'Are you richer than your parents?' Poll discussion

johncolescarr

sunny_skies wrote: »

I'm finding this so interesting. I'm under 30 and roughly the same as my parents (I think, from what they've spoken about!) I agree with EdInvestor: lifestyle has changed dramatically. We have a new TV, PS3, cable, etc etc, but we don't own our own house and we'd really love to.

I think there has been a shift in perspective on money, and that many people today perhaps don't save as hard or sacrifice as much. I try to follow my dad's example of only paying cash for things (other than a house of course). I see other people and it's only every want, want, want.

Of course we grew up in SA so perhaps I have a slightly different perspective?

I completely agree with your second paragraph. At least half the people I know have significant personal debt in addition to a mortgage (if they have one) but lead grossly extravagant lifestyles. My fiancee and I earn a good living, more than a lot of our friends/family but are more frugal than them all. However, usually they reach 30-35 and suddenly realise their huge debts (some in excess of £100,000 and thats just on loans and credit cards) and have to consolidate and pay it off for many years to come, having to live on a shoe string in the meantime. How many of our parents did this?

Mar.cresham

I would say I have more seen there not around anymore :rotfl::rotfl::rotfl:

Sensible_Jess

Financially, I am richer than my parents were at my age.

However, I am single (divorced) whereas my parents were married, I have no children (they had two of 7 and 5 by my age) and if I got married I think I would still have to work to maintain a home and family, whilst my mother took a career break and went back to work when her youngest was 5 (she came along when the oldest was 10)

If I could swap my single, stress filled (from work) family free life, with my mothers family life with no need to juggle work, keeping a home and bringing up three children, I think it would be no contest.

Even though we were sometimes not financially well off, it was a happy family and I value that my mother was able to spend time with us all when we were young, but also showed us the benefits of going out to work which she did when we were older and in school. I am sure that should I be fortunate to have a child, I will have to work so that we are not financially crippled and also that I can maintain some sort of prospect of still having a job when the child is old enough to go to school. I fear than were I to take a similar break from work as my mother did, I simply woud not be able to return to work as employers do not want someone who has taken a break from work and who might have 'outdated' skills.

Emma_Salmon

A very interesting poll, I think we're about the same but my parents think I'm better off, even mentioning it in my birthday card! Apparently they don't begrudge me! Bless them!

pete1976

It's an interesting discussion...

I think my situation (as a 32 year old) is very similar to my parents at the same age (i.e. married with kids, both homeowners) so is a fair comparison.

What I'd say is that we have far more on a day-to-day basis then they ever had; we are able to buy much more in the way of clothes, electrical goods, cars etc.

Our incomes are, I'm pretty sure much higher even with adjusting for inflation.

But...they were able to buy a house on only one income that would be almost impossible for us to buy on two full time superior incomes. Certainly on our current full time + part time income we couldn't afford a similar house.

JimmyTheWig

MSE_Martin wrote: »

To an extend yet with 10,000 typical respondents actually we get enough numbers to make multi-optioned polls like this worthwhile

So are you going to collate the results for us and display them in a graph, maybe?