This article originally appeared at VICE UK.
I hope you guys are sitting down, because I'm about to tell you some news that will shock you. Maybe get a tea or something on the go. Okay, ready? Deep breath.
People in their thirties are less rich than people in their thirties were ten years ago. I know, I know. Try to stay calm.
Babies born in the 1980s are only amassing shitty fortunes averaging at about £27,000, whereas those born in the 1970s had £53,000 by the same age. This is all based on "wealth", which the IFS (Institute for Fiscal Studies) – who conducted the research – defines as property owned, savings, pensions, etc, also taking into account the amount of student debt and credit cards they've been farting around with. If only there was some explanation as to how this terrible miscarriage of justice and completely unfair thing has come to be.
"With sky-high house prices so out of step with average wages, it's no wonder a whole generation are being priced out of a home of their own and left with no choice but expensive, unstable private renting," said Campbell Robb, chief executive of Shelter, to the BBC. "At Shelter, we see the impact of our chronic shortage of affordable homes every day, with thousands of people forking out most of their income on rent and left living from one pay cheque to the next."
Lib Dem Treasury spokeswoman Susan Kramer said: "Year after year, government after government, we are failing to support the next generation, often because the simplest political solution is to focus purely on those more likely to vote. We need to redress the balance between generations. This is what happens when short-term political calculations override the need to build a better future for everyone."
Oh yeah, that's right: we're being fucked from every angle by people who are comfortable in their own finances so they can sort of just piss around and do whatever they like and sing "Rule, Britannia! at the last night of the proms while they link arms and do that stupid bending-down-and-rising-up dance thing.
So actually, the news isn't that shocking at all when you come to think of it.
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