Where have all the 20 something’s gone?

Cakeguts

moneyistooshorttomention wrote: »

That's the thing though - you were prepared to move (and seem to feel okay about it) for a starter house. Others of us move - and are upset at having to do so.

I certainly feel it's wrong for people to have to move to elsewhere in the country to get a house - whether it's a starter or a further-up-the-ladder one and I don't blame people a bit who say "Why should I?" and won't - and I expect that's most people.

The problem is that there isn't actually anywhere in the country where houses are too expensive for people to buy because in actual fact houses are bought and sold everywhere. However not everyone can afford to buy where they want to. I can't afford to buy a house in Monaco but people do. So are you saying that even though I have found somewhere to live where I can't afford a house someone should be persuaded to give a huge discount on their property so that I can afford my lifestyle choice?

economic

moneyistooshorttomention wrote: »

I must say I'd be interested to know how it could possibly be their own fault if:
a. They are doing a full-time job or career and trying to earn as much money as they can.
b. They are being good with money (no takeaway coffees/50" tv/running a car/etc).

:cool:

I think that comment of yours must rate as the most illogical one I've read yet...

That's not enough. Either their job doesn't pay well in which case its most likely they didn't put effort to search for a well paying job or their IQ is not high enough - both the fault of the person (either through laziness or genetics).

Or they are not saving hard enough and making enough sacrifices. For eg if they can live with their parents for 10 years to save for a deposit then that helps a lot.

moneyistooshorttomention

economic wrote: »

That's not enough. Either their job doesn't pay well in which case its most likely they didn't put effort to search for a well paying job or their IQ is not high enough - both the fault of the person (either through laziness or genetics).

Or they are not saving hard enough and making enough sacrifices. For eg if they can live with their parents for 10 years to save for a deposit then that helps a lot.

:rotfl::rotfl::rotfl:If I thought your last comment was illogical - saying that someone can help the IQ they are/or aren't born with positively takes the biscuit.

Some of us are born lucky enough to have good IQ level:D - but what one gets for an IQ level is sheer accident of birth and the exact same parents can have one intelligent child and one child as thick as two short planks - yes...a situation that some of us are very familiar with.

As for the thought of living with parents for as long as 10 years - say 21 (allowing for the huge proportion of population going to university of one description or another these days) to 31 years of age:rotfl:. I feel sorry for both the kidults concerned and their poor parents (who should have had the house to themselves for some years by the time their "children" hit 31).

Boy - are you piling up some bad karma for yourself somewhere along the line to find out personally just how illogical/uncompassionate your comments are.

RuralDreams

I'm a millennial and currently looking for my first home. It is difficult in the current climate with property prices being so high, wages stagnant and fewer 'suitable' houses being available. Suitable is obviously dependent on the buyer and circumstances. I personally do not like new builds and their room sizes but horses for courses.

There is help out there in forms of ISA's, stamp duty changes, ftb schemes but again these are dependent on personal circumstances.
I am fortunate that I can take advantage of the LISA.

I feel many of my peers have a very lax attitude towards saving, they enjoy the pay as you go lifestyle; cars on finance being a very popular choice of most.
Needing the latest gadget, latest phone, new clothes, holidays etc whilst living at home or renting.

I am disgusted with some of my peers attitudes towards cc's and a few have even gone bankrupt after racking huge debts on holidays, clothes, phones and nights out. They seem to think it is acceptable and have no shame about their situation as "everyone does it" or "I enjoyed myself, you only live once".

Personally feel that my generation and younger need to take more accountability and pride in themselves and educate themselves when it comes to money; savings, debt, credit, etc.
All that being said more needs to be done to curtail the housing market and bring it back within reach of people who do the right things and sacrifice yet still cannot afford to buy. Rental prices are a major factor here too, how can you save when rent takes most your wage?

Just my 2p

Jaywood89

Oh wow guys!

