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What was wealthy life like in the 1970s and before?

160 replies

Ozgirl75 · 06/08/2024 23:52

I was just pondering today, I can imagine and picture what it was like to be wealthy in the 1980s; a Porsche, holidays in Europe, gold fittings etc. But if you were quite wealthy (say earning 500k+ as a business owner, working in the city, banker etc) in the 1950s or 1970s, what was your life like? What did you spend your money on? What was your house like? Where did you live in fact?
i grew up in the 80s and 90s so it’s just hard to imagine proper wealth (not aristo inherited, more like earned money) earlier than that.
Anyone here grow up in wealth from the 40s onwards?

OP posts:
Dorisbonson · 07/08/2024 09:25

I know some quite wealthy people - 100m plus who employed thousands/hundreds of people in the Midlands. They had a highland estate, apartment in Monaco, yacht racing, shooting etc, lots of dogs, nanny who became their housekeeper, granny had a butler and footman. However their house they lived in most of the time wasn't amazing (sold for 1.5m ish recently - great views and location in the Midlands but 4 beds). Lunchtime during the week was in the Conservative Club above Barclays Bank.

TizerorFizz · 07/08/2024 09:27

@Yalta Most of us had more self respect than you in the 70s. I got £60 a month in my first job, it spurred me on to do better.

BBC iplayer has The 70s. A series by Dominic Sandbrook - I recommend that too @Ozgirl75

MailmansWife · 07/08/2024 09:29

CatherineCawoodsbestie · 07/08/2024 08:46

I went to boarding school in the Home Counties in the 1980s. Most of my peers lived fairly locally and were weekly boarders and I spent weekends at many homes. Broadly speaking I observed: large country houses, traditionally decorated and furnished with antiques. Lovely grounds with landscaped gardens. Outdoor pools and tennis courts, often stables and ponies too. Lots of spaniels and labradors.

Cleaning ladies and part time gardeners.

Dad’s working in London and often staying through the week in an apartment. Mum not working but often involved with local Good Works. Sons educated at boarding prep and then well regarded public schools. Daughters educated at local day prep and then less academic boarding schools. I used to marvel at the leisure these women appeared to have with children boarding and not working. However, mostly these families did not appear to be high consumers. There were not endless new clothes or tech, houses were not renovated or decorated regularly. Holidays were generally annually, usually in France. The girls were able to go on the school annual ski trips.

it was another world to the one I inhabited, and it fascinated me.

I posted upthread but a lot of this resonates with me too

hopeishere · 07/08/2024 09:31

We were wealthy in the 70s. Jaguar car. Big house. Holidays abroad when that was fairly unusual. Private plane (I know!!) to go to sporting fixtures.

Ozgirl75 · 07/08/2024 09:39

This is all SO interesting!

OP posts:
SaintHonoria · 07/08/2024 09:44

My parents are wealthy and in the 1960s/70s when I was a child I only saw people like them who I suppose are what you would call 'old money', there wasn't that many nouveau riche.

We started to see new money in the 19&0s and people became more ostentatious and proud to show visible signs of a high income.

tamworthteapots · 07/08/2024 09:53

My ILs were like this.

Situation:

  • Dad worked, mum never did but had expensive hobbies and lunches with friends.
  • After giving birth, MIL stayed in a 'recuperation home' for a week where baby was completely cared for by private nurses, on the final night before discharge MIL had a beautician come and to do her up and then went out for a fancy dinner with FIL!
  • Lived in a nice 4 bed home that they paid off within 5 years of buying.
  • Children all privately educated, again with expensive hobbies, all played sports and even toured internationally for sports. Because MIL didn't work she was able to shuttle the children around support all their interests/hobbies and frequent sports events. Children grew up emotionally stable and supported as there was very little stress at home.
  • MIL unthinkingly spends money like water -- e.g. all groceries from M&S. All train travel is first class.
  • Annual ski holiday in winter and the month of August completely off for a foreign European holiday. Small UK holidays throughout the year.
  • All three children went to top-tier UK universities. Each had a flat bought for them whilst in university.

This, to me, is unimaginable wealth. And this was on FIL's salary that I would guess was around...80-100k? A lot, but not the shockingly enormous amount in OP!

