and so the market is flooded with jobs again. I have a bad feeling that we're approaching a time where only a new, great depression can fix this seriously glaringly bad problem and I really don't like that idea 😳

hollyastewart

2y↑11

A depression is inevitable, but whether it fixes anything is debatable.

Twiggeh

2y↑7

I mean the Corona times were/are a great depression of sorts, and that only lead to billionaires vacuuming up money at an even faster pace

The Bread Bringer

2y↑9

A depression would only make it worse. Just like the 2008 crisis, everyone responsible is going to get bailed out, facing no consequences while we have to pay for it.

KK89

2y↑1

Depression and recession only consentrates wealth. Those who posess little are stripped from all they have. And those who have plenty will buy it cheap from you.

TwoSense

1y↑2

Yes, I remember in the 30's when "the market was flooded with jobs again".

6 More Replies...

Ghost Noodle

4y↑4K

Boomers: Has reasonably priced college

Boomers: Minimum wage paid for college in 1,000 hours

Millennials: Has four part time jobs, cant afford college

Boomer: Why dont you try being more successful like me?

--

4y↑161

This is the result of tax-payer backed student loans. There's no financial underwriting, so anyone can get a loan. Colleges can charge whatever they want, regardless of the return on investment.

Austin Lopez

4y↑173

@-- Thanks boomers

--

4y↑33

@Austin Lopez, I'm not a boomer.

It's just another example of the road to hell being paved with good intentions. It's good that college is accessible to everyone, regardless of class or race or background. It's bad that so many people go to college. It's worse that so many people take out loans without doing a cost benefit analysis. It's even worse that so many people take out loans and then fail to complete their degree programs.

Master80059

4y↑11

lets just take half that successful-ness from you. and when you try to make up or build that into your system of success we will call you evil and a monster and try and have you destroyed.

Harawanagangsta

4y↑56

College is a scam
always has been.

160 More Replies...

stoneyard100

4y↑331

Boomers:"I have 3 houses all paid off So i just collect the rent whilst still working"

Me a millennial:" I can barely afford to rent let alone buy"

Alan Pior

2y↑4

Trade schools will provide you working skills to always keep money in your pocket.

Item69

2y↑15

@Alan Pior Not in Australia, unfortunately. They used to have free, night classes so you could prepare for a trade as a career change. Now they are daytime only debt factories like universities.

Alan Pior

@Item69 That's unfortunate. If I was in my 20s or 30s in Australia I would take the next step by contacting small companies directly about an internship or weekend work to learn the trade. This would mean sacrificing your weekends, but once you learn the skills it will permanently allow career opportunities and save you money on home projects.

Item69

2y↑7

@Alan Pior Funny you should mention the weekend work to gain skills thing. Have been enquiring for a while but no luck. FWIW Australian employers are notorious for not wanting to train you: they expect you to have the skills already by magic.

20 More Replies...

Matthew

4y↑31

Why has this video not gotten more views & shares? It's hugely informative and useful in explaining many of the social trends currently playing themselves out in the UK (Presumably many of these trends extend across other countries of the West to some extent).

Ja B

1y↑1

It's to get likes, not to be true or even useful. A narrow view picked out to elicit an emotional response. It is actually a good thing this Lord David nonsense is seen for the pandering it is.

1 More Replies...

Confused Caveman

2y↑112

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.

Rn Kn

1y↑2

But the other important distinction is between public and private. Those with private wealth preventing public spending on those who have nothing. Just so their own kids have sound finances, a

Chris Wright

2y↑31

The bad thing is that lockdowns and the hysteria over Covid was largely pushed by middle class boomers who came face to face with their own morality and didn't like it. I had a bit of a rough start and bad luck in my 20s. I got my career that I really wanted in my early 30s, but due to the lockdown I have lost that. House prices have gone insane from the stamp holiday and wfh in my area too. I lost my job, my fiance and the possibility of owning a home. I now work at least 6 days a week, sometimes 7 but I get admonished for having a smart phone and a flat screen TV (the phone is 10 pound a month) the TV is second hand and was a cheap supermarket model. What's more I'm now paying more national insurance for a pension that I likely won't get, and am NHS i can't get in to use. If boomers actually had some humility, I wouldn't mind so much but oh well. I don't wish bad on them at all, but I wish they'd understand. My dad voted for the Conservative party ever election and was well up for the off shoring of decent paid manufacturing jobs to the far East. He doesn't get why people can't just work up the ladder anymore and make really good money, buy a house and have kids. It isn't going to happen for a lot of us now. I don't even have time to date or socialise now.

Cas Kaptein

2y↑30

I would like an updated version of this after the whole covid crisis. Im a working 30 year old right now and can bearly pay rent, food and energie. Plus, house prices has absolutely skyrocketed in the last 2 years

everyone

2y↑2

Rent control is making it worse where I live. Landlords don't want to rent and tenants don't want to move.

Jordan Howe

2y↑2

Wait until the energy crisis is really in full swing this winter 🙃

Matt K

4y↑1.7K

My extremely simplified summary:

Boomers are a large demographic. Because they are a large demographic, they have proportionally larger voting power. Due to this, they have voted in many policies that have benefitted them over the course of their lifetimes, e.g. pensions, retirement, healthcare, social benefits/welfare. There has also been a surge of increased value in their housing due to large amounts of immigration and lack of newer and/or continued housing development. Not to mention, wage stagnation. These policies and economics have led to boomers being the most well off, fortunate, and advantaged (economically in the relatively short term) generation to have ever lived.

My personal take is that Boomers have gamed the system so efficiently (knowingly or unknowingly), that they can’t see how they’ve affected generations to come.

This is just the UK. Through my observation, the implications are granted exponentially in the US.

Rill

4y↑173

It can be considered worse in the USA due to our debt based economy. Essentially the national money pit is so large, we have to use private, and public investors to get anything done.

Matt K

4y↑50

Rill Totally agree! I forgot who touched on this, but the money that could be used for entrepreneurial things holds everyone back because it just goes to debt payments for most of people’s 20s and 30s nowadays.

