Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • MSE Karl
    • By MSE Karl 16th Apr 19, 4:41 PM
    • 124Posts
    • 40Thanks
    MSE Karl
    MSE Poll: Are you financially better off than your parents at your age?
    • #1
    • 16th Apr 19, 4:41 PM
    MSE Poll: Are you financially better off than your parents at your age? 16th Apr 19 at 4:41 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, 8:11 AM
    • 198 Posts
    • 173 Thanks
    XRAT
    • #2
    • 17th Apr 19, 8:11 AM
    • #2
    • 17th Apr 19, 8:11 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, 8:16 AM
    • 201 Posts
    • 380 Thanks
    duncanthedog
    • #3
    • 17th Apr 19, 8:16 AM
    • #3
    • 17th Apr 19, 8:16 AM
    No option for "I don't know as my parents never discussed their finances with me"
    • Sleazy
    • By Sleazy 17th Apr 19, 8:18 AM
    • 16,280 Posts
    • 34,011 Thanks
    Sleazy
    • #4
    • 17th Apr 19, 8:18 AM
    • #4
    • 17th Apr 19, 8:18 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 24 km / Total For Year 497 km
    Anything posted here falls under The Official Secret Eater's Act
    • NOWSE
    • By NOWSE 17th Apr 19, 9:35 AM
    • 380 Posts
    • 139 Thanks
    NOWSE
    • #5
    • 17th Apr 19, 9:35 AM
    • #5
    • 17th Apr 19, 9:35 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, 12:09 PM
    • 58 Posts
    • 67 Thanks
    ginger chocolate
    • #6
    • 17th Apr 19, 12:09 PM
    • #6
    • 17th Apr 19, 12:09 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, 12:21 PM
    • 1,773 Posts
    • 4,395 Thanks
    NaughtiusMaximus
    • #7
    • 17th Apr 19, 12:21 PM
    • #7
    • 17th Apr 19, 12:21 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, 12:29 PM
    • 11,993 Posts
    • 26,158 Thanks
    POPPYOSCAR
    • #8
    • 17th Apr 19, 12:29 PM
    • #8
    • 17th Apr 19, 12:29 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, 12:30 PM
    • 6,538 Posts
    • 9,436 Thanks
    spadoosh
    • #9
    • 17th Apr 19, 12:30 PM
    • #9
    • 17th Apr 19, 12:30 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, 5:34 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, 7:21 PM
    • 9,075 Posts
    • 30,234 Thanks
    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, 4:48 PM
    • 6,784 Posts
    • 53,686 Thanks
    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, 5:09 PM
    • 775 Posts
    • 923 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, 5:48 AM
    • 4,496 Posts
    • 8,625 Thanks
    Murphybear
    What about "I never knew my parents"?
    Originally posted by Sleazy
    How about “my parents never lived to my current age”
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,374Posts Today

4,215Users online

Martin's Twitter
  • Have a great Easter, or a chag sameach to those like me attending Passover seder tomorrow. I?m taking all of next? https://t.co/qrAFTIpqWl

  • RT @rowlyc1980: A whopping 18 days off work for only 9 days leave! I?ll have a bit of that please......thanks @MartinSLewis for your crafty?

  • RT @dinokyp: That feeling when you realise that you have 18 days of work and only used 9 days of your annual leave! Thanks @MartinSLewis h?

  • Follow Martin