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alonso

16,807 Posts.

139

09/06/24

14:54

Post #: 74237023
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Originally posted by johngalt815: ↑

The circumstances are different.

The older generation had to work hard because there was no easy path to wealth, options were limited. Most people were blue collar workers and people took pride in that. Properties were cheaper back then so working hard to pay off a mortgage with increased in property prices was a good investment.

Today the young people can get rich quick through the internet, like social media where you can instantly reach billions of potential customers where you seat. People who work hard and not work "smart" are looked down upon. And more options for younger people to enjoy their life like backpacking instead of cleaning babies shit. Plus property prices have increased far too much to make paying off the mortgage an attractive choice, compared to just waiting for their parents to drop dead and get a million dollar property without doing anything.

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I don't know about getting rich quick on the internet.
A few people I would think, a very small proporrion

But what you say about different property prices is true, not only in relative terms but in absolute as well.
And as you say, in those circumstances there is less incentive to save and a greater propensity to spend.
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