Rill

4y↑36

@Matt K Its debt based, not due to personal loans, but rather due to governmental. Theres a national deficit for government funding, so anything not able to be paid with those funds must be gathered through long term loans. Most of these loan givers are US citizens, or companies who buy bonds. Although loans are not infrequently given my foreign nations. This has been going on for a long time, and relies on the current bull market. As soon as the market stops growing the drain on government funds due to loans will increase faster than our rate of economic growth. Putting the US in a position where it cant pay off current loans on time, devaluing US bonds; and crippling the spending power of the government.

Rill

4y↑43

@Matt K This problem exists because the USA is the largest government in the world, and also one of the most financially corrupt. Coining the term "The money pit" where the government throws more dollars per year than half of Europe makes in a decade. Most of this money goes toward things such as new bicycles for government offices played for at 10x the price, or combating a species of insect that has been extinct in the US for decades.

Rill

4y↑29

@Matt K This also is the reason why the Unitec States infrastructure, and public transportation is so behind. We tried back in the 60s when we were making it for Japan, but the money went absolutely nowhere.

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Twig

4y↑90

What I find striking, is that the boomer generation is pretty much the first generation to benefit all these social programs (retirement, public healthcare, etc etc) and the system is at risk of failing right away. I'm not saying these social programs are bad, but things will have to change.

Alex R-T

I have to say that I agree, I think the idea of a pension is not unreasonable, there will have to be a reduction in state pensions, it's as simple as that, it cannot be sustained. There will also likely be some fairly painful changes in the types of decisions that the NHS will have to make and where and when they issue DNRs.

SussyLizzy

2y↑28

The reason is the demographic is dismantling it on their way out. They want their benefits as much and as long as they can. So they have to make sure those younger than them cant get it or their pensions will decrease.

Anthony Twohill

2y↑1

@SussyLizzy correct

Fedor.da. husky

they created the benefits....

mike wa

As a boomer myself there wasn’t the foresight both in Govt and at street level, as to where the world would be in 2020’s. When I was starting work most of those retiring had a very short life expectancy. Both my parents didn’t live to receive their pensions through poor health. Boomers started planning early for their retirement.

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michaelkaminski84

2y↑36

Something no one addresses: when the retirement/pensioner age was decided as 65, the life expectancy was like 72. So you retired closer to 60 with savings, and got an extra help for the last decade or so of your life. Boomers retire at 60 still, often younger ("Freedom 55!") due to all the wealth they have accumulated, and then expect to live no less than 90, which people are doing in more and more numbers. Being 90 used to be unheard of, now it's not uncommon, in 15 years it will be relatively normal. So if you started working at age 22, retire at 57, but then live to 94, you are taking for more years than you have actually worked and expecting people with 1/10th your wealth to support you. If boomers live to age 94, they should be retiring in their 80s.

teage12

1y↑6

Agreed. Instead, they are asking the younger generations to start their retirement even later while themselves keeping their retirement age.

TwoSense

1y↑1

Boomers started working when they were in their early to mid teens, usually. Full time all summer and part time all year. I guess it's ok to wait until 22 now since you need all those "life experiences" to record for Instagram first.

TwoSense

1y↑1

@teage12 Are all you whiners going to refuse the inheritance you will get from us boomers? Thought so.

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Wendy Geers

2y↑31

Now I know why I’m struggling while I’m doing everything I ‘should I’ or ‘must do’.
At 32 went burn out last year..
I think this gives me a sense that I’m not a failure, and I have to try to let go all we taught.
Because nothing of that could be achieved or realized.
I don’t know how I have to this, but I’m happy I came across this documentary.

Isidore Aerys

I’m 32 as well. I’ve been living in my car for over a year

Jon Do

It's always someone else's fault, eh?

crovine16

2y↑6

They did have a larger cohort, but most importantly much lower educational requirements for most skilled jobs. Nurses or teachers only needed a diploma or associate's degree. In the immediate post-war era even those requirements were waived for those with equivalent education in my country.

I attended an Anglican grammar school in the late 00's and I distinctly rember that there were a few pages in the back of our diaries listing all staff and their qualifications. There was one teacher in his 80's bless his soul, and beside his name simply read "TCertEd". The entries of many younger staff took up at least two lines listing fellowships etc.

Ryan

2y↑91

I'm pretty sure everyone after the BBs knows exactly what he's talking about. As well, the BBs were the first generation exposed to advertising based on psychological research. It convinced them that they are the center of the universe and that they deserve everything... Look where it's got us...

musicspinner

2y↑6

Not to mention raised in an environment where leaded gasoline exhaust was still being spewed into the air.

Sucellos

4y↑2.6K

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.

James Lewis

4y↑172

That relief may be coming thanks to SARS-CoV 2.

Trikāya Translation Services

4y↑100

Spot on, sadly. A mass sentiment indeed.

Castor Chua

4y↑55

@James Lewis I pray I get to be an asymptomatic carrier... I'll become a modern day Typhoid Mary

Silver

4y↑125

You mean

Boomer remover

The N35T

4y↑59

@James Lewis Nope, they'd rather crash the economy.

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jn hjvju

2y↑9

My grandparents are the baby boomers. They built a walfe in my family when I was a little girl. I live in Poland and they worked in the US in the 90s and earned a lot of money. With this money, my grandparents bought a large apartment for my parents (my parents were then in their 20s). Grandparents bought my father everything - new cars, they funded a prosperous life! As long as my grandfather be alive the finances were kept by him, but when he died, the real fun for my father began. Grandma gave all the money to my father for alcoholism, another cara, failed businesses. I will also mention that when my parents divorced, my grandparents decided that my father would stay in the huge apartment, and my mother and I would move to another apartment that they bought. Can you even imagine that your parents are able to buy you an apartment ?! And so, after many years, the prosperity generated by my grandparents, baby boomers, disappeared because my father wasted it. I have completed my master's degree, completed many courses, and I am barely able to survive. I works for the government earning the minimum wage. I don't have a car because I can't even afford to get a driving license, renting is very expensive. I renting an apartament from lady who is also a baby boomer. I don't know what will happen next with us millennials..