My DH and I are now both working full time on relatively high salaries (50-60k each) and not able to afford anything touching this. Children in state school because we couldn't possibly afford private. Mortgage will be paid off when we are 60. Both stressed, tired. We do two small UK holidays per year (camping, etc).

DowngradedToATropicalStorm · 07/08/2024 09:56

Not me but my school friends.

Bespoke and tailored clothes. Table lighters. House always warm. Lovely and old furniture and effects. The best of all household items and appliances. Range Rovers. Nannies. Gardeners. Cleaners. Accounts at all the best local shops. Fresh deliveries of very high grade meat, fish, vegetables and alcohol in boxes and baskets. Fresh herbs and spices delivered. Fresh flowers delivered twice weekly. Safari and skiing holidays. Extra curricular classes of dance, horse riding, music lessons. Horse and pony ownership. Land and stables. Cooks and other staff. Parents that are 'away' for large portions of the year working or tending the estates in...Jamaica, Israel, South America or South Africa, etc so children looked after (or not) by various adults in various roles.

PashaMinaMio · 07/08/2024 09:57

samarrange · 07/08/2024 01:00

Big house, nice garden, new big Rover or Jaguar every couple of years. Man going to work in London on the train, wife not working at all. Children at private schools, boarding or day. Restaurant meals once or twice a week, lobster bisque not prawn cocktail, fillet steak not rump, crêpes suzette not BFG. Whisky from decanters. Cigars for man, cigarettes in holders for wife. Biggish dog whose shit you didn't pick up when you walked it, maybe a cat as well. Someone who came in to collect and do the laundry, if you weren't quite well enough off for servants. Several shops delivering groceries in vans (we weren't rich or posh at all and I remember the Empson's van delivering tea in 1960s Birmingham). A charge account at the department store before anyone had heard of credit cards.

All this and ….

Live-in in housekeeper/cook.
Race horses in training.
Rolls Royce for longer road trips.
Vintage classic cars in the massive garage.
Home in Palm Beach, Florida.

Yacht in the South of France
Pied a terre in Knightsbridge
Bespoke suits, never off the peg from M&S
Silk socks
Squash games at the club
Lunch with the “girls”
Concorde whilst it was still flying
A better kind of misery

faffadoodledo · 07/08/2024 09:58

Wow @tamworthteapots
Forgive me if I'm being insensitive but are your in laws still alive? I'm wondering what wealth will be left to pass on, or whether they'll have spent it? And did they buy your DH a flat while at university?
What you've described suggests to me there's a bit more wealth than just earned wealth? Did they benefit from inter generational wealth I wonder?
But yes - are they still alive and spending for England?!

Gasp0deTheW0nderD0g · 07/08/2024 10:19

Fascinating thread. My family weren't (and aren't!) wealthy, but my grandfather worked all his life as a gardener and although his pay was very low he did get a tied cottage with each of his jobs. His final job, which lasted for well over 20 years until he retired in the mid 1970s at 65, was for a man who had inherited (I think) a controlling share in a shipping company. He was the Managing Director so probably on a decent salary but would also have had dividends and inherited wealth, I expect. His wife didn't work at all. Their son did the classic thing that often comes up in literature and drama featuring wealthy families, and does I think reflect many real families. He had the best of everything growing up but went off the rails as a young man. I'm just remembering conversations I overheard as a child, and therefore probably didn't really understand, but I think the young man showed no interest in going into the family business, and opted instead for a playboy lifestyle bankrolled by his Dad, who was no doubt extremely disappointed in him.

The daughters of the family, meanwhile, were not expected to have careers at all, and as far as I can recall they did indeed simply get married while quite young by modern standards. Their mother did not work. No idea how they put in their time all day.

The abiding memory I have of visiting my grandparents as a young child was that if the Family were in residence we were not allowed to go anywhere in the huge garden where we could be seen from the Big House. It was OK to go with Grandpa to the greenhouses or potting shed or compost heap, or with Granny to the drying green and laundry room where there was a fascinating but dangerous mangle, but the lawn in front of the house was very definitely out of bounds.

