Baby boomers' spending habits 'a disgusting outrage', says Telegraph journalist

'It's part of the modern selfish society of Britain', says columnist Alex Proud as baby boomers spend their savings

The young generation are relying on parents to help them buy property

Thursday, July 28, 2016

A study has revealed two out of three baby boomers plan to spend their money rather than pass it on to their children. 

Telegraph columnist and nightclub owner Alex Proud believes this shows the "system is broken".

The baby boomer generation is widely seen to have profited from house prices rising and generous pension schemes, yet the study found the current young generation are relying more than any other on their parents' money in order to afford to move onto the property ladder.

"It's part of the modern selfish society of Britain," Proud told Sam Delaney. "For hundreds of years, one generation has handed on their wealth, their income, their property to the next – and this generation has sat there and watched property prices quadruple.

"They've watched their children and grandchildren unable to afford a house in places like Brighton or London. 

"The system is broken. That selfish attitude of 'we'll just spend the money today and not worry about tomorrow'.

"I don't want people to be spoilt brats, but I think parents have to accept they made a fortune from property prices going up 10 times and they have to hand some of that on because kids won't be able to afford flats and that is a disgusting outrage."

Listen to the full interview to hear more of his passionate views