Niall Bailey

2y↑35

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 🤣

Anthony Twohill

2y↑9

That is basically what happened. And continues to happen.

optimalforager

2y↑62

I know a guy who has 6-figure income job, gets a government pension (as well as generous pensions from his government job), who own multiple investment properties (which have increased dramatically in value, but that have not had those gains taxed), had a free university education, and has all the associated benefits that come with being a "poor-old pensioner". Clearly this is a highly inequitable and unfair system and it will need to change...

Owen Hoffend

4y↑20

Thanks for uploading this talk, very enlightening.

One topic he didn't cover very much in this presentation is the impact of rising education costs on the younger generation. I'd be very interested in seeing how that data plays into some of the economic factors that he presented (such as the wealth percentile chart he showed near the end).

Baron Typhoon

1y↑6

This is pretty much universally understood by people my age (early 20s). Unless things drastically change, it'll become more and more difficult to have money for basic human needs with no chance of ever saving enough to retire. People my age will be working until the day they die.

Michael Cornell

4y↑3.9K

Boomer Females: My government, ex-husband, and children will sustain me through retirement.
Boomer Males: My pension will sustain me and my ex-wife through retirement.

Millennials: What is a pension and who/where is my father?

The Church of Discount Dan

4y↑112

too real

Mark Chang

4y↑50

oof

Rum Hound

4y↑51

Have you seen my father?

Iwan Kazlow

4y↑171

In Germany, we pay 15% for health care and 20% for pensions. Pensions are Umlagefinanziert, which means there is no fund, we pay for the pensions now spent on the old.
Pyramid schemes, that's what I call these systems.

Owen McColl

4y↑14

Where’s my paycheque?

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Temporary Channel Name

2y↑10

*Cinnamorolls house

48w

I think coming out of the Great Depression era placed all importance on material items and therefore those values from their parents were passed down to boomers and ultimately that is what’s led to social status and material possessions being the lead driver of life until recently. It comes down to millennials and later generations have been forced to work so hard for things that they were told they need vs actually wanting those things and willingly working for those things

Jeremy

2y↑15

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."

Temjiu

2y↑4

The Family impact is interesting to note for me. I think there's also a psychological element to that (spiritual as well). People are realizing now how critical the family is to long term mental and fiscal health. It's not just a financial aspect: Broken families tend to result in higher levels of violence, depression, anxiety and more. This I think has a big impact on economical models because it impacts the overal motivation for an individual to really Break out on their own and push for greater success.
I think one of the greatest impacts we will see on our economical models in this century will be the passing of the Boomers. I've seen charts that note a downturn in births lately. The population increase is slowing down. Once the Boomers go on from this world, it will cause a HUGE gap in populations since we are not producing the same level of childeren that have been produced for generations. This gap will have a huge impact on global economies, and I'm interested to see how this turns out.

EuanMcG

2y↑21

Insightful talk by Willetts understanding the mess he's left behind for our generation, but he was also instrumental in raising university tuition fees to £9000 in the UK. Seems like dissonance on his part suddenly caring about our debt and cost of living burden only five years later.

TheExplodingChipmunk

2y↑28

Before I started studying, I was working as a Lathe Operator here in Germany. Which is one of the best payed metal working craftsmenships here in Germany. 30 Years ago you could have affored a house, car, regular holidays to other countries and a large family with the earnings from it. But I? I could aford a apartment and an old car. Getting a child for example would probably have ruined me and doomed me to basically poverty. With one of the best paying jobs in metalworking.

Leo Phoenix

4y↑1.6K

Very informative, very interesting but very depressing to watch as a 19 year old.

E Schel

4y↑207

Even as a 29 year old i'm distressed. Lets do our best to avoid the same mistake for our children.

Interdictr

4y↑97

@E Schel yeah, same. I seriously doubt I will ever see a pension.

glenm99

4y↑93

The answer, of course, is to get involved in politics, even at the local level. Remember the first 15 minutes of the lecture: it all comes down to voting power.

Golag Is watching you

4y↑44

@glenm99 democracy is overrated.

Yan Air

4y↑8

@glenm99 I always thought that "everybody votes" was not wise, but what is the alternative?

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Willy Kristianto

4y↑29

I am to be honest, glad that even though my father is a baby-boomer, after our very heated arguments, he nowadays agrees with me, he actually think that us millennial, what we currently faces kinda F-up, with little chance of success, he even said, when he was my age, even though access to education are limited, he can easily find job and make money enough to feed 5 kids (my two eldest sisters are doctor, an ophthalmologist, and an otorhinolaryngologist). Looking at the current economy, he was really worried how I am gonna ever survived, and this was before the pandemic.

TwoSense

You are a doctor too, right? Making good money.

Willy Kristianto

@TwoSense no

TwoSense

@Willy Kristianto You said you had very little chance of success but your sisters managed. Why not you?

Willy Kristianto

1y↑4

@TwoSense I'm not a doctor, and it is by choice. My job now is good enough, but not enough to pay for a family and a house. Also, it is idiotic to assume me and the other 2 siblings must all be doctors as well, so we get paid well.

Erin Whipple

1y↑2

I’m so happy to have a nice boomer father who somewhat gets it. He still expects kids and can be a bit over-optimistic, but he is fully willing to help me and my brother as much as we need because he understands that we don’t have the luxuries that he did at our age.

Alan Light

2y↑84

Just a couple points:

(1) Smart people saw where things were going a long time ago. My father (b. 1930) explained all this to me back around 1980 when I was about 10, and spoke of it as something that had been obvious for a very long time - well, he explained about 80% of it anyway. But he also noted that the general public would never vote to fix things so it would just continue until everything fell apart. So I've known pretty much my whole life where things were headed.

(2) The ad that came up for this video for me was for tiny houses.

