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Willie Taylor: "If the younger generation is working so hard, so diligently, will they I do not know. "
Willie Taylor, 60, worries about what the world holds for his children, both of whom are in their twenties.
They are in the university and are finishing their studies, but the world of work seems to be changing rapidly and they have major obstacles to overcome, where they can afford to live for one.
"As you get older, you seem to be worry a lot more about what you're leaving, "says Taylor. "There is a school of thought that we are the selfish generation that has prepared it for everyone."
He is not convinced that this is the case – he remembers having felt the same as the generation of his own parents. But things are much more uncertain for young people now, he says.
READ MORE:
* Why hate Baby Boomers makes sense – but maybe the wrong way
Joie Ridling is a 23 year old mother who lives in Gulf Harbor and works fulltime. 19659013] SUPPLIED
Juliana Ridling says that she has "bigger dreams."
She would like to find financial security and one day own her own business. But she does not expect to become as easy as her parents. "My life is already completely different from that of my parents."
The two Aucklanders put a face to a generational divide that always makes headlines. To name a couple: "Too many millennials do not want to start from the bottom." "What's wrong in the world, baby boomers."
Will the 20 years of 2018 really be worse off than those of 60? We asked experts to consult their crystal balls
Career
Taylor left school at age 19 and joined the police, where he remained 38 years, before he left. to occupy a twilight position at the AUT.
"When I was 19, you really had to deserve the right to go [to university] I knew it was not for me but now it's definitely more open."
He doubts that his children have the same security of tenure in any role. The Dynamics of Change seems to accelerate
"Look at how technology is evolving, how whole careers are disappearing and new ones appearing."
"Maybe [daughter] could Adelaide go through her professional life as a teacher but for my son in electronics, it seems to be a job for bright young things." Is there anybody who does it at age 50? Probably not, unless they own the company. There is much more uncertainty. "
Ridling is a new sales agent for a video marketing company She's been working full-time since she was 16.
"It's the only thing I know how to do, but I have bigger dreams." I love to cook and cook and j & rsquo; I hope that one day I can make a career out of it.The ultimate plan is that I have a cafe or catering company that is dedicated to making comfort food of high quality and affordability. …
Demographer Natalie Jackson said that even though it might sound discouraging, young iron have "reasonably good". "Over the next 20 years, baby boomers will leave the job market and that will open up a lot of jobs."
The futurist Ian Yeoman said what the young people were doing This would change a lot – jobs such as taxi drivers would disappear because of automation and other industries would be disrupted.
But Jackson said that other jobs would be created too. "Young people are more likely to be fully employed than their parents were."
House
Taylor does not expect his children to want to live in Auckland.
The purchase of a house seems out of reach, and the rental does not please, either
CASSANDRA KOVAC
Some millennia no longer want the responsibility of home ownership, not to mention the debt.
He and his wife, Michelle, bought their property. first house in Sandringham around 1990, just after their marriage. Previously, he had lived in police houses.
He remembers saving the 10% deposit. And then "begging" the bank to give them a mortgage. Interest rates reached over 20% for a brief period and housing costs accounted for more than half of their net income for a time.
But it was manageable with a double income and the price of the house was comparable
At the time of the birth of their children and the fall of their incomes, the interest rates s & # 39, were balanced at 8 or 10 percent. More recently, they sold the house, took the capital gain and bought a house in Glendowie.
"We managed to make a big capital gain on the house," he explains
. Financial anxiety provides a home for her and her five years. The rent of their two-bedroom semi-detached home is $ 430 per week, or two-thirds of what it is paid for.
"I rely on my monthly commissions for sales that do not guarantee my head out of the water. she is not convinced that owning a home is in her future.
"I think everyone has had the kiwi dream of the white fence, the dog and some kids, but that seems less appealing to me."
"The responsibility of owning a property seems daunting.The last location I was in was so much of a nuisance that it was nonsensical, but the owner could not afford to repair them.
" I do not want to be in a position where I will live in a damp and humid place, at least while I'm renting, I know I'm not in my pocket should something happen on the property. "
MARTIN HUNTER / STUFF
Cruise passengers Bill and Beverley Gibbons visit Wellington It seems unlikely that Baby boomers of the future are as well prepared financially for retirement.
Economist Shamubeel Eaqub said that one of the biggest differences for the generations was the He said that at age 20, the average baby boomer was looking at homes that represented six times their current income.
At age 26, this same person had saved a 20 percent deposit and bought a house. At age 55, they would be without a mortgage
but a 20-year-old in 2018 was facing a house price 40 times their current salary and would have to save until they were 34 years old to enter the home. home and pay off the mortgage until they are 63 years old.
"Our parents were able to access housing much cheaper than us."
Jackson said that although things were difficult at the moment, this could change. "We are going to have a lot of baby boomers selling their homes, even the youngest will be over 70 in 20 years, it changes a lot."
Migration will not stay so high year after year, she said
But young people might have to look outside Auckland to find cheaper housing – in some parts of the country, the population would decrease because seniors would not be replaced by the same number of young residents. [19659007] Earning
Ridling says that while her father was focused on making money through his professional career, she has a more relaxed approach to her financial life. "I'm not aiming to be a millionaire, I'm just looking for some financial security."
Eaqub said millennials would probably be the first generation that did not get along better than their parents. [19659007] "Earnings were higher for each generation before 1980. But if you are a millennial, you are likely to earn less than your parents during your lifetime and this does not take into account the higher cost of living , your student loan. "
But Yeoman said it was less clear. He said that there could be more income disparity, but young people should still be better off.
Yeoman said that there would probably be more people with higher level diplomas. "The company will become more qualified and expert."
LAWRENCE SMITH / STUFF
Shamubeel Eaqub says Generation Y is the first generation.
Savings
Taylor says he was fortunate to be part of the super-savings regime of the police, who paid a lump sum when he left the Obligate. "The diet is very, very good."
He says that he's focused on living within his means throughout his life, even if it meant ignoring the trips abroad that have taken him away. 39, other families around them. contributions are suspended while she focuses on repaying a small consumer debt that has been dragging on for longer than she would like it to.
"The goal is that once my debt is repaid, I start repaying KiwiSaver."
According to Mr. Eaqub, due to the purchase of a home later in life, the average millennium could expect to save 12 years before retiring, compared to 37 years for a man of 60 years. [19659007] "We will see people retiring with fewer assets than baby boomers and generation X".
Yeoman said that it was likely that the concept of retirement would be very different for the youngest
pension eligibility – that he said woul "I don" I do not try to be blissful, I admit that we have had a very good time, we are comfortably comfortable now, "he said. Taylor said. "I have the impression that we have worked ourselves in this position: if the younger generation is working so hard, so diligently, will it be in the same position? I do not know."
BY NUMBERS
Over the last 30 years, real revenues have increased from:
– 0.6% per annum on average over inflation for all age groups
– 1.9% for a person born in 1960 etc.
Nominal wages increased rapidly, giving borrowers the ability to quickly repay existing debt.
* 300 percent of the decade to 1980;
* 112% in the decade up to 1990;
* 25% of the decade until 2000;
* 44% in the decade up to 2010 and
* 31% in the last 10 years up to 2017.
When the modern 60s were 30 years old, they earned an average of $ 41,327
Those who are about 30 in 2018 earn about $ 50,000
– Sunday Star Times