Some really interesting view points thanks. To the poster who asked if millennials can read, I actually posted BEFORE you did asking how to move my thread as I did not realise I had posted it in the wrong place, so I guess our reading skills are about on par mate;)

To everyone else, I really like the points you raised about the expectations we have on life today and maybe that is part of our issue, definitely going to give that some thought. I personally need a coconut latte a day to remain sane :rotfl:, but I will say I have always taken hand me downs in my home and wardrobe and I couldn’t afford to just buy furniture. Thank the heavens for eBay is all I can say! But can we really blame young people today for this? When the generation before then the irresponsible borrowers as some have put it have bought us up on what was considered a luxury life style to our grandparents? Should millennials just accept they will be a generations that Has LESS than their parents? Not saying we shouldnt its just a hard pill for anyone to really swallow.


So just to play devils advocate, do we really believe that it’s yound peoples todays fault they struggle to get on the housing market? And that the fact house prices have Sky rocketed plays no part? Now I get that some of you posted from up north where it appears it is much more affordable but are the rest of us here in the Midlands and lower expected to up our entire life and love 100 of miles from family to get a slice of the housing market pie? Or move to rough areas with poor schooling, personally I always paid such high rent prices despite that fact it crippled us because I generally didn’t see why my parter and I worked so damn hard to live in an area where most people don’t bother to work and have a much of a roof over their head as we do. And that’s just renting I certainly didn’t want to buy and be trapped in those areas never able to afford to move, not that it was an option back then.

I’m not suggesting anyone has recommended that it just a thought.

Also I’m wondering what you all think of people who already have children before buying chances are? Let’s face it waiting till your late 30’s before starting a family isn’t the norm for most and can we really argue that generations before did it either ? But is all this just part of that bitter pill is 20 something’s need to take?

One BIG question I should of asked to begin with was do you all worry that If the younger generation can’t get on, let alone move up the housing ladder
Are you ever going to be able to sell your own home one day?

As I said before really appreciate the feedback, and respect everyone’s different stance on the issue. overall I’m just trying to increase my understanding of this area and I dont believe in forming a strong opinion until you have heard all sides.

Jaywood89

Ruraldreams

Really interesting point, I too think some of our generation have a poor attitude towards debt, I to have been in debt before and was for most of my early 20!!!8217;s and didn!!!8217;t think it made any difference till I realised it would screw my entire future.


Personally I think this issue is down to schools, the current school curriculum doesn!!!8217;t prepare young people for modern day life in any way!. But that!!!8217;s a whole different issue lol

RuralDreams

Things have become more complex over time regarding money, credit, finance and ease of access to it all. I agree with you re schools needing to teach about finance and money better. Parents are at fault too, as they should instill basic education about savings etc.

Our peers seem much more dependent than previous generations. We are dependent on mobile phones, Google, the Internet.
I too love the ease of Internet banking and apps that help monitor spending but switching/contactless is extremely convenient, easy and quick to forget about.

Most people I know count their overdraft as 'their money', this way of thinking is why people live beyond their means. If something as simple as repeatedly using your overdraft as part of your general money spend then there is little hope of them grasping piggybanking, saving or frugality.

I know people who buy chopped up fruit because they are too lazy to cut it themselves and it is convenient.
I cannot even count on one hand how many people my age in my workplace bring their own packed lunches because they didn't have time in the morning or its just as cheap to get a Tescø meal deal for £3.

Mentality of people is as much a problem as house price or rent prices. The basic fundamentals need to be put back in place to change people from "the world owes me something" to "I owe me something" then maybe people will sacrifice that holiday and save for a house, rainy day, car etc because they want it and are willing to work and sacrifice for it

humptydumptybits

SG27 wrote: »

That last statement is total nonsense. Yes some under 30s are finacially reckless but to be honest not spending £500 on a smart phone isnt going to help you save £80,000 for a deposit. My wife and I saved hard for 8 year living with our respective parents. We saved around 90% of our joint full time incomes per month. Only outgoings were rent to our parents and about £10 each on a mobile phone bill.

