Apparently, according to http://www.channel4.com/news/young-people-living-parents-home-heatmap-graphic, 40% of people aged 20-34 in my area live with their parents. This is crazy.
I’m one of them. It’s not that I couldn’t afford to move out – I could, but I would have no money and a landlord would have all my money, and something about that sounds economically unsound. But, yes, despite being 27, it bothers me that I don’t really feel like an actual adult, and expense means that I have no immediate plans to try to become one.
There is also a good analysis on Vice.com (yes, really): http://www.vice.com/en_uk/read/heres-why-youre-broke-chris-goofellow-639?utm_source=vicefbuk, which can be summarised as:
1. The financial crisis was caused by people pretending they had money then finding out they didn’t
2. The financial crisis was ‘resolved’ by finding a new source of money – young people. There is a minor detail here that young people don’t have any money but we can get around that by pretending they do and pretending they will pay other people’s bills now with money they might have in future. If this seems confusing it helps to remember that 1. economists have so far displayed little understanding of their own subject, 2. politicians have so far displayed little understanding of reality, and 3. economics functions a lot like musical chairs, because people are greedy.
But young people won’t repay those debts because they are being hit from 3 directions at once:
1. Higher tuition fees saddle them with debt before they earn any money
2. Higher property prices/rents encourage yet more debt after graduation
3. Lower wages and higher living costs leave little realistic chance of paying off either debt
And this is worrying because:
1. Vince Cable seems to be the only person in government who understands this, and unless he forms the Vince Cable Party, he won’t be in government in 10 months’ time.
2. The people who will be hit hardest by this are currently too young to understand/care what’s going on.
1. The economy is unsustainable
2. England hates young people
3. Scotland would be entirely justified in voting yes to independence.