Across The Developed World, Millennials See Boom Times Turn To Bust

As the resurgence of anti-establishment, populist parties across the developed west would appear to suggest, young people in the world's wealthiest countries are coping with levels of doubt and pessimism unlike anything witnessed in modern history. And a recent study published by the think tank Resolution Foundation incorporating data from eight developed countries - but focusing on the UK - found that the millennial generation will almost certainly be worse off than the generation that preceded them.

The rates of growth in home ownership, incomes, life expectancy, the broader economy and a host of other factors is slowing rapidly in developed countries, contributing to an air of pervasive pessimism, which the study also captured.

As Bloomberg points out, in the UK, Generation X was 54% better off than the baby boom generation, which consists of people born between 1946 and 1965. Millennials (people born between 1980 and 2000), meanwhile, had incomes just 6% higher than those of Generation X at the same age.

Millennials

The drop in rates of home ownership is also notable, as the younger generation clusters in cities, where they're typically unable to afford to purchase property. For millennials in their late 20s, the figure is 33% compared with 60% for baby boomers at the same age.

Indeed, pessimism about the prospects for living standards is also high across high-income countries, with the UK more downbeat than many of its peers. Both long-run trends and more recent developments provide the backdrop for many of these shared anxieties.

For example, in nearly all high-income economies, the post-war baby boom and increases in life expectancy have acted together to bring about population ageing, which will likely continue to a crunch in social services in the coming decades. This phenomenon is present in the UK and the US but particularly acute in Japan, where birth rates have plummeted to among the lowest in the developed world.

Birthrates

Finally, voting rates are another manifestation of this generational malaise. Those in their late teens and early 20s are less likely to vote than older people across advanced economies.

Voting

The turnout gap is particularly large in the UK. The evidence suggests that this difference remained sizeable in the UK’s 2017 general election, although turnout increased markedly for a slightly older group in their 30s and early 40s.

But perhaps the most acute problem is the declining growth of the economy. Indeed, in every developed country measured by the study, the rate of growth has declined (in all countries except Australia), something the authors of the study attributed to the economic shock of the financial crisis. 

GDP

At this point, the millennial generation is already living through these declines in overall quality of life throughout the developed world. But one question that has not yet been addressed is whether the generation that follows the millennials will see this slide continue, or experience some kind of inter-generational rebound.

Read the study in its entirety below:

 

IC International by zerohedge on Scribd

 

Comments

Sudden Debt Lost in translation Tue, 02/20/2018 - 20:23 Permalink

The young can blame anybody they want.

The west hasn't been build on their backs but they're the biggest complainers in the west since ever.

And in the end, it's the landlord who calls the shots.

Money will always rule even if they have the socialist dream

They're not willing to fight for their future, just complain about it.

Maybe the next generation will do better...

In reply to by Lost in translation

slightlyskeptical Tue, 02/20/2018 - 18:58 Permalink

Governments and corporations have taken over all most the assets in the world. This has driven the price of all assets to the point where the majority of the population is forced to pay them rents instead of owning themselves. We need a HUGE crash to level the table so that everyone can eat.

LetThemEatRand ted41776 Tue, 02/20/2018 - 19:13 Permalink

What our society looks down upon is hard work.  Most people -- especially young people -- believe that they should get rich by becoming a celebrity or via get rich quick schemes (e.g., become the next Facebook, or make a million in crypto), and that work is for suckers.  I cannot imagine where they got that idea other than perhaps the 24/7 media that celebrates celebrities, internet billionaires, and bankers.

In reply to by ted41776

swamp LetThemEatRand Tue, 02/20/2018 - 19:46 Permalink

American millenials suck. They are hate filled raging morons. 

They cannot compete on a world scale because most kids who can afford school in other countries actually study hard and achieve something, unlike the free stuff Burnie baby crowd of gimme. Awards for getting out of bed and tying your skate board shoe laces are not needed skills or achievement awards that produce.  

In reply to by LetThemEatRand

divingengineer LetThemEatRand Tue, 02/20/2018 - 19:47 Permalink

The incoming kiddies where I work get the speech, whether or not they want to hear it. Work hard, for years, get recognition, promotion and eventually significant compensatory considerations.

They look at me like I’m fucking insane. First route for millennials is usually trying to brown nose mgt. or tattle on coworkers to get ahead. They are a bit slow at realizing that they don’t make new employees managers within the first two years of their first job. Next step is disgruntlement and aloofness, followed by sudden absence.

In short, I am not impressed with them. I do have one keeper in the bunch though.

Doubt mgt. will take the necessary steps to retain him.

In reply to by LetThemEatRand

hongdo divingengineer Tue, 02/20/2018 - 20:14 Permalink

Glad I am out of that mess.  You have hit on one key point.  There are always a few people that are worth 10 of the average ones.  It's very hard to find them and even harder to keep them.  They get bored easily and you need to either reward them well or have them chained up with kids and a mortgage.  Unfortunately HR rarely recognizes that.  Unless you have an old hand with real experience ( I was lucky I did) rather than a bunch of PC know nothings.  It was like pulling teeth getting an "out of band" offer for talent.  Easy if all you wanted was a 3 pointer.