I suppose things are different in the north west. Prices are certainly lower but I dont think wages are that much lower than rural essex. Ive just looked up similar house around the road of my childhood home. The are £380,000 for a fairly small 3 bed semi. So if my father was in the same position now; lets assume he saved a 10% deposit £38,000 (somehow! :rotfl:) he needs to borrow £342,000. So he would need an income of around £78,000pa!! As a 24 year old electrician!! Its a different world now...

How many FTB would need a deposit of £80,000? Isn't it normal to put down 5% or 10% at most?

Cakeguts

Jaywood89 wrote: »

Oh wow guys!

Some really interesting view points thanks. To the poster who asked if millennials can read, I actually posted BEFORE you did asking how to move my thread as I did not realise I had posted it in the wrong place, so I guess our reading skills are about on par mate;)

To everyone else, I really like the points you raised about the expectations we have on life today and maybe that is part of our issue, definitely going to give that some thought. I personally need a coconut latte a day to remain sane :rotfl:, but I will say I have always taken hand me downs in my home and wardrobe and I couldn’t afford to just buy furniture. Thank the heavens for eBay is all I can say! But can we really blame young people today for this? When the generation before then the irresponsible borrowers as some have put it have bought us up on what was considered a luxury life style to our grandparents? Should millennials just accept they will be a generations that Has LESS than their parents? Not saying we shouldnt its just a hard pill for anyone to really swallow.


So just to play devils advocate, do we really believe that it’s yound peoples todays fault they struggle to get on the housing market? And that the fact house prices have Sky rocketed plays no part? Now I get that some of you posted from up north where it appears it is much more affordable but are the rest of us here in the Midlands and lower expected to up our entire life and love 100 of miles from family to get a slice of the housing market pie? Or move to rough areas with poor schooling, personally I always paid such high rent prices despite that fact it crippled us because I generally didn’t see why my parter and I worked so damn hard to live in an area where most people don’t bother to work and have a much of a roof over their head as we do. And that’s just renting I certainly didn’t want to buy and be trapped in those areas never able to afford to move, not that it was an option back then.

I’m not suggesting anyone has recommended that it just a thought.

Also I’m wondering what you all think of people who already have children before buying chances are? Let’s face it waiting till your late 30’s before starting a family isn’t the norm for most and can we really argue that generations before did it either ? But is all this just part of that bitter pill is 20 something’s need to take?

One BIG question I should of asked to begin with was do you all worry that If the younger generation can’t get on, let alone move up the housing ladder
Are you ever going to be able to sell your own home one day?

As I said before really appreciate the feedback, and respect everyone’s different stance on the issue. overall I’m just trying to increase my understanding of this area and I dont believe in forming a strong opinion until you have heard all sides.

Now this business about having less than your parents. How can you possibly know that? You would have to look 30 years into the future to find out. What your generation are trying to do is to have the lifestyle straight away that has taken your parents 30 years of working to achieve. You don't start off at the top you start at the bottom like they did. When they were your age they didn't have what they have now.

It is completely unrealistic to think you can live the lifestyle of someone who has worked for 30 years to get it.

Jaywood89

Cakeguts


I think you have misunderstood. I don!!!8217;t expect to have what my mother had when she was 52, which was a job that paid £100k plus and and a fancy car with disposable income. I won!!!8217;t ever have that. My mother worked 50 hours a week for that from the age of 16. I don!!!8217;t I work part time and spend more time with my children. That!!!8217;s my choice so I live modestly based on that.

What I meant was the same opportunities at the same age.

When my mother had me both her and my dad were on around 15 to 18k each with 2 modest car (not financed) and got a 100% mortgage on a 3 bed semi in the outskirts of Birmingham. We went on 1 holiday a year abroad and ate out occasionally, That isn!!!8217;t possible today.


One thing I meant to say earlier was that to expect younger people today to forgo all modern day amenities to secure a home is a very big ask. One that may seem small to those less dependant on it. So I can definitely sympathise with people coming up behin even me who are MORE reliant of those things.