The Generation That Did Everything Right — And Still Cannot Afford Adulthood
When Doing Everything Right Is No Longer Enough
There was once an unwritten contract between society and young adults.
It was never universally true.
It certainly excluded many people.
It varied enormously between countries and social classes.
But in broad terms, the promise looked something like this:
Study.
Get qualified.
Find work.
Become independent.
Buy or rent a reasonable home.
Build a family if you want one.
Save.
Eventually retire.
It was not promised that you would become rich.
The promise was more modest.
If you behaved responsibly, adulthood would be economically attainable.
For millions of younger people, that contract now feels strangely negotiable.
Education succeeded almost too well
Young generations did what advanced economies told them to do.
They studied longer.
They entered university in unprecedented numbers.
They delayed earning to accumulate qualifications.
They became digitally literate.
They learned languages.
They became internationally mobile.
Their résumés often look significantly more impressive at 28 than their grandparents’ did.
Then many discovered a fascinating feature of modern economics:
you can be overqualified to afford a one-bedroom apartment.
This is not quite the return on education brochure they remember.
The problem is not avocado toast
Intergenerational arguments have become one of the great comic genres of modern economics.
Young people accuse older generations of capturing the housing market.
Older people accuse the young of spending money irresponsibly.
Coffee plays a surprisingly prominent role.
Apparently an entire global housing-affordability crisis may have been caused by cappuccino.
The data suggest a slightly larger problem.
EU house prices rose 53% between 2010 and 2024. (European Commission)