In reply to by divingengineer

Sonny Brakes LetThemEatRand Tue, 02/20/2018 - 20:42 Permalink

Why does financial success illude hard-working men, the men who burn themselves out working a physical labour job? I define 'hard-work' as physically demanding work. Work that needs to be performed on time and on budget. Showing up for a job for 30 years, especially a job that wasn't earned through merit, but was granted by a well-connected relative, isn't what I call 'hard work'. Most people who work hard are sent home once the hard work is done.

In reply to by LetThemEatRand

Parrotile InnVestuhrr Tue, 02/20/2018 - 22:31 Permalink

You may recall the "buzz phrase" in the 1980's was "Work Smarter, not Harder".

The reality was those who were smart (i.e. able to learn fast, and understand / apply that knowledge) were also expected to work "harder" to offset the deficiencies of others (and, no "bonuses" for capability or work ethic).

My career choice was VERY dependent on both "smart" and "Hard" work - they are not mutually exclusive.

In reply to by InnVestuhrr

kikrlbs LetThemEatRand Tue, 02/20/2018 - 20:02 Permalink

Hey man, in my mid 20s, about 6 months into the depression, I had multiple friends with masters degrees calling me and begging me to get them a 10$ hour job at my factory. That's some scary shit. Now, they all "have their shit together", house, kids, decent job but, they have so much fucking debt.  I don't have shit, but have almost no debt. So these are the 2 options previous generations left us. And people scratch their heads wondering why so many millenials have false hopes, because those false hopes are the only hope they have.

In reply to by LetThemEatRand

divingengineer ted41776 Tue, 02/20/2018 - 19:41 Permalink

Take heart in the fact that the boomers will start dying off en masses soon.

Millennials, having no experience handling money or doing anything else for themselves, will squander it all in a very short period of time.

So in like, 20 years, big time economic boost! Flash in the pan. Back to being poor, but with no skills.

”Oh, no! We suck again!”

In reply to by ted41776

Altesh divingengineer Tue, 02/20/2018 - 19:58 Permalink

Actually millennials are better savers than older generations.

 

I also do not get the idea that millennials have no skills. Sure if you give me a hammer I can probably do less than the average boomer in say construction. But if you put the average boomer at my work, I doubt many would know how to titrate, design a chemical synthesis, calculate oxygen demand, working a spectrophotometre, reading a NMR chart, how an autoclave is used or even how to properly use a pipette. I get the feeling people judge millennials based on how well they can use a hammer, not how well they can perform their chosen field. 

In reply to by divingengineer

Low IQ fan of VVP Altesh Tue, 02/20/2018 - 20:36 Permalink

I say if you don't know how to even hold a hammer without someone telling you how, which is how dumb a significant number of millennials appear to those judging them, then whatever high-tech or hard science stuff those millennials indeed can perform is rather pointless as this mean they aren't capable of surviving in the real world--only in a highly restricted/specific world, like a game or as a lab subject.

In reply to by Altesh

Parrotile Altesh Tue, 02/20/2018 - 22:34 Permalink

Being able to perform tasks that can (and therefore will) be automated "in due course" might not be a good choice for the future.

Whilst I too used to work in your area (synthetic / analytical Chemistry) the money was poor and Medicine paid better.

I do not know if that is still the case however.

In reply to by Altesh

divingengineer Altesh Wed, 02/21/2018 - 00:10 Permalink

If you are a natural sciences professional, you are not who I am referring to. So many of your cohorts are snotty little shits that need a huge tuneup.

When I was a young nipper you talked less, listened more and never, ever, talked shit to older people. Call it manners, or what have you. These kids now are smartass mother fuckers that don’t know shit from shinola.

BTW, my wife is a chemist, competitive products analysis(spying/patent enforcement ),  and method development.

In reply to by Altesh

Deep Snorkeler JimmyJones Tue, 02/20/2018 - 19:35 Permalink

Good Advice for Life in the New World

1. do not have children

2. treat all robots with respect and deference

3. intensive self education replaces store-bought education

4. the death of moral certainty occurred in 1968

5. buy land that has its own water well

6. remember that reality is being staged for you

7. you do not need funeral insurance

8. don't go to rehab, no, no, no

9. bottled water and canned food

In reply to by JimmyJones

robertocarlos Deep Snorkeler Tue, 02/20/2018 - 20:11 Permalink

We had a woman sue the bank because she bought funeral insurance  so her 4 sons would not be burdened, you know the schtick, and then she suddenly ran into money problems and wanted to end the $25 a month payment and get a refund. Bank says no refunds. The policy pays out $10k when she dies. She already gave the bank $10k or so in payments and she was expected to live another 15 years. She sues so the bank relents and gives her back 800 bucks. On top of that her sons are all rich.

In reply to by Deep Snorkeler

TeethVillage88s Tue, 02/20/2018 - 19:05 Permalink

The Propaganda now has them... like Bangkok... Bangkok has them now.

Everywhere around the world
They'll be dancing
They're dancing in the street

It's just an invitation across the nation
A chance for folks to meet
There'll be laughing, singing, music swinging
Dancing in the street

Captain Nemo d… Tue, 02/20/2018 - 19:07 Permalink

Now you see the genius of the elites. If things are turning bad across the developed world, why not steal some more and make it like the under-developed world and then people will have hope again ... they are doing God's work.

nmewn Tue, 02/20/2018 - 19:17 Permalink

Damn.

Just when they had put all their faith in skittle shitting unicorns squirting out Faaarrreee! college, healthcare, Mom Jean wearing mulatto Kenyans and emotional support hamsters.

Man...thats really gotta suck! ;-)