My Mum says Grandpa's employer's wife was pleased that he had two daughters and thought they might be useful in the house as maids. My Granny had other ideas. She had been unable to stay at school beyond the leaving age herself, in spite of being the cleverest child there, because her Dad had died and her mother (my Great-Granny) needed the pitiful wage her 12yo daughter could bring in from domestic service to make ends meet. Granny was absolutely determined that her own two daughters would get the opportunities she had been denied, and they did. My Mum became a primary school teacher and my aunt became a secretary (nice clean white collar office job with fixed hours).

In fairness, I should add that my Grandpa's employer treated him well when he retired. I've no idea if he paid him a pension, but he bought my grandparents a house opposite my aunt's, so their pensions didn't have to cover rent, which must have been a big help.

Gasp0deTheW0nderD0g · 07/08/2024 10:27

PS Worth remembering that before Mrs Thatcher was elected we'd had over 30 years when lots of things relating to wages and prices were strictly controlled in the UK. Essential goods like bread had their prices fixed, I think. In the 1970s there were efforts to stop wage inflation by limiting wage increases, possibly aimed at keeping the gap between richest and poorest as low as possible. A huge difference between then and now is that house prices were affordable and a big reason for that was that building societies were only allowed to lend to existing savers and the amount that could be lent was strictly controlled - generally a multiple of salary, e.g. 3 times annual salary for a maximum of 90% of the house price, or if there were two incomes, 2.5 times the higher and once the lower.

And as someone else has already mentioned you weren't allowed to take much money out of the country. There must have been ways round this if you were extremely rich, but for ordinary people it was a bit of a problem if they went abroad. Possibly the arrival of credit cards helped there.

hildabaker · 07/08/2024 10:28

Although what you say is correct @Gasp0deTheW0nderD0g there were other kinds of bursaries available in the 60's. My parents bought their first house with a 100% loan from LCC, which of course no longer exists.

Theimpossiblegirl · 07/08/2024 10:54

This is fascinating.
The Irish version reminds me of some of the families in Maeve Binchys Circle of Friends.

Gasp0deTheW0nderD0g · 07/08/2024 10:57

Ah yes, I'd forgotten that local authorities were allowed to make loans like that. We once met a man who worked in the Estates department of the Inner London Education Authority. He might have had a trade, I suppose, but he wouldn't have earned much. He and his wife had four children and his parents lived with them too. They bought a large rundown Victorian house in what was then a very unfashionable inner London suburb with a mortgage from the local council. Fixed (low) rate of interest, I believe!

Also, rents used to be tightly controlled. All gone now. Shameful.

TizerorFizz · 07/08/2024 11:07

How can you control rents when the rental sector is largely privately run? The state has pulled back. They haven’t built enough homes and Labour didn’t either. They had 13 years to build. Therefore we cannot revert to fixing rents. Or saying business owners hands are tied. We were a laughing stock in the 70s with strikes and low productivity. We’ve now paid benefits to keep wages down. It’s kept prices down too but no policy is without risks.

TizerorFizz · 07/08/2024 11:09

Just to add: you could try and control
rents but landlords could sell. That won’t help anyone.

tamworthteapots · 07/08/2024 11:12

faffadoodledo · 07/08/2024 09:58

Wow @tamworthteapots
Forgive me if I'm being insensitive but are your in laws still alive? I'm wondering what wealth will be left to pass on, or whether they'll have spent it? And did they buy your DH a flat while at university?
What you've described suggests to me there's a bit more wealth than just earned wealth? Did they benefit from inter generational wealth I wonder?
But yes - are they still alive and spending for England?!

No, this was all earned wealth. IL parents (on both sides) were working class (one in the fish markets, the other a cobbler) and there was no inheritance to them. FIL was a maths genius in a profession that was well paid in any era.

FIL has passed; MIL alive and very well. My understanding from DH (who keeps an eye on things as she's prone to being scammed) is that the pension she inherited is higher than our salaries, and she spends it all on her everyday purchases as she's never had to budget. When I've been out and about with her, she'll easily spend seventy quid on an M&S shop just for herself with a scarf and a handbag thrown in bc she liked the looks of them.

Yes, they bought DH a studio flat while he was in his third year and did the same for the other DC (I grew up in poverty, so all of this is wacky to me, as I'm still deep in student debt and I occasionally have to send money back to support my own DM).

