The rise of ' Generation rent ' in Poland.

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Edited by: Wedle Dec 24, 11, 09:43 #1

As Poles take to both debt and consumerism like a duck to water will we start to see the rise of ‘generation rent’ in Poland as in other European countries?

The average age of a first time buyer is the UK is now 37, in a recent survey a third of the people surveyed who are now in their thirties spent more than half their net income on leisure and entertainment when they were in their twenties, compared to a fifth of those who are now in their fifties and sixties. Most of the younger generation now expect to holiday abroad an average of 2.5 times a year, whereas a quarter of baby boomers never travelled overseas in their twenties

As a result, about 80pc of the Britain's net personal wealth of £6.7trn or £6,700bn is owned by people aged over 50 while younger folk often have no savings, substantial debts and little hope of becoming homeowners any time soon.

Your thoughts?

a.k.	Dec 24, 11, 09:45 #2
Wedle: Your thoughts? True. We, the youngs don't want a dull life of our parents.

WedleThreads: 24 Posts: 786 Joined: Sep 27, 11 ♂	Edited by: Wedle Dec 24, 11, 09:51 #3
a.k.: We, the youngs don't want a dull life of our parents. So you consider yourself ' The Inheritors' why work for it when you are going to get it from your parents?

NatasaThreads: 7 Posts: 2,611 Joined: Jun 6, 10 MEMBER ♀	Dec 24, 11, 09:52 #4
a.k. why don't you register?:) stop the earth i want to get off

a.k.	Dec 24, 11, 10:36 #5
Wedle: So you consider yourself ' The Inheritors' why work for it when you are going to get it from your parents? In Poland there is different culture in regards of that. Besides that most of my friends when they get married and settle down a bit with a job etc, they take loans for flat.

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Dec 24, 11, 11:29 #6

a.k.:

Besides that most of my friends when they get married and settle down a bit with a job etc, they take loans for flat.

In the period when they had easy access to mortgages, property prices were rising quickly and salaries were in line to inflation. Now the worm has turned. It is no longer the one shoe fits all solution. Banks are now very cautious in their lending Policy and companies know they don't have to increase salaries in line with inflation. Welcome to austerity Poland.

SeanusThreads: 22 Posts: 30,158 Joined: Dec 25, 07 ♂	Dec 24, 11, 11:30 #7
Good thread, Wedle. Renting and the Boomerang Generation are visible in Polish society. Couples fare a little better but they still have to tighten their belts.

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Dec 24, 11, 11:45 #8

Seanus:

Good thread, Wedle. Renting and the Boomerang Generation are visible in Polish society. Couples fare a little better but they still have to tighten their belts.

There are visible signs happening in Poland, firstly the Polish consumer has been straddled with debt over the last boom cycle, the debt I would consider is now at the acceptable level of the decision makers, taking into consideration the current weakness of the PLN, secondly developers are now downsizing their offers to meet market demand, which is 30-50 m2, the banks have been laying off workers in droves ( banks normally have forward forecasts). IMF, WTO and all main financial bodies predict Poland will slow down in 2012. Yet the Polish consumer still spends, with this in mind one could only consider that investment for the future is at the back of their minds.

SeanusThreads: 22 Posts: 30,158 Joined: Dec 25, 07 ♂	Dec 24, 11, 11:54 #9
They predict Poland will slow down because they will slow it down. Quite a safe prediction, wouldn't you say? ;)

a.k.	Dec 24, 11, 11:56 #10
Wedle: Welcome to austerity Poland. Welcome where? I can ensure you that no young person is dumb enough to scrape together and live a dull life to wake up some light years in future that their youth passed and they have nothing to reminisce. It's a sure recipte for biterness.

WedleThreads: 24 Posts: 786 Joined: Sep 27, 11 ♂	Dec 24, 11, 12:05 #11
Seanus: They predict Poland will slow down because they will slow it down. Quite a safe prediction, wouldn't you say? ;) It is in slowdown process...

SeanusThreads: 22 Posts: 30,158 Joined: Dec 25, 07 ♂	Dec 24, 11, 12:12 #12
Wedle, that's really hard to ascertain. Only political discussions seem to rate higher on the BS scale than ones pertaining to Economics. I rented for far too long here in Poland but that was due to me not knowing if I was going to stay in the early days. Poles have a different set of variables entirely.

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Dec 24, 11, 12:15 #13

a.k.:

Welcome where? I can ensure you that no young person is dumb enough to scrape together and live a dull life to wake up some light years in future that their youth passed and they have nothing to reminisce. It's a sure recipte for biterness.

Life is about day by day A.K, please remember the youth of today did not invent this ****, the same principles have applied for centuries. In the future 99% of your generation will work for the other 1%, these are the rules. Bitterness only arrives at the time of ' grass is greener on the other side'. Products change their renewal and update cycles so quickly these days, you have to well off to have 'whats hot and whats not'

The GIFT is bit by bit...

a.k.	Dec 24, 11, 12:38 #14
Some dreams are not to be done after some age. Young person can travel freely but when the baby arrives a couple is bounded to one place for several years. Enjoy your life till you can. Wear a nice clothers till you're young and beautiful... all in all after turning some age no nice clothes will help you. Merry Christmas!