Lin Mal

2y↑2

Well the trouble is with 'tiny houses' is council/zoning regulations, perhaps less so in big America, but U K , Europe where the restrictions on doing anything are so great that it has to be a corporation that builds stuff, makes dwellings etc. The 'Tiny house' movement is just a flash in the pan and will be gone. Mobile homes, caravans are the equivalent elsewhere.

Nidrikz Leet

2y↑4

@Lin Mal yes in Europe it's so freaking weird. Belgian here, the ONLY way to build anything anywhere is to be a corporation.... if you're just a random person you can barely put up a tent in your backyard or you'll be fined.

Ben S

3y↑43

It’s true, I enjoyed travel as a US millennial…

because moving to Germany was literally the only way to afford a degree.

Master

2y↑6

Yes, but you better move out before half of your wage is taken away by taxes for the german babyboomers who are funded by that....

Colonizer-Chan

2y↑2

@Master
Honestly at least they put their taxes to try to help society instead of mostly being tax breaks and funding a large military that we didn't ask for.

Master

2y↑5

@Colonizer-Chan You see the results now, a society you dont wanna be part of and that sometimes doesnt even speak your language anymore.
Most money is wasted in germany for antic administrations and the interest of the younger generations is completely ignored due to the aging population

Tacticool Rick

2y↑21

You know what really sucks tho, is to be an millenial who's parents were highschool dropouts. My parents could have gotten university degrees on 6 months minimum wage salary, but opted not to... Of course I paid my own way for everything, including my education. Looking back I have no idea how I had the energy...

Adam Dahlin

4y↑648

Boomer: Pension, Paid for home, College education paid for when acquired, Ability to raise a family on one income. Also Boomer: "Millenials are so entitled."

Dingfelder Smurfalot

4y↑5

Most boomers don't have pensions. Yes to the rest.

JudasBenPesach

4y↑31

@Dingfelder Smurfalot They do here in Australia!

Rolling Dudes

2y↑4

Boomers = DRAFTED for WAR!!! Millenials = NEVER DRAFTED!!!

Rawnfella

2y↑60

@Rolling Dudes I’d love to see your generation try and live in our shoes.

Rolling Dudes

@Rawnfella I am not a BOOMER but I do admit life was NOT ALWAYS PERFECT back when BOOMERS were young!!!

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ramsayross

4y↑14

"If we are to remain a party of government, it is absolutely critical that we increase our support among younger generations. " David Willet

pigimiceli

2y↑13

I'm a millennial living in a big city and yes even working a full time job I have virtually no savings at the end of the month and buying a house or starting a family seems just a fantasy (i have gone back playing the Sims with my girlfriend just to have fun with that fantasy) however I don t want to have to fight against my parents to solve this problem as I feel that they deserve every bit of wealth they worked for decades.
What this examination is living out is the other crucial economical gap that is the gap between classes. There is more wealth today, technology and resources available than ever before but there is also less distribution of this wealth than ever before. What I want is not my father's money. What I want is to not see billionaires anymore. What I want is taking back all those assets and liquidity locked in the ends of few, with no other purpose than inflating their egos, and putting it back into the economy where it can be used. What I want is an economy where the prices of things is related by how much resources and effort is required to produce them and not by market laws that are all slaves of the whims of owners. What I want is a fair compensation for labour and the end of speculation under the guise of market competition.
I hope that everyone that watches this type of content realises that whom we need to fight against are not our parents for wanting to live in comfort but those that keep accumulating shamelessly disregarding the needs of hundreds of millions of people.
I pray that the instability of our economies will keep getting worse to the point that no one will be able to look away anymore and that, when the time comes, we will not misjudge in assign blame for the mess that we are in.

Lee Hamilton

2y↑6

And this is why we are in the process of providing each of our 3 adult children, their own home. We see that the cards have been stacked against them. We acknowledge this and are doing what we can to even the playing field for them. They are all very appreciative.

TwoSense

1y↑1

Just like your parents bought a house for you and your siblings, right. What? That didn't happen for you? Hmmmm.

Leon George

1y↑2

@TwoSense there was no need for that comment Mr sense.

M J

4y↑557

Boomer: I'm a financial wizz.

Millennial: You just bought a house at the right time bud

Ethaara

4y↑16

Lol. True. So true.

Brad Whitt

3y↑47

More like born at the right time.

azmodanpc

2y↑12

Born at the right time and with enough brain to hold a job that didn't require higher and costly education. Cost that went into the mortgage and opportunity to own a house that's now worth more than 30 years of income.

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Wells

2y↑13

Thank you for informing me that the older generations have failed to fulfill their contractual obligations; since they’ve voided the contract, I no longer need to honor it with them.

Hambone

4y↑489

I'm really thankful that my parents got a wake-up call when my dad had to look for a new job after he couldn't continue with the physical demand of his job. They're still pretty delusional when it comes to current economics and events, but thank god they finally realized that it's not just a bunch of kids running around having minium wage jobs because they're "easy" it's literally because jobs are only paying that amount. My dad walked out of so many interviews the first few months he was unemployed because they refused to match his previous job or pay a living wage and none of them offered benefits even though they were jobs that requires various certificates and degrees. He finally found a job and lowered his expectations on new hire packages, but now their newest obsession is "we're getting old, you're the only child without a house so you should buy our house so we can retire and move in with one of your siblings!" Even though they have no money for retirement because they've spent all their savings on vacations and moneyholes, they want retire on the money they get for their house and when that money runs out they expect their kids to pool their money together to support them, but at the same time have as many grandkids as possible.

SBC

2y↑68

XENOLIT_Exactly, everything and I do mean everything was way easier for boomers. Even the work itself was much easier, less strenuous and provided reasonable job security. I love seeing boomers who had a cushy existence totally fall from grace.

W H A T T O P U T H E R E

2y↑8

thats chronos for ya

Richard J

2y↑12

You’re the generation that are the richest “victims” of all time.

Horseradish Power

2y↑43

@Richard J Please evidence this claim.

