Grace Blakeley gives her thoughts on life under capitalism that hopefully won’t make you feel desperately alone. Email lessmoneymoreproblems@vice.com with your queries.
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JackHi Jack,The first thing to say is that you are not alone – millions of working people across the UK are facing the twin curses of rising debt and insecure employment.Since the 2007 financial crisis, young people have been attempting to make ends meet in the wreckage of a broken economy, coping with high debts, high rents, stagnant wages, and an insecure labour market. The average worker is no better off today than they were in 2007, and unsecured debt – like credit card lending – is the highest it has ever been.The Resolution Foundation has shown that millennials are likely to be the first generation since 1881 to be worse off than their parents. And while 1881’s kids probably had their problems, they didn’t have to worry about climate change ending civilisation.You’ve probably seen young people being derided for spending too much on avocado on toast to save up for a house, unlike their responsible parents. But the only reason many boomers were able to “save” so much money is that they rode the wave of a property and financial boom that ultimately led to the financial crisis. Unable to benefit from the pre-crisis boom, it is us millennials who have been left to bear the costs of the bust.
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