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Baby Boomers Were More Financially Responsible
GeorgeHowell
Posts: 2,739 Forumite
Perhaps this is only tangentially relevant to this forum. But hey, it's Christmas (almost), so let's cut a little slack !
In today's paper http://goo.gl/0N8eC the Chartered Insurance Institute is quoted in saying that the Baby Boomer generation should not feel guilty about the younger generation's financial problems, although they are often blamed for it. Although the Boomers did, and do, have advantages with housing, pensions etc they also saved more in their youth, thought more about their long term financial future, and spent proportionately much less on leisure and entertainment.
Fair comment ?
In today's paper http://goo.gl/0N8eC the Chartered Insurance Institute is quoted in saying that the Baby Boomer generation should not feel guilty about the younger generation's financial problems, although they are often blamed for it. Although the Boomers did, and do, have advantages with housing, pensions etc they also saved more in their youth, thought more about their long term financial future, and spent proportionately much less on leisure and entertainment.
Fair comment ?
No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher
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Comments
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Personally, I'm tired of the blame game some want to incite between the old and the young and especially the often silly generalisations.
As you suggest this probably isn't the right forum so perhaps the thread could be moved to The Money Savers Arms for those who enjoy such stuff.0 -
GeorgeHowell wrote: »Perhaps this is only tangentially relevant to this forum. But hey, it's Christmas (almost), so let's cut a little slack !
In today's paper http://goo.gl/0N8eC the Chartered Insurance Institute is quoted in saying that the Baby Boomer generation should not feel guilty about the younger generation's financial problems, although they are often blamed for it. Although the Boomers did, and do, have advantages with housing, pensions etc they also saved more in their youth, thought more about their long term financial future, and spent proportionately much less on leisure and entertainment.
Fair comment ?
And what the younguns who do save a lot more, and spend proportionately much less on leisure and entertainment, yet cannot afford the same as the Baby Boomer generation?0 -
And what the younguns who do save a lot more, and spend proportionately much less on leisure and entertainment, yet cannot afford the same as the Baby Boomer generation?
Try this.
Start working at 16, save 3 or 4 grand a year towards a deposit whilst living at home with parents and buy a one bedder at around 25. Easy.0 -
Try this.
Start working at 16, save 3 or 4 grand a year towards a deposit whilst living at home with parents and buy a one bedder at around 25. Easy.
In my area you wouldn't be able to do this unless you were earning around £25k minimum.
I'm not saying it's impossible. But the BB gen didn't have to live at home and save for 9 years before they got on the housing market.0 -
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Very few bought at younger than 25.
Do you have any stats on this? As from everyone I know of that age (apart from my mum), they had bought before 25.
The OPs view the all younger generation spend more and don't save is a ridiculous comment. I for one, do live at home and save £900/£1k a month. I do splash out every now and again (such as Christmas time
) but for most of the year I do save. 0 -
I can only speak for myself but I bought in my forties, the first one in our family to purchase rather than rent LA housing.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
Do you have any stats on this? As from everyone I know of that age (apart from my mum), they had bought before 25.
The OPs view the all younger generation spend more and don't save is a ridiculous comment. I for one, do live at home and save £900/£1k a month. I do splash out every now and again (such as Christmas time) but for most of the year I do save.
I would suspect you are in a small minority.
In 10 years you will have £50k saved, how much is a starter place in your area?0 -
I remember about five years into our marriage, in about 1977, we decided we'd just be about able to manage on my salary for a while, so maybe it was time to think about starting a family. (Parts of the project were a bit more romantic than that!)
Nowadays, one suspects that such thoughts as we had don't tend to come into the family 'planning' equation!
Reading the above I sound like a right old f**t, but what the heck. I'm allowed to be!
Happy Christmas one and all.0 -
I would suspect you are in a small minority.
In 10 years you will have £50k saved, how much is a starter place in your area?
Yeh I am very small minority! Most of my friends who live at home can save some a month, but nowhere near as much as me, I am lucky.
I will agree that a lot of the younger generation prefer to spend than save, but not all!
£140-150k for a starter. I will be able to afford, but I imagine a lot of my friends won't be able to for a very long time. Although they are on liveable salaries, the area I live in is quite expensive. I think they will do the same as you, and not buy into their 40s.0
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