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acheron16

4y↑152

Me with a barely functioning car that I inherited, a job that barely leaves me any money after spending my salary on rent and lliving expenses and with a conscious choice to not have kids for the foreseable future: Wish life was better

Boomer: That's cuz you're lazy. By oyur age I had a new car, owned my house and was married and had 2 kids.

Serif Sans Serif

2y↑34

Or they tell you how you should do it, by moving out to a swamp hut behind a radioactive waste site and make a fortune off some nonexistent specialized job you have no inclination or skills for and that you should fashion a makeshift cart powered by the mutant swamp rats for your transportation, just like they did.

TwoSense

1y↑3

You inherited a car? I wish I had been that lucky.

Joe Bloggs

@TwoSense bore off will you

danielseanbrooks

2y↑11

As the universities minister responsible for increasing the tuition fee cap from £3225 per year to £9000, doesn't he think he's a bit more responsible for pinching the children's futures than all the other parents and grandparents who didn't do that?

Run with Me

The system in the UK is such that it acts as a defacto tax. So it could be £9k a year or £100k a year, it doesn't matter as you pay back 9% of your earnings above a certain earnings threshold (about average UK income) THEN the debt is cancelled after a timeframe (for my cohort 25 years) regardless of how much is left. It's actually very accessible and fairly equitable. The people who go on to earn the most pay back the most by a considerable margin.

danielseanbrooks

1y↑1

@Run with Me We've all heard the Tory Spin a thousand times before. The whole point of a progressive tax system is that the people able to pay more do so. Why should a graduate on 30 grand a year be forced to pay an extra 10% 'tax' compared to someone on 50 grand who didn't go to university? As for only paying it for 25 years, that leaves you at 46 at the youngest when the period is over, somewhere around the age when getting a mortgage becomes difficult. We all know that proof of income is a key part of mortgage application, so in the key years when people are thinking of getting one, these people's incomes are being needlessly depressed. Society as a whole benefits from an educated population. The people who earn (and have) the most overall should be paying for it, not graduates earning somewhere around the average wage. Yeah, rich graduates should pay more, but so should rich people who didn't go to university (instead of hiding their money away in the Cayman Islands and buying super-yachts).

Run with Me

@danielseanbrooks I agree with most all of what you say. In my view core degrees should be free (for at least lower income families [at the bare minimum]) and softer degrees carry the burden of loans. Uni needs to be brought back into the public domain as opposed to the private money making operation they have become.

Run with Me

@danielseanbrooks and a side point that I appreciate the frustration of a person who didn't go to uni and doesn't have access to the higher paying jobs (as a degree is essentially mandatory to gain a high paying starting job in most all corporate roles); who would then expect that person to go on to pay for their education that will net gain more than they will ever pay in a student loan. So I think the loan system works reasonably well. You reference the 50 grand for someone who did and didn't go to uni, the point above is the person who did go to uni has a far far higher opportunity to make that 50 grand.

Run with Me

annecdotally, most all of my uni cohort now earn easily in excess of 30 grand whereas those who didn't - again only my experience - mostly don't. Is the loan system therefore not somewhat part of a progressive tax system which you reference and I also strongly support

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Preston West

2y↑54

I find it so jarring and interesting that this man is part of the UK Conservative party, and yet his proposals are to raise property taxes and gift a 10000 pound inheritance to every citizen who hits 30. This is so far removed from the "policies" of the US Republican party that I'm reminded of just how ridiculously skewed the Overton window is in my country. I doubt even the "liberal" Democrat party would be agreeable to those proposals.

Millez

1y↑4

He's the minority of the Tories - don't be fooled

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Singingway

2y↑5

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.

Angelo

1y↑3

When he asked the first question, I immediately knew you wanted to be in a large demographic. It's like asking if you want to be part of the majority or the minority. More people like you means society will way toward your needs more.

Thesubscriber Withnothingtodo

4y↑262

As a recently 22 year old young man, I’ve essentially given up on ever owning my own home, and I’m seriously considering never getting married or starting a family because I can’t see how I could afford it without having to spend my entire life working my self into the ground.

Thesubscriber Withnothingtodo

4y↑2

Ohh, scathing.

Thesubscriber Withnothingtodo

4y↑25

The opinion of a guy on the internet who has nothing better to do than call a person barely out of his teens a loser because he has financial troubles means nothing to me other than to provide a laugh.

Thesubscriber Withnothingtodo

Three years, great math there.

don Jaun

2y↑18

having your own children is beautiful, your children will have your back through thick and thin, more than any boomer you've ever met.

You dont beat your enemy by doing what he would do, you beat him by doing whats right.

Cabal77

2y↑7

A young man's comment? Quick arrest him!

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filmjazz

2y↑7

For an American perspective on this topic, I highly, highly recommend Evil Geniuses by Kurt Andersen. It’s a fantastic and meticulously researched piece of work.

Iquey

2y↑4

I'm a Millenial in the US and he is right. When I hear pension, I think "rich from high paying government job retirement" not poor, unless they are a teacher. Teachers are the sad exception.

Erik De Kuil

2y↑10

My geography teacher in secondary school (would now be called a boomer) warned us about this in the late 70’s when explaining demographics & pensions…. But he thought goverments would find an answer to all this when we would be approaching our pensions…..how wrong he was…..& i’m from ‘64….

Bee

2y↑1

Well the Tatcher/ Regeanomics is to thank for all this.

I am curious

4y↑17

My Grandparents have two Sons: One is a Baby boomer, the other a Millennial. While my Grandparents wealth has continuously grown and both Boys have comparable education, the younger has less (visible) wealth than the older had at the same age: A smaller flat, less properties, that sort of thing.
Mind you: They are still both rather wealthy. But the difference is significant!

Hicknopunk

2y↑3

A boomer and a millennial? How did they manage to be that old and have a child that many years later?

