Dr. Eliza Philby

They had.

And then the access to invest and build that wealth is unprecedented.

And I would argue unrepeatable and exceptional, truly exceptional.

So what you have is, and the sort of way of thinking about it is when millennials sort of came of age in the aftermath of the financial crisis, certain things became cheap.

food no longer cheap but food and eating out specifically used to be you know was cheap yeah right buying a coffee avocado on toast you know all of that it became really cheap food used to be really expensive it used to be a fair much higher chunk and proportion of your income you spent on food what else became cheap travel you know the democratization of travel in the 21st century has been wonderful nothing but benefits right except for the climate

What else became cheap?

Tech, of course, and that universalization of the smartphone, laptop, whatever.

But what became expensive?

And this is the key thing.

The things that were cheap for baby boomers became really expensive for millennials, their kids.

So what became expensive?

Healthcare in the US, of course.

Education, both public, college and private.

And across the UK and really across the world, the cost of education goes up.

Housing, of course, both renting and buying.

That's the critical thing.

It's both renting and buying.

And childcare.

I shouldn't forget childcare because it's become extraordinarily expensive.

So what weirdly, as millennials became adults, the big things in life...