Are you richer than your parents were?

[MSE Debs]

Poll started 23 Oct 2012

Over the last century, each generation has got progressively richer. Yet in these difficult economic times, is it still true? We’re talking wealth and income here (factoring in inflation). Of course, you can’t be totally accurate but take your best guess.


Are you richer than your parents were at the same age?

Vote in this week's poll

Did you vote? Why did you pick that option? Are you surprised at the results so far? Have your say below. To see the results from last time, click this

[beckythemadcow]

I think this is really difficult to judge. My parents had children and mum was a SAHM mum when my age, so things would have been tight, however they could afford a home of their own, which I cannot.

[billbennett]

It's hard to tell - prices are different, so really this poll needs to be accompanied by an inflation calculator.

[Coveredinbees!!!!]

yea can't answer it, not comparing like with like. I'm worth more asset wise but no richer

[seven-day-weekend]

I'm substantially better off. I own my own house outright (they could not afford one), have a car (they did not), and up until recently owned a second home as well .This is now sold and I have money in the bank.

I'm a baby boomer

[SAMFOB]

I agree, it's too difficult to answer.

My mum had 3 kids at my age & was living in a council house on benefits.
My dad lived with his parents at my age & didn't have kids, doubt he was working, but he may have been.

I am married, saving for a house deposit, whilst living in privately rented accommodation & don't have kids.

Our situations are too different to compare.

[McKneff]

Originally Posted by seven-day-weekend

I'm substantially better off. I own my own house outright (they could not afford one), have a car (they did not), and up until recently owned a second home as well .This is now sold and I have money in the bank.

I'm a baby boomer

Me too, my parents would have thought they had won the Pools if they had what we had in property and savings.

I expect our offsprings to be substantially better off than we are.

~They are naturally going to get half of our estate each and half of their spouses estates.

[Casanova]

I'm 27. My parents hadn't met at this age, but they'd both owned houses for a long time (my dad bought his first at 18, my mother at 20!). Both my parents had just bought their first new car around this time (my mum a Fiat Strada, my dad a Cavalier). My mum worked in local government and my dad was selling windows. Both had savings, no student debt and no personal debt except their respective mortgages.

I have no savings, can't afford a house and have five-figure personal debt and the same again in student debt. Although I reckon I'm probably earning more in real terms than either of them was at my age, I am certainly worse off.

[SailorSam]

I'm on benefits at the moment so can't really say i'm well off but i came from a one parent family in a Council flat and we'd live on egg & chips; had second hand furniture, and holidays in Rhyl only 'cos my Nan had a caravan. I suppose i'm better off now.

[mystic_trev]

My Father retired at 65.

I retired at 42 - 16 years ago!

It was thanks to my Parents guidance, that I was able to achieve so much at an early age. Wealth and happiness

[drinkupretty]

At my age my parents were established in their careers and owned their own homes. I have just began in my chosen career have never owned my own home and can barely afford rent. Go figure.

[Tantawan99]

Originally Posted by Coveredinbees!!!!

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]

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]

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.

[Judi]

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]

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]

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.

[Jeff Bridges hair]

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.

[sapphireeye]

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]

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.