I am curious

@Hicknopunk My grandparents had my father at a young age. My uncle was born when my father was 18. Gen X only includes 15 birth years.
It isn't that odd to have kids at 20 or 40. And both is also more common than you might think (actually quite common with a new partner). Granted I hear stories that when my aunt (2 years younger than my father) went outside to play with my uncle everyone thought her a teen mum. And the same thing happened to a High-School friend of mine and her baby (half-)brother.

Hicknopunk

@I am curious I'm part of Gen X 😓😢

Thanks for filling me in.

Ann Nee

2y↑64

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.

Gomathi G

😂😂 Fathers

Ja B

The surfing analogy: You Dad was in the right place at the right time, he caught a particular wave and surfed it to retirement. Pure luck, he may not even have been looking back to try and pick the wave. But driving the surf was the only surviving working economy post WWII, so most the waves were making it easily to the pension beach.

Costs have gone up though, too many have gone into non-productive pursuits, driving costs higher for all of us, pensioned or not.

There are still healthy waves to catch.

Rn Kn

1y↑5

@Ja B did you not watch the video? It literally wasn’t luck. It was a use of political power to benefit themselves at the expense of others. It is no different than a feudal lord appropriating the wealth of others merely because he has mercenaries to deploy against the peasantry to intimidate and coerce. The feudal lord or tyrant isn’t lucky, they used their power to construct a system what works to their benefit. At least, until the people started relieving them of their heads.

TwoSense

1y↑4

@Rn Kn So, you would prefer I don't leave my two houses to my kids? I shouldn't participate in this tyrannical situation any more? Leave my estate to a cat charity? Or to you, so you stop whining?

TwoSense

1y↑4

I have no degree at all. I own a small business where most of my employees are millennials and genZ. Not a single one of them has any inclination to ever own their own business. I make 3 or 4 times more than people I know with PhD's. You have a choice. You can complain or adapt, up to you.

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Oryx The Dragon

4y↑531

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.

Nicolas Pinto

4y↑12

You're not wrong, I didn't even realise the video was that long until I scrolled down here.

Peter Bradley

2y↑7

You don't get to make a speech to the Royal Institution unless your both a very knowledgeable about your subject matter AND a bloody good public speaker. they literally have the whole of British academia to pluck form.

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Deetz

2y↑17

What boomers did to millennials is the equivalent of an upper-middle class suburbanite stealing the tip jar from a homeless street busker.

Yessica Brinkmann Baruja

36w

Mi madre era una Baby boomer. Mi padre es de la Generación silenciosa. Yo soy Xenial. Ellos me tuvieron tarde. Yo trato de comprender a mi madre. Creo que el problema de los boomers es la excesiva competitividad...en la familia de mi madre eran tantos hermanos, que siento que ella tuvo que competir mucho con ellos incluso para sobrevivir. Entonces era tan competitiva en cuanto a las propiedades que llegó a pensar que hasta su propia hija, o sea yo, era su propiedad 😢 creo que este es el problema de esta generación.

Mark Adelmann

2y↑17

Although this video is 2+ years old, an interesting option for millennials could be expatriating to a country with a cheaper cost of living. As long as you take some savings with you, you will generally be at a head start financially, and you will no longer have to pay into a social security system that you will likely not benefit from. Cheaper housing, food, and a wide range of amazing cities around the world to choose from would be among the benefits. Moving to a non English speaking country would likely net the biggest benefits, but the time in acquiring a new language would be challenging for many (English speakers will be able to mostly get by).

MayfWasHere

2y↑12

That would imply that I'd be have enough money to leave in the first place

Daniel Jay Bjorndahl

2y↑3

I have been living in latin america for 2 years now. at one point I made ends meet with $600/month income. you don't really need that much to get started when rent all utilities included is $125/month or less...

Danielle Janae

2y↑2

I find it sad that the only way to live now is to literally leave behind everything you’ve known just to afford what the BBs have.

Invader

Me when me when me when colonization part 3

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Gustave Ardila

4y↑25

My Grand mother was born after the great war and was the one to build up my family's relative wealth and kept us in the middle class. My mom has spent it on doing as she pleased through her life. I will get the scraps she wishes to hand me down once she is done ruining the legacy of my iron willed grand mother.
Makes me want to scream and rage, but the air gets stuck in my throat, as if the despair of not knowing how to solve this mess for my children.

Justyna Szpejer

2y↑3

You are not alone in this respect.

jn hjvju

2y↑3

My dad did that.. Wasted all of grandparents money.. After 2 wasted big apartments, many of new cars, grandparents big house nothing left for me-his only child... It's sucks! And now I just try to living, expensive rent, food. I don't even have a car becouse i can't afford to buy a driving lesson. I have a bachlor degree and working for the goverment for minimum wage. Sort for my English, I better speak than writing.

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bobbinatorrah67

2y↑4

Great presentation. The company town of "Pullman" is a good study for this too - one man/company owned the town, housing, stores, and employed the whole town - and that company persistently squeezed the whole town by decreasing pay and while increasing costs.

Stephen Meyer

4y↑232

Bruce Gibney came to similar conclusions (and several additional interesting ones) in his book, "A Generation of Sociopaths" based on U.S. data. There are big charts in the back of the book listing off dozens of policy changes over time, their effects on various generations, and the generational breakdown of Congress (Boomers have had the majority for decades, holding about two thirds of both the Senate and House seats before dropping to 54% in the House in the 2018 midterms). The whole book is a must-read, but those charts alone are worth grabbing a copy.

ShannaW

4y↑6

I'll pick up that book. Thanks for the recommendation.

TheWaggishAmerican

3y↑1

It is a fantastic book and everyone should read it.

Rebecca Woolfolk

2y↑9

Thanks for the recommendation. I'm a boomer, but I don't get how my fellow boomers don't see what's going on.

Steph Foxwell

Britains babyboom was nothing like the US one.
Our boom was in the 1960s.

Atlas47

2y↑5

I'll go pirate it. Thanks for the suggest.

