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  • FIRST POST
    • MSE Karl
    • By MSE Karl 16th Apr 19, 5:41 PM
    • 144Posts
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    MSE Karl
    MSE Poll: Are you financially better off than your parents at your age?
    • #1
    • 16th Apr 19, 5:41 PM
    MSE Poll: Are you financially better off than your parents at your age? 16th Apr 19 at 5:41 PM
    Poll started 16 April 2019
    The world is richer than it used to be, but do you feel it? Taking into account financial wealth and income (and factoring in inflation), overall how do you think you stand compared with your parents?

    Did you vote? Are you surprised at the results so far? Have your say below.

    If you haven't already, join the forum to reply.

    Thanks!
Page 1
    • XRAT
    • By XRAT 17th Apr 19, 9:11 AM
    • 211 Posts
    • 197 Thanks
    XRAT
    • #2
    • 17th Apr 19, 9:11 AM
    • #2
    • 17th Apr 19, 9:11 AM
    The older groups seem to think they are substantially better off, is it a generational thing?
    It would be interesting to see the reasons why.
    Is it because people today are more likely to have inherited their parents wealth, whilst their parents inherited little or nothing?
    Or because both partners are more likely to work, on more equal pay in recent years?
    • duncanthedog
    • By duncanthedog 17th Apr 19, 9:16 AM
    • 1,023 Posts
    • 2,289 Thanks
    duncanthedog
    • #3
    • 17th Apr 19, 9:16 AM
    • #3
    • 17th Apr 19, 9:16 AM
    No option for "I don't know as my parents never discussed their finances with me"
    • Sleazy
    • By Sleazy 17th Apr 19, 9:18 AM
    • 19,014 Posts
    • 40,898 Thanks
    Sleazy
    • #4
    • 17th Apr 19, 9:18 AM
    • #4
    • 17th Apr 19, 9:18 AM
    No option for "I don't know as my parents never discussed their finances with me"
    Originally posted by duncanthedog
    What about "I never knew my parents"?
    Weekly Distance Walked 26 km / Total For Year 1361 km

    Quod scripsi, scripsi
    • NOWSE
    • By NOWSE 17th Apr 19, 10:35 AM
    • 381 Posts
    • 140 Thanks
    NOWSE
    • #5
    • 17th Apr 19, 10:35 AM
    • #5
    • 17th Apr 19, 10:35 AM
    The older groups seem to think they are substantially better off, is it a generational thing?
    It would be interesting to see the reasons why.
    Is it because people today are more likely to have inherited their parents wealth, whilst their parents inherited little or nothing?
    Or because both partners are more likely to work, on more equal pay in recent years?
    Originally posted by XRAT
    As a 64 year old my reasons for feeling "substantially better off" are a combination of things.

    My wife and I worked from the ages of 17 and 18 respectively and bought a house relatively early. We have both had pensions throughout our working lives. When the children (why don't we have a proper word for grown up offspring? ) left home we downsized. Unfortunately both my parents are now dead and I benefited from them being house owners.
    • ginger chocolate
    • By ginger chocolate 17th Apr 19, 1:09 PM
    • 60 Posts
    • 67 Thanks
    ginger chocolate
    • #6
    • 17th Apr 19, 1:09 PM
    • #6
    • 17th Apr 19, 1:09 PM
    At 37, I feel as if I have more disposable income than my parents did at my age, but this is mostly because I don't have three children eating up my cash! (could more people delaying parenthood, having fewer children, or choosing to be childfree more often be a factor?)

    Because of the disposable income, I tentatively picked "better off", but it did occur to me that I was a good ten years older than my parents were before I was in a position to buy my own home. I'm also not sure my pension is going to be anything like theirs were.
    • NaughtiusMaximus
    • By NaughtiusMaximus 17th Apr 19, 1:21 PM
    • 2,178 Posts
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    NaughtiusMaximus
    • #7
    • 17th Apr 19, 1:21 PM
    • #7
    • 17th Apr 19, 1:21 PM
    In in my 40s and have ticked better off, although that's mainly down the to fact we have no kids whereas my parents had 3.
    • POPPYOSCAR
    • By POPPYOSCAR 17th Apr 19, 1:29 PM
    • 13,026 Posts
    • 29,133 Thanks
    POPPYOSCAR
    • #8
    • 17th Apr 19, 1:29 PM
    • #8
    • 17th Apr 19, 1:29 PM
    We are substantially better off than our parents.

    Our son is better off than we were at his age.

    Our daughter is worse off.
    • spadoosh
    • By spadoosh 17th Apr 19, 1:30 PM
    • 7,831 Posts
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    spadoosh
    • #9
    • 17th Apr 19, 1:30 PM
    • #9
    • 17th Apr 19, 1:30 PM
    Early 30's and put better off.