Dorisbonson · 07/08/2024 11:16

Gasp0deTheW0nderD0g · 07/08/2024 10:57

Ah yes, I'd forgotten that local authorities were allowed to make loans like that. We once met a man who worked in the Estates department of the Inner London Education Authority. He might have had a trade, I suppose, but he wouldn't have earned much. He and his wife had four children and his parents lived with them too. They bought a large rundown Victorian house in what was then a very unfashionable inner London suburb with a mortgage from the local council. Fixed (low) rate of interest, I believe!

Also, rents used to be tightly controlled. All gone now. Shameful.

I suppose if you are controlling prices of wages and food and so on then controlling rents is part of that process too. Though with everything being imported I am not sure how that would work. Perhaps they could reintroduce currency controls and stop foreign holidays or imports of phones, cars and technology etc. Seems a bit mad to me though to go back to all of that.

turkeyboots · 07/08/2024 11:28

Jilly Cooper books would be a good guide to this set. Flats in London, big country houses, hunting, private schools all in glorious colour.

I remember the tail end of this as a child. My Dad routinely travelled via helicopter between company sites, company jets were all the rage even for relatively junior executives. Everyone had help, secretary's, cleaners, house keepers. And I remember the moaning about drink driving law enforcement!

Stoufer · 07/08/2024 11:33

Ozgirl75 · 07/08/2024 08:30

Fascinating stuff, thank you to everyone who has replied! Plus thanks for the book recommendations as well. I’d forgotten the Pools too - my grandparents did them religiously! Never won though.

Are you writing a novel set in this period? Keep us updated if so!

Ozgirl75 · 07/08/2024 11:36

Stoufer · 07/08/2024 11:33

Are you writing a novel set in this period? Keep us updated if so!

No, just love history, all periods and realised that I’ve probably read more books set in Victorian or 2WW than I have set in the 1970s, which is mad as I was born at the end of that decade.
I was also just in the garden today and thinking “in 20 years I’ll be nostalgic about this time” and it got me thinking about other people’s memories and childhoods.

OP posts:
MailmansWife · 07/08/2024 11:38

Ozgirl75 · 07/08/2024 11:36

No, just love history, all periods and realised that I’ve probably read more books set in Victorian or 2WW than I have set in the 1970s, which is mad as I was born at the end of that decade.
I was also just in the garden today and thinking “in 20 years I’ll be nostalgic about this time” and it got me thinking about other people’s memories and childhoods.

Thank you for starting this thread. I love the ones like this!

Gasp0deTheW0nderD0g · 07/08/2024 11:39

TizerorFizz · 07/08/2024 11:07

How can you control rents when the rental sector is largely privately run? The state has pulled back. They haven’t built enough homes and Labour didn’t either. They had 13 years to build. Therefore we cannot revert to fixing rents. Or saying business owners hands are tied. We were a laughing stock in the 70s with strikes and low productivity. We’ve now paid benefits to keep wages down. It’s kept prices down too but no policy is without risks.

I don't know exactly how it worked as we were only private renters for a very short time in the 80s before buying our first house (in our mid 20s - we were incredibly lucky with the timing), but I think there were two ways at least in which private renters were protected - limits on rent increases, with a tribunal system to which renters (and possibly landlords) could appeal if there was dispute, and also protected tenancies. Landlords couldn't just evict people at will. One of the reasons the private rented sector shrank hugely in the years after WW2 was because landlords struggled to make any money out of it, unable to get rid of eldlerly tenants paying tiny rents. I think Mrs T got rid of all of that, as well as effectively killing off council housing by introducing right to buy with no rule that the proceeds had to be reinvested in building replacement homes. Then great swathes of council houses were handed over to housing associations and local accountability largely disappeared.

Not that that any of this would have been of much relevance to the wealthy people the thread is about!

nameXname · 07/08/2024 11:44

For a certain type of upper-middle class/aristocratic lifestyle, there is the satirical but very well observed 'The Official Sloane Ranger Handbook', first published in 1982.
Brief article from the USA, looking back at it here:
https://www.townandcountrymag.com/society/money-and-power/a10356763/sloane-ranger-handbook-princess-diana/

In spite of the above, the book is not all about Princess Diana. It's a mock - and slightly mocking - description of how some British people with money used to live around 1980.

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