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Lydia McNeill

2y↑9

I am a millennial. I have a house because my parents put in half. A couple of other friends got angry at me about that.
My parents try and help me but that makes me feel dependent and usless. I'd love to be able to buy my own house all on my own accord but it's impossible unless I have a partner and we are both on a lot of money.
None of my friends can afford to come on holiday with me. I mostly hang out with boomers now... not on purpose. They are at my gym, and at my job.
I feel sad that other people my age, my peers and my friends can afford to buy houses. I feel sad that I have had to "cheat" and rely on my parents for a house. I feel like I've constantly taken jobs that are not good for my soul to not have to rely on parents but do anyway.
Now I have a house and an average paying job (so I have security) I've noticed that I have so many more options open up to me in regards to doing what I want to do and living life the way I want to.
It's insane. But I don't have any friends in the same position as me. Its lonely.

mark williams

2y↑1

I absolutely disagree with you about not being able to buy your own house without your parents help Lydia McNeill.i was born in 1947 and bought my own house without any of my families help in 1973.I did it by working two jobs and that meant working an average 70 hours a week .People these days want everything without actually putting the effort in and without having to earn it.Btw there were 11 of us and all have their own house,We were brought up with the same ethics as our parents to not expect anything for nothing .

r

Glenn V

52w

@mark williams a house was 2 years income for you, it's 700 years for us lol

Skitter McKitter

2y↑4

The actual content aside, I could listen to this man talk for a week straight. What a great public speaker.

bleachie

2y↑3

I’m glad someone care about the younger generations. It really feels otherwise most of the time

Xadov

2y↑18

My boomer grandparents are extremely self-centered and narcissistic; my grandmother alone ruined her father’s credit and had spent every bit of her savings and most of her social security on worthless baubles, gaudy clothes and jewelry, and pretty much everything that has ever been showcased on QVC to the point of hoarding. She uses none of it, has ruined all of it with cigarette smoke and letting her dog piss on it, and anything inheritance that might have gone to her kids has evaporated.

My grandfather isn’t much better, he uses his savings and money to keep my aunt in a state of arrested development and financial dependency so he can control her and have someone around to wait on him and keep him company.

My own parents are on that cusp of boomer/gen x, and though they acted more like gen x when they were younger, I’ve watched them slowly become more and more like their boomer parents: conspicuous spending, very materialistic, and moving further and further to the right in their social/political views. Like, I’m glad they have the money to spend on themselves finally, but I’m also worried about how much debt they’re racking up to the point that if something happens to my dad or his job, will they be able to stay in their home?

Brandon

1y↑1

How is moving to the right a problem? Yea, clearly some poor parenting going on here.

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Pablo - KFP Software Architect

2y↑8

I think when it comes to pensions, a lot of millenials and zoomers I've talked to treat them with skepticism, or distrust. We've started to feel like pensions are just empty promises.

Tyvern Overlord

"We've started to feel like pensions are just empty promises."

Maybe, because they are?

Pablo - KFP Software Architect

2y↑1

@Tyvern Overlord Right? This is EXACTLY how I feel myself. I literally trust bitcoin because I know the risk than a 401k where my risk is in the hands of someone else. And bitcoin could go crash tomorrow, but their beloved market does that as well, and it hurts the small taxpayer, the young worker, the most.

Eviebat

2y↑2

I'm a Zoomer and I'm not expecting to ever get any pension. The Boomers burned through the treasury, there won't be anything left for us. I can't say I've made my peace with it but I don't expect anything else.

Pablo - KFP Software Architect

2y↑2

@Eviebat I mean it's hard to make peace with that, right? It's a feeling of unfairness maybe. A feeling of being betrayed, a bit

USSVagrant

4y↑90

30 year old millennial in the US, and much of what he describes is true here too. The very notion of buying a house or traveling is just inconceivable to me right now. Even putting a deposit down on a house might wipe out my savings (much of which was acquired by inheritance).

Item69

2y↑1

Love ur username. Would serve on that ship lol

Paul Guy

2y↑4

American born in 1976. We have all the same issues over here, and Boomers are absolutely unwilling to acknowledge their role in screwing over their kids and grandkids. It's enraging.

James Christopher Eckhardt

3y↑2

This is not specific to the UK, and is pretty much what we are seeing in South Africa... But with far more factors at play. I am absolutely scared to death of what's to come. I fear that there will be no future for my children - despite my best efforts to try secure some form of legacy or even just education for them. It's so disheartening to really persevere, fight the good fight and still always be coming up short.

Kon Kata

44w↑2

Patrician9000

2y↑13

I would like to see how these numbers played out post covid. I imagine boomers are waaay better off (housing being so high) and its doom and gloom for the rest of us. Recession time, BAY-BEE!

Patrician9000

Any authorities on economics have a follow up for these numbers? Or is it too depressing?

Avery McKenna

2y↑5

Life is so depressing when I can't even guarantee I'll ever have a home of my own.

Xercruz

4y↑569

Jesus, it feels like he's talking directly about my life as a millennial. I thought it was just me who was a failure at life - good to know I'm not alone, lol.

#include Hemre

4y↑24

well it is kinda hard to get even a job now... you know im self employed( i was... ) Over 98% of my costumers werer boomers. And the 2% were just inheritet positions.When the Boomers die out( and im sorry to say that and at the same time not) i can finally request a decent prize where i can grow my work and hire people... fricking underpaying....

ATP 1

3y↑2

Same here

Adam Bechtol

3y↑1

Phil M

3y↑31

P White the thing I can't get my head around is how hard it is to relate to my parents generation. I have explained so much of this stuff to them and they just can't see any of it, they have seen us struggle and just don't see that they got help and we don't. It's bizarre.

Grand Yeet Burger Supreme

3y↑24

The moment you stop listening to boomer tales is the moment you exit the matrix.

