Are you richer than your parents were?

24

Comments

  • Tantawan99
    Tantawan99 Posts: 1 Newbie
    Coveredinbees!!!! wrote: »
    yea can't answer it, not comparing like with like. I'm worth more asset wise but no richer



    Fully agree with Coveredinbees,,,We’re talking wealth and income here,,, income is definitely more , but outgoings also more, so i would have to say that yes i have more wealth, but i am certainly not as rich....
  • catmonkey85
    catmonkey85 Posts: 70 Forumite
    I am better off. I have expendable income after mortgage etc. My Mum didn't - but she had 2 kids and I don't have any!
  • Brallaqueen
    Brallaqueen Posts: 1,355 Forumite
    yes and No. in 1970's my dad was bringing home the equivalent of 40k a year, mum was a SAHM of 4 children ( 4 to come) however my mum never got to see it as 90% went on the beer and the horses. On paper they were flush but in real life my mum was rooting through his pockets to pay the mortgage.
    Emergency savings: 4600
    0% Credit card: 1965.00
  • System
    System Posts: 178,090 Community Admin
    Photogenic Name Dropper First Post
    Probably worse off financially as I am dependant on my husband for cash whereas both Mom and Dad had a joint bank account.

    However, i do own my own house outright whereas Mom and Dad were mortgaged.
  • torbrex
    torbrex Posts: 71,340 Forumite
    Combo Breaker First Post Rampant Recycler Hung up my suit!
    I think that I am probably richer than my parent were in their 50's but as money was not really discussed between us I can't be positive.
    They brought up 5 children where as I have none.
    They continued to pay their mortgage until dad retired with the final payment on the same day. I was able to use my share of mum's estate to pay a huge lump off my mortgage and the remainder was paid off 4 years ago (before I hit 50).
  • luxor4t
    luxor4t Posts: 11,125 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Substantially better off than DH's parents.

    Better off than my parents.

    A lot of that is due to DH's parents leaving school at 14.
    I can cook and sew, make flowers grow.
  • Jeff_Bridges_hair
    Jeff_Bridges_hair Posts: 6,330 Forumite
    Im substantially better off then my parents were at my age. I own my own home with no mortgage as I got a bit lucky with an inheritance from me grandparents. I earn a lot more than they did combined and I have no kids nor a nagging missus.

    Am I happier then they were at my age? I doubt it.
    "If you no longer go for a gap, you are no longer a racing driver" - Ayrton Senna
  • sapphireeye
    sapphireeye Posts: 275 Forumite
    I'm 25 and I would say that I'm worse off. My parents were married with their own property (quite a large house) within commuting distance of London, two cars and had quite well paying jobs, whereas I'm on my own, I've just had to take a year out of university due to the recovery from a complex operation and now I'm two weeks away from hopefully being able to work again, I'm looking for a job. I still live with my parents and the only real asset I own is my car which is only worth about £1500. Even if I get the job I want and got a mortgage with my boyfriend, I think we probably wouldn't be able to borrow enough for the same size of house but as a result we might have more disposable income.

    My dad bought his own flat when he was 21 and I was definitely not able to do that. We worked out that the flat cost about 2.5-3 times his salary, whereas the same flat when I was 21 (and in a reasonably well paid job) would have been 5-6 times my salary!
  • Catriona_P
    Catriona_P Posts: 843 Forumite
    First Anniversary First Post Combo Breaker
    I'm 28 and comparitively speaking I'm worse off. My parents owned their own home at 24, married at 25 and me at 25. I owned my own home at 24, married at 25 and my child at 26. However, my debt levels are higher and most importantly, quality of life is lower. Less of their wages went on bills and other essentials.
    "Why, this is hell, nor am I out of it."
  • patmac_2
    patmac_2 Posts: 4 Newbie
    I'm substantially better off with a work's and state pension. My husband and I own our home outright. My mother died of cancer when she was just 42 years of age and I was still a teenager. Both parents came from large families and had to leave school at 14 to help support their own parents. It was such a pity because my mum and dad were both intelligent people. I'm so grateful to my father for recognising the value of education and allowing me the opportunity to go to teacher training college. However, I also would not have been able to do this without the help of a student grant.
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