    This is going to be hugely circumstantial. In my instance income is considerably lower but net wealth is much higher. The reason is i bought my house some 10 years earlier in my life than they did. They had very little wealth before their 40's from then it rocketed.
    Don't be angry!
    • In The Red 2009
    • By In The Red 2009 17th Apr 19, 6:34 PM
    • 829 Posts
    • 37,978 Thanks
    In The Red 2009
    This poll really interested me, as it's something I've thought about and discussed a lot over the years.

    I'm 39 and my parents are in their early 70s. Although I have more disposable income than my parents did at my age, overall I believe I am substantially worse off. My parents owned a four-bed semi in a nice suburb in London, my mum worked part-time in a low-paid job, my dad earned an average full-time salary, they had two children, one of whom attended a private primary school. To get a mortgage on that same house now, my annual household income would need to be around £250,000. That isn't factoring in children or anything else.

    Currently, both my partner and I have to work full-time and we both earn above-average salaries (though nowhere near to that £250,000 level). We do not believe we could afford to have children and we certainly do not live in a house worth anything like as much as my childhood home. But we do travel more and go out for dinner much more than my parents could afford to at my age.

    So they were property rich, though I know disposable income was little to none for most of my childhood. These may be very London-centric circumstances and would be different if we had lived and grown up elsewhere in the UK.

    • DigForVictory
    • By DigForVictory 17th Apr 19, 8:21 PM
    • 10,421 Posts
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    DigForVictory
    My parents have lived in the same house for 50 years & extended it twice.
    They both worked, mum part time as a GP when we were young & got the traditional much lower pay of the part time woman then, but she bought into the practice she worked for & so got a healthy chunk when she left. Both have professional pensions as well at state pensions & even private health care.
    We've three sons on one income. My parents are in a much better financial position than I am, but we made different choices & had different opportunities.
    • sparrer
    • By sparrer 18th Apr 19, 5:48 PM
    • 6,789 Posts
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    sparrer
    Considerably worse off than my parents at my age, they both worked in managerial positions until their 70's while I had to take early retirement at 58 due to heart/lung disease.
    • MovingForwards
    • By MovingForwards 18th Apr 19, 6:09 PM
    • 2,653 Posts
    • 3,134 Thanks
    MovingForwards
    Financially im better off (she was a single parent mostly on benefits / I work), tangible items I'm worse off (she had a 3 bed house with a small mortgage / I'm renting).

    If I think of the situation with her mom then my mom was better off in both situations, my granddad worked, my nan was a stay at home mom with a football team sized set of kids in a 3 bed council house.
    • Murphybear
    • By Murphybear 19th Apr 19, 6:48 AM
    • 5,210 Posts
    • 9,812 Thanks
    Murphybear
    What about "I never knew my parents"?
    Originally posted by Sleazy
    How about “my parents never lived to my current age”
    • Merlin's Beard
    • By Merlin's Beard 21st Apr 19, 5:24 PM
    • 315 Posts
    • 2,586 Thanks
    Merlin's Beard
    I've tentatively put "worse off" for myself, though it depends on how you look at it and you could argue it the other way.

    I've got a lot more disposable income than my parents (mid 60s) did at my age (early 30s).

    However, at my age they owned a detached four bed house in a quiet suburban street, and they got that mortgage off one wage, whereas I'm still renting. House prices around where they bought then would be well out of reach for me; I'd be looking at a 2/3 bed semi detached at best. I also wouldn't be able to afford the two small children they had then on one wage and if I tried I'd be in a far worse position than they were with probably less disposable income.
    • Jenjenny
    • By Jenjenny 24th Apr 19, 7:49 AM
    • 4 Posts
    • 4 Thanks
    Jenjenny
    Not sure how relevant the answers are
    I think this survey could be a bit misleading. It was a different era when we were younger and when our parents were younger. The pressures on each generation are different. When our children were young, there were no in-work benefits available at all except for Child Benefit and a certain level of MIRAS mortgage relief and we struggled at times. House prices were much less, but so were wages. The killer, however, was mortgage interest rates, which often get forgotten in debates about housing costs. 16.5% was the highest we paid, if memory serves. It was down to 12.5% for a long time. Therefore, although the loan might have been less than someone would pay these days, repayments were very high. Our son, though, is working in the computing industry and started on nearly as much as my husband was at n and now earns far more.
    Last edited by Jenjenny; 24-04-2019 at 8:06 AM.
    • aintreemaid
    • By aintreemaid 24th Apr 19, 9:07 PM
    • 36 Posts
    • 46 Thanks
    aintreemaid
    I am, in my seventies, substantially better off than my patents were at this age but at what cost?

    We (as a society in general) have become so focussed on material wealth that we have lost sight of what really matters.

    I would happily move from my four-bedroomed detached house with (largely) disinterested neighbours, to my patents' three bedroomed terraced house where neighbours cared for and looked after those around them.

    Is this really progress?
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