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Jinn

2y↑1

The generation that hasn’t got a name is split into multiple years and multiple generation names. Millennials divide into an extremely complicated sub category of 90s kids who almost every subsequent year is different to the next in some massive ways and not in others. Followed by the kids born in 1999 who are known as the last 90s kids who depending on where they were born in the world can fit either into the millennials or Gen Z, sort of the same way most Gen X will fit in socially with Boomers or Millenials. After Gen Z (usually 1990-2001?) comes Gen Alpha - these are the youngest voting kids of today or about to be in the coming 1-2 years. These are the kids that grew up on tiktok and don’t know a world without iphones. They have an extremely interesting view on the world as a cohort, they seem particularly nihilistic, depressed (tbh like Gen Z and some of the millenials) mainly due to seeing the other two generations still not own their own homes, and the scary closing in of realising just how expensive living life is- and that there’s not really that much pay off teehee xdee. I would really love to see where the world is going in the next few years to see how they will shape things. I can already see that my generations attempt to stop climate change, only to be told that it wasn’t possible has been thrown out of the park.

Thygrrr

2y↑75

The first recorded incidence of an actually okay Boomer!

melissa chartres

2y↑5

Okay, Boomer!

evulclown bla

3y↑71

Also boomers: "who cares about the environment and the state of the world in the future? I'll be dead, so it's not my problem!"

Phily87

2y↑11

Heard this countless times over the years

Stelios P

1y↑3

my mother literally said that 2 weeks ago when we visited them with my siblings literally in front of my brothers 3 year old.. staggering selfishness.

TwoSense

1y↑2

Also millennials: "Think I'll buy a new phone. Haven't bought one for almost a year now. Who cares how much Lithium it takes."

JC JC

2y↑13

Gen X here. I've noticed boomers around me got promoted at 2-3 years on the job back in 70s and early 80s. GenX and younger are going 20-30+ years and not getting a promotion,while having contractors whittle away at the work they currently perform.

ModestAlchemist

2y↑6

my mom once asked me what i thought about some shoes she wanted to buy. They were ~$300. I said i thought they were nice but not $300 nice. She asked how much i would spend on shoes, and i told her $30-$80, and only the $80 if they have a specific purpose like for work.
she was just so out of touch.

Sebastien Dubois

4y↑25

Even after hearing this I struggle to hate the boomer generation. My father, a late boomer, drowned himself in his greed and hypocrisy. In doing so he destroyed his relationship with his friends, his parents, his siblings and me. Last year he died alone in his home from a heart attack after years of severe depression slowly biting away at his soul. There's always a price to shunning ones responsibilities. If anything him and his generation will serve as an example of the terrible cost of greed. I much prefer carrying that lesson with me into the future then waste my time looking at the past with resentment.

LeDumpsterFire

2y↑7

As another commenter basically said, we're upset that we're coming up in this unnecessarily difficult world. We're not waiting around for boomers to die out of some sick enthusiasm, but out of relief, as we'll finally have the chance to fix things with them out of the way.

I don't think most people hate boomers themselves, a generation is too abstract a concept to hate on the scale of individuals, but we hate what they represent.

Sammy RunCorn

2y↑1

@LeDumpsterFire
I agree.

TheJansport1

4y↑11

Wow, this is from a conservative Boomer! Even he admits that it's not the Millennials fault and that we (Millennials) are being screwed.

fi-train

1y↑3

This explains why fewer grandkids and future children will be coming.

Fascinating the impact of the age cohort you are born with and your opportunities in life.

zenithian 15

2y↑12

I'm a millennial. I don't own property, or a car. I have no plans to start a family. Despite having a Master's degree, I only make minimum wage. I'm currently living in my parents' house, trying to save money so I can afford to go back to school again. Simply put, I don't have the means to accumulate wealth the way my parents did at my age (I'm 36).

This presentation didn't tell me much beyond what I already know. The reality is my parents' generation made choices that screwed my generation over, but we are being blamed for it and told to stop complaining. If they put as much energy into fighting corporate greed and reclaiming some of the benefits they fought to gain for themselves, we might stand a chance. But boomers don't care. They've got it made in the shade, and they're happy there.

melissa chartres

2y↑1

You have a master's degree and earn minimum wage at your job? And you want to go back to school for some more of that?! Let's first talk about the kind of choices that YOU yourself made.

fredericoamigo

This is some of the most interesting and important I’ve come across in a long long time. I am stunned that this book and this message isn’t spread all over!

Janie K Carney

3y↑8

My Mom is 97. She’s not a Boomer. By not dying, she has run out of money and I’m financing her assisted living at $5500 a month which means I may also run out of money but my Sons will not have the money to help me. I don’t think that’s a great situation.

JerkinERV

4y↑457

watching this I thought of my dad, did not graduate with a business degree....had me, my 2 brothers and mom to take care of, managed to land a 225K a year job.....we lived in a nice house, had cars, went to college and not a single one of my brothers or I could afford 3 boys and a house even with degrees and no debt...... just bitching... but I will say one major problem is that the older generation refuses to leave/die off... I still work with people who refuse to retire... they're making 100k or more and no one can move up because they are just lingering..... anyone else having this issue?

Claire

4y↑73

GenX to Boomers everywhere: RETIRE ALREADY!

grewdpastor

4y↑3

So what did your dad wrong then?

Zachary Wilhelm

4y↑54

it's not even in high end jobs either. I've worked in three different restaurant and retail places here in Florida and each one had a staff with about 20% of the staff past the age of retire. Now, that is not to say they were poor, at all, they were just BORED. Seriously. They took jobs from me and other kids looking for work because they had NOTHING to do. With all their money. they could be spending. To make more jobs.

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Reece d

4y↑9

I have relatives who bought house in west Wickham thirty plus years ago on teacher and post office workers salaries.. Their house is worth more than a million now. This video is a depressing reminder that young people like myself will never own a nice home until relatives pass away. 😔

AramisWyler

2y↑2

Here I thought this was just going to be some "screw the boomers" rant, but it turns out that it was a highly detailed and compelling argument. Thank you.

Mark How

2y↑10

I had to laugh at the "warehouse of mom and dad" @ 12.30. I still regularly commute to my mom's house where all my workshop stuff is and there's actually space to work. Before crawling back home late at night after working essentially 2 jobs, as an Engineer.