The generation poorer than their parents

ILW

Percy1983 wrote: »

Funnily I will show my situation:
Start work at 15
Live with parents until late twenties.
No more than 5 weeks holiday per year.
No foreign trips.
Meal out once or twice a quarter at most.
Do your own car repairs, + high insurance premiums.
No renting movies, has cinema pass for £15 a month.

So I get a few more holidays, less meals out and a cinema pass, can I go back to the 70s please.

So you should have had around £30-40k saved by your early twenties. Enough to buy a property.

IronWolf

ILW wrote: »

Most could buy a house now if they did live a basic 70s lifetyle.

Start work at 16
Live with parents until late twenties.
No more than 3 weeks holiday per year.
No foreign trips.
Meal out once or twice a month at most.
Do your own car repairs.
No renting movies, wait 2 years for them to come on the telly.
etc etc.

Live at home til late twenties? well if you wanna be a loser all for the sake of a house then I suppose you could. My parents moved out in their early twenties to buy a house.

System

ILW wrote: »

So you should have had around £30-40k saved by your early twenties. Enough to buy a property.

Percy has always stated he can afford to buy one.

Although his new signature has confused me.

ess0two

Percy1983 wrote: »

Funnily I will show my situation:
Start work at 15
Live with parents until late twenties.
No more than 5 weeks holiday per year.
No foreign trips.
Meal out once or twice a quarter at most.
Do your own car repairs, + high insurance premiums.
No renting movies, has cinema pass for £15 a month.

So I get a few more holidays, less meals out and a cinema pass, can I go back to the 70s please.

Living like a monk you must be loaded.

shortchanged_2

MFW_10YRS wrote: »

Beer and fags were much cheaper though in the 70s. We went out the other weekend and I bought a couple of pints of Erdinger and a couple of glasses of wine and didn't have much left from £20!

£20 in the 70's would have financed a whole night out for four people, 200 fags, taxi fares to and from town, a cruise, a farm house and there would still be enough change to buy a bag of chips at the end of the night.

Exactly that's my point. People these days have/need an alternative to going down the pub for entertainment and I'm afraid the likes of sky TV and a couple of cans in the house is the cheaper alternative of today.

DervProf

IronWolf wrote: »

Live at home til late twenties? well if you wanna be a loser all for the sake of a house then I suppose you could. My parents moved out in their early twenties to buy a house.

Living with your parents to save for a house until you are nearly 30 is being a loser, is it ?

I think you'll find the loser is the landlord who might have been renting their property to the savvy youngster.

And it seems that there are more and more "losers" around these days. I have several friends who have sons and daughters well into their twenties who are still living with them. I didn't leave home until my mid twenties and managed to buy my own place. I didn't mind being a "loser" while saving a deposit while still having some money to enjoy.

onlyroz

wotsthat wrote: »

When the older generation snuff it where does all their wealth go? Does it just disappear into thin air?

Their money will be given to care-home providers when they go senile.

Percy1983

Joeskeppi wrote: »

Percy has always stated he can afford to buy one.

Although his new signature has confused me.

That has been raised before and I have clarified it, sorry if you missed it.

My income is high enough to support a mortgage and then some, just need the deposit.

ess0two wrote: »

Living like a monk you must be loaded.

Sort of.


In my situation the starting work at 15 was a good and bad thing, good as it has got me to the income I am now. The bad thing was I had to accept wages below minimum wage and pay for training. This mixed with things like car insurance which wiped out half you yearly earning before you even more basically lead to me running up debts(+ a healthy amount of fun).

As it the plan always was pay it back when my income is up, to which that is where I am now (and approx the next 2 months), after that the fruits of my hard work will be making that number in my signature jump every month by quite a nice amount. Then I can buy a house and live quite nicely forever after.

With that if I did my profession back in the 70s I would be much better off now.

ILW

Another factor is that in the 70s, for young working class people, ownership was an aspiration rather than an expectation.

DervProf

ILW wrote: »

Another factor is that in the 70s, for young working class people, ownership was an aspiration rather than an expectation.

I would have said that it was more of an expectation in the 70s. Today, any young person who looks beyond the property !!!!!! on TV will realise that they will need a well paid job to be able to buy a place of their own. Of course, those who are spoiled by their parents, or who don't know the value of money, will probably just expect that they'll be able to buy a home.