Older generation want too much too late

HAMISH_MCTAVISH

Graham_Devon wrote: »

The high base rates of yesteryear are always stated in isolation too. Yet we hear quite regularly of the 15% plus wage increases people were getting at the time. So again, context is out of the window when a simple high base rate is used to suggest it was bad back then. It was bad. But that kind of wage inflation softened the blow, surely. Now we have lower base rates, but high (in relation) inflation, and very low wage increases.

Base rates peaked at 17%, but inflation peaked at 25%.

Same situation then as now, inflation was higher than both interest rates and wage increases.

abaxas

HAMISH_MCTAVISH wrote: »

Base rates peaked at 17%, but inflation peaked at 25%.

Same situation then as now, inflation was higher than both interest rates and wage increases.

No, wage inflation was higher than inflation. Hence why people geared up.

Now we have massive negative gearing.

Carpi10

Rinoa wrote: »

Just visit your local town centre on a friday/saturday night to see where their money goes.

You could have been more specific with your answer. This doesn't apply to all young people including myself, who don't go out every weekend and spend it all. If i do go out, i will spend that little extra to enjoy myself. Spending a week in school/uni can be stressful and that night out helps!

Correct me if i'm wrong but isn't that what young AND older people do? They enjoy it while they can because later on in life they will settle down and get bored because there isn't much to do here in the UK.

Eventually they will realise and start saving but if they are not brough up correctly (money/savings in mind) you can't blame them because they don't know any better.

Personally i was brought up with savings in mind and have had a savings account from the age of 10, would i have known any better if i wasn't tought correctly? NO.

This is where schools need to bring in that little bit extra with education to teach the young ones as they are growing up.

Itismehonest wrote: »

What was the excuse for the millionaire yuppies of a couple of decades ago who binged away their Saturdays?
Maybe saving a bit of that Saturday night money would bring opportunities for better things in the future?

The select few in this world classed as idiots.

Graham_Devon

HAMISH_MCTAVISH wrote: »

Base rates peaked at 17%, but inflation peaked at 25%.

Same situation then as now, inflation was higher than both interest rates and wage increases.

That's not what I have heard from the very people on this very site. I've heard mortgages were inflated away....hence we should be happy for the inflation of today.

I've been told, by you, that the inflation caused back then, was because of wage inflation, and that the inflation today we can do nothing about (this is when you don't want to see interest rate rises). On this thread, of course, you want to paint a slightly different scene.

homelessskilledworker

Oldernotwiser wrote: »

I always wonder when those days were. My parents were on the council waiting list for over 40 years, starting from the end of WW2.

You come from a dark world in the past, you are starting to remind me of the Monty Python "when I was a lad" sketch.

Well in the world I came from I was lucky enough to have lived in homes owned by my Dad, but thats not to say I did not know what was going on with the council estates.
And many of the council estates that I knew were sometimes tough places, but kids born outside marriage were much rarer in those days, it was far easier to be a working married Dad with a job in the 70's and 80's with a kid or two and get council housing than it is today.

Oldernotwiser

Graham_Devon wrote: »

Also worth point out that 10% interest rates were pretty much the norm back then. So although 14% sounds shocking now, and was hard back then, it sounds worse now than it actually may have been. Imagine going to 14% from 3%. It's a bit different to going to 14% from an average 10%.
.

Going from 3% to 14% would obviously be an enormous shock to the system but going from a high interest rate to one even higher wasn't exactly a barrel full of laughs!

Graham_Devon

Oldernotwiser wrote: »

Going from 3% to 14% would obviously be an enormous shock to the system but going from a high interest rate to one even higher wasn't exactly a barrel full of laughs!

No, I have stated it was hard. Never set out to state it was easy or a barrel of laughs, just set out to apply some context, as the base rates are used so many times for an argument as to how hard it was back then.

It's said without any context. "We had 14% rates, it was harder", as if comparing to today.

But put into context....it looks slightly different. 14% from a norm of around 10%. Wage inflation at 15% plus. It doesn't sound quite as bad as possibly intended when put that way.

ILW

I don't recall inflation being 15% plus in the early 90s.

PaulF81

moneyinmypocket wrote: »

Your picking and choosing many of the good bits, times where tough back then - medical care is much better putting cost on having a loved one around longer can't be done

Yes it can. The delayed inheritance is costing me a fortune in mortgage interest!

Tongue in cheek, of course!

Sapphire

macaque wrote: »

The older generation had cheap houses, free university, well paid jobs, good pensions, free dental care, miras, low stamp duty, low council rates, low taxes and good state benefits. Now they want the young (many of whom have to take low paid jobs and/or are saddled with ever rising university debts) to:

• To buy their houses at fantasy prices.
• Work like slaves to provide them with health care and pensions in their old age

Whilst consumer goods have become cheap, many of the basic necessities for a civilised life are beyond the reach of younger people.

You are living in cloud cuckoo land, I'm afraid. Among other things, the 'older generation', whatever that means, did not have free university (only a small proportion of people went on to further studies until very recently), many did not have 'well-paid jobs' and had to scrimp and save to afford to buy a flat, later a house, and they had far fewer state benefits than your generation has had. As far as pensions are concerned, state pensions have always been meagre, and many people retiring now do not have fantasy pensions (unless they are state employees, in which case they get decent pensions courtesy of the taxpayer).

It's time you stopped bawling, got out of your pram and did some proper research, like an adult, instead of acting like a spoiled brat. Living dream-like in your 'entitlement culture' will get you nowhere.