Baby Boomer vs Generation Rent

beccad

As one of the younger generation (I'm 30 and most of my friends are about that age), I think we all got very used to the idea of having a 100% mortgage, interest only, not having to save up a hefty deposit because the bank would lend you all the money you needed, and you could worry about paying off the loan later down the line 'because that's such a long time in the future'...

My parents are always telling me how badly they struggled during the first few years of ownership, yet five years ago when my friends and I all started to buy, everyone still seemed able to carry on their social lives regardless.

So now that the banks are lending more responsibly, saving up even 10% does seem like a pretty hefty target. It can be done, but I think my generation aren't quite so preparted to sacrifice their quality of life as my parents' generation. They grew up with very little relative to my generation, who grew up in the consumerism-fuelled 80s...