I have been speaking recently to clients about the so called ‘generational divide’ – the seemingly vast wealth of the baby boomer generation with their burgeoning property and investment portfolios when contrasted with the apparently hopeless state of the millennials finances.
I have long argued that these types of generalisations are very unhelpful and don’t really serve to achieve anything.
In fact, I think media narratives like this have the potential to become self fulfilling prophecies if we are not careful.
If millennials are bought into the fact that they are ‘doomed’ to rent for their entire lives and they they will never retire, then this is probably what will happen.
I have a bit of a bee in my bonnet about this issue and, in our own small way, we are committed to doing something about it.
Next year we will be launching the first Buckingham Gate ‘next generation’ workshop to hopefully teach our client’s children some of the lessons that have made them so wealthy.
This is the subject matter that really should be being taught in schools but definitely isn’t (and if anyone thinks a 30 minute ‘general studies’ session on personal finance qualifies as sufficient financial education to prepare young people for a lifetime of financial decisions they are sorely mistaken).
We will also be covering some of the slightly more advanced wealth building strategies that have served our clients so well.
I will keep the blog updated as we finalise the plans for the workshop next year and we will be announcing the date early in 2019.
We hope to see as many of your children there as possible.