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Dec 24, 11, 13:08 #15

a.k.:

Some dreams are not to be done after some age. Young person can travel freely but when the baby arrives a couple is bounded to one place for several years. Enjoy your life till you can.

Not everyone has children, or wants them. Besides, who says you can't move with the children? My parents did - several times.

I didn't fly for the first time until I was over 35; I've now flown around 70 times. I know someone who became a techno party DJ in his early 40s (he's around 60 now, and still plays out occasionally). I was a property owner at 19, but a flatsharing tenant at 38 .

If you want to be stuck in the 1950s and live like your parents, then feel free, but life's not as straightforward and regimented as it used to be (and I'm glad it isn't).

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Dec 24, 11, 13:38 #16

Wedle:

As a result, about 80pc of the Britain's net personal wealth of £6.7trn or £6,700bn is owned by people aged over 50 while younger folk often have no savings, substantial debts and little hope of becoming homeowners any time soon.

I was reading an article somewhere, I don't remember where - about how older people are holding onto large properties, way beyond what they actually need - and this is causing an acute lack of housing in the process.

Same problem in Poland - large, city centre flats are often occupied by only one old person.

SeanusThreads: 22 Posts: 30,158 Joined: Dec 25, 07 ♂	Dec 24, 11, 13:58 #17
I can't vouch for the overall accuracy of that statement, delph, but I know of one case where it rings true. An elderly lady is occupying space that she doesn't need and preventing a family from moving there. I can imagine others doing likewise. Ah well, it's Xmas so no lebensraum talk today ;) ;)

rozumiemnicThreads: 4 Posts: 1,026 Joined: Nov 16, 09 ♀	Dec 24, 11, 14:07 #18
Sidliste_Chodov: Sidliste_Chodov good post sid

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Dec 24, 11, 16:06 #19

delphiandomine:

Same problem in Poland - large, city centre flats are often occupied by only one old person.

Many of these old people that occupy large flats, it is all they have left in the world, also it is the guarantee the children/grand children will look after them. You know how it is in PL they wants the rights to flat from Babcia. If the elderly downsized and switched with the family, they would not see them for dust once the deal was done. Just the elderly being smart...

a.k.	Dec 24, 11, 20:05 #20
Wedle: also it is the guarantee the children/grand children will look after them. You know how it is in PL they wants the rights to flat from Babcia. If the elderly downsized and switched with the family, they would not see them for dust once the deal was done. Just the elderly being smart... What about the love? I don't like your cynicism.

WedleThreads: 24 Posts: 786 Joined: Sep 27, 11 ♂	Dec 24, 11, 23:08 #21
a.k.: What about the love? I don't like your cynicism. The love of spending your parents hard earned money in the future or waiting for Babcia's flat. I know you love it.

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Edited by: southern Dec 25, 11, 02:24 #22

My thoughts are that the older generations have secured priviledges for themselves for which they never gave a battle nor did they bleed in movements as they claim.These priviledges and positions of power allow them to pass the bill for the debt they accumulated to younger generations which struggle.In fact new generations are isolated of every decision made and face a true violence.
The real way is to expose the weakness of the older play them out and cause their collapse in a massive clusterfuk which they will be unable to prevent.To suffocate them by burning every alternative before they use it.It is a battle now who will spare the other the means of survival it will take extreme forms and the old will have soon to reduce personal liberties.But they willl take it in the ass for granted what they face is huge and ruthless.

terriThreads: 1 Posts: 385 Joined: May 3, 09 ♀	Dec 25, 11, 09:44 #23
.>>>>..never gave a battle or bleed in movements... Obviously NOT, the older generation (70-75 plus) never went through World War II, their children generation (50 +) never went through the 1980s........ everything was handed to them on a plate....and now the younger generation wants the same. No comment.

a.k.	Dec 25, 11, 09:54 #24
Wedle: The love of spending your parents hard earned money in the future or waiting for Babcia's flat. I know you love it. I will not inherit anything from my babcia and I love my babcia. Since now on I will not talk to you. I'm deeply ofended. You pushed the limit this time.

milkyThreads: 10 Posts: 1,229 Joined: Oct 26, 09 ♀	Edited by: milky Dec 25, 11, 10:13 #25
Very confusing heading,what's it to do with Poland?? Since 1989,Poland has been generation buy buy buy, and rent just reminds them of communism. Saying that, renting is a much safer and cheaper option atm.

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Dec 25, 11, 20:56 #26

milky:

Since 1989,Poland has been generation buy buy buy, and rent just reminds them of communism. Saying that, renting is a much safer and cheaper option atm.

Milky, the above is not actually true,since 1989 Poland has been through two recessions. If you are here short term renting is the more simple option, many foreigners workers in 2007/8/9 fell in to the hype of Polish real estate. However getting back on thread, a.k is classic example of Poland's next generation, all they want to do is spend, travel and look down on the older generation in Poland, as if they are the smart ones

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