To think it’s crazy that National Minimum wage is £27k

OP makes some good points in the 1st post. Spending is all relative though and some have better money management than others. The coffee shops things is 100% true they are always full and it costs a fortune for a cake and a coffee out!.

Life is expensive compared to the 90s. Even when people refer to the North or suggest to move as if its a secret cheap place. It once was not any longer.... private rents are pricey all over I noticed in covid when I helped a friend house hunt.

Self employed? The lowest tax threshold so he doesn't need to pay tax... 🤔

Its like cancel the cheque 😂

The poster you are having a go at IS NOT THE POSTER WHO SAID THEY LIVE ON £20K.

That poster has not been back since they made that statement.

The comment about £12,570 a year was a joke by the poster you’re replying to, who now has dozens of people laying into her about her dodgy husband!

More tha ln a quarter of pensioners rely on state pension only and most personal pensions are pretty minimal. Poverty will be rising rapidly now that final salary gold standard pensions are a thing of the past for the vast majority. Be careful of assuming that all pensioners own their own homes too. You can’t judge a whole raft of generations based only in the people you know personally.

My kids pay £100 a month to us so yes we're generally still supporting them. They still use gas and electric, use the internet, eat food when not at work. I have no issue at all with doing this but don't make out we don't support them when that's absolute rubbish. We are not subsidised by MIL at all. Her friend just charges us what it costs to cover the mortgage plus a little extra. Not our fault we don't have a cowboy landlord.
We still get by on £30 k regardless. Whatever the reason that is the exact money that comes in to the house and that is what we live on. You seem rather angry about something that doesn't affect you.

Yes in the next twenty years pensioners poverty is set to rise.

if you only have your state pension wont housing benefit be available

I think they are joking or being sarcastic?

Just do a google search. I’ve even provided starter articles in a post above.

And actually you’re making the point that I am…that pensioner poverty will start to increase as future people retire (or can’t) because the existing generation have the ‘final salary golden pensions’ you mention in your post.

Currently they are wealthier than millenials, as more people retire those retiring will be less and less wealthy than those who have retired in the last 20 years.

And I think you need to review homeownership statistics too.

Currently they are wealthier than millenials

No shit. My parents were much wealthier than me when I was in my 40s too. After all they’d had 30 years more to accumulate wealth. Astonishing, isn’t it?

This is forty ups who are going to be poorer pensioners.
Young people are set to inherit more than any other generation and so many will be fine at retirement

Which young people -they will need to inherit off richer, older people surely?

Yes

So would I. We're on £24,000 take home (we do get DLA for our son and my husband gets CA on top of that) with no rent or mortgage and we're not buying new cars or going on holiday.

Yup 💯 but I think maybe down to slightly younger than 40, probably closer to 30-35 - but basically millenials are screwed

ok poor choice of word saying wealthy given that this could be representing net worth not income. I should have said have more disposable income and lower costs, greater spending power etc.

It was fairly obvious given my other posts, but yeah…thanks for your contribution 🤦‍♀️

When you finish working you shouldn’t have more money available each month than someone working, yes your net worth will be higher, so you will be able to access funds more easily, but your general day to day it shouldn’t happen.

When millennials retire they will not have anywhere near the level of wealth (adjusted for inflation) or income available as the generation of pensioners now. It’s fact, it cannot be argued. It is widely known, understood, accepted, that millennials will be the poorest generation.

It’s a generalisation. Two of our adult millennial kids are far wealthier than we were at their age and will be even more so when they reach our age, thanks to inheritance. Their friendship circle is exactly the same.

My nephew has a higher income than me. He is 24 and I am on £32k.

Does he? Omg! I barely have any private pension to look forward to so if they cut the state pension I'll really be up shit creek 😳

I know I’m nit picking but it's not actually quite that much.

if you work a 40hr week it’s £26.4k.

That gives you a take home of just over £22k or around £1800 per month, less if you have a shorter working week of course.

The average rent for a one bed flat in my region is £850 with average utilities £250 so you can manage but you will not be able to save much and with the average price to buy the same flat at £90k you will struggle to buy.

Lots of older people bought the equivalent of those £90k flats on 100% mortgages. Then they got rid of that because of the high rate of repossessions.

No, yours is situational bias.

Seriously, just look it up, all of the information is there…I can’t do that for you

Mine are the same. Also their friendship circle.