Anyone other Gen-Zers on here sick of daily life

[lorrisandthesnowman]

Just that really. Endless bills, no hope ever of getting on the property ladder as the mummy and daddy bank wasnt an option, paycheck to paycheck living. The fruitless thought cycle of if we should have children/can we/ what would that future even look like.

Or is it just me and im in a bit of a negative slump

You need to change your mindset and consider what other options you might have. It might not be what you want to do but there’s always options.

It’s pointless comparing yourself to folk better off just because they have wealthier families who can help them out.

I’m Generation X and could never afford to buy down south so that’s why I stayed up north and moved to a very cheap area and later moved abroad (before bloody Brexit!!).

I’ve also never had an inheritance (both sets of parents dead and no family home to sell) and never bought a new car. They’ve always been several years old and kept for 10+ yrs.

I studied p/t evenings whilst working full time and have a degree in law but never managed to get a training contract as I couldn’t afford to give up my paid job to work for a pittance as no one else to support me, so the degree has not been much use.

However, I’m a glass half full person and always look for ways that I can improve my life and I’m happy and content with my lot.

At your age I was in a flat share as I couldn’t afford to live on my own. I was in debt and it was the 2008 recession. I couldn’t afford to buy until I was 32 and it was tough buying alone. It’s only now I’m in my mid 40s I’m in a better financial position.
You have plenty of time to have children!

Well said. We certainly have different expectations compared to other countries and people view essentials very differently. I got myself into a lot of debt in my 20s and this was before the pressure of social media!

Me too. I bought my first house in 2002 with a Northern Rock 100% mortgage. House prices rose and rose thereafter (aside from 2008 but they soon bounced back and rose a lot more). I have had 20+ years of rock bottom mortgage rates. I did nothing to 'deserve' this just had luck on my side to have been born when I was and made the wise decision to buy. I have a 21 and 23 year old and life certainly looks very different for them.

Sounds just like my life in the 70s/80s. My first full time job I was on under £2k a year. (£10k today for full time).

Property prices today are insane though, sick of looking at over priced dumps on Rightmove (look for my son & his gf, it’s depressing).

From banking my paper rounds at 13 (1986), and some of what I earned washing dishes in pubs, on farms and with factory work in the summer holidays and then saving half of my wages when I started on a succession of low end jobs and by not spending what I didn't have to I was able to save up 11k by 1998*. I was earning maybe 9k by this point. Locally I could get a crappy needs-work mid-terrace for £25k. Could borrow max 3.5x the main salary (mine). Persuaded into £36.5k mid-terrace. Lived frugally for years. Had two children who understand that concept and don't overly waste or borrow. Eldest just completed last month on her first flat - 40 years mortgage, I think around 10x her salary. 15% deposit. Has a friend paying rent to house share. Is going to have a long wait to be able to spend without justification. Youngest is buying as soon as she can, needs a full time job first.

It can be done. Just need to understand going short going forwards.

*Adjusted from 1998 to 2026 - it's about double - £22k saved, £18k salary, £73k house. Could borrow £31.5k over 25 years. At 7%.

Equivalent role here would now pay £30k and equivalent house here £120k.

@Whorulestheroost1 my parents actually bought with an interest only mortgage which is much more restricted nowadays. It could have been a disaster but the way house prices rose in that part of London meant they were incredibly lucky.

I’m a millennial and the only people I know who own have either lived back with parents for a few years, inherited or been given big chunks of money from parents. Everyone else rents. I agree it can all feel pretty hopeless.

I think it’s easy to say ‘just budget’ but the cost of everything is so high and it also can feel like time is slipping away and you’ve spent your prime 20s saving for an impossible mortgage and having no fun whatsoever. I think it’s understandable that people might want to go to a gig or have a meal out to make the endless grind more enjoyable!

With expensive housing and increased rights for renters I do wonder if there might be a cultural shift here away from homeownership as the ultimate goal.

Its a personal choice but if you’re in a stable happy relationship, have a decent job and want children at 28 I’d just get on with it. You’re not old by any stretch but no one knows their chances until they try and if it happens quickly 29/30 is a good age to have a baby.

If you definitely want to buy before kids I’d move somewhere cheaper or if family is an option do a stint back at home.

Boo fuckin hoo

It is hard. I think it's out of reach in the South. Where I live you can buy a small 2 bedroom house on two minimum wage salaries, still, and you need about 8k, which you can do if you reduce your rent. You need 4k each. Open a LISA each and set up a direct debit into it, paying in thirty pounds a week and then each month increase the amount by ten pounds, cutting that out of your budget. You can do stuff like changing your phone (mine is 12 a month for example), getting slow broadband, just keep finding ways to slice it. I ended up cutting out a meal every day, which I can't recommend but did work.

I don't think it's that doable in the South or maybe anywhere where you need to run a car, depending on income. You need to save ten pounds a day every day for a year.

It is really hard. I think probably basically highly unlikely in the South - there's no future there for normal people.

Eldest just completed last month on her first flat - 40 years mortgage, I think around 10x her salary. 15% deposit

40 years mortgage, 10 x salary!

The economic climate being as it is loading a young person with so much debt may not be the best option these days.

My Ds 2 could only get a 40 year mortgage. Despite our reservations he went ahead.
I hope it works out, but on your own it’s harder and he didn’t want to rent. Which may have been a better option , but it’s hard to know for sure.

Oh yeah. And £70k student debt. I think she's overstretching - I'm horrified - but it's what she was paying in rent so she knows she can do it. Her plan is to overpay and bring down the total and the time.

No more triathlons. No.more holidays. No more meals out. For a few years. Yup. Going without like we did.

Agree. 3 x salary or 8 x salary is unarguable. If wages were very high and cost of living low then it could be argued, but they’re not, unfortunately. Property is very, very expensive. Tiny Coronation Street type terraces going for £300k or more, £250k being on the lower rungs of the ladder, no wonder younger people are struggling. Rent is astronomical and constantly rising.

I thought the build to rent schemes might have been a viable alternative to buying as they will never be sold, but they’ve decided to market wealthy people who can afford high rents to cover on-site gyms and concierges, stuff most people don’t want.

I’m with your son, taking out a 40 year mortgage doesn’t mean he will be paying it off for 40 years. It helps keep his payments down now and as wages increase his mortgage will not, so he should be in a position to overpay down the line to get the mortgage term down much lower. If he stayed in renting he would always be playing catch up trying to save a big enough deposit for a small enough mortgage. If it doesn’t work out with the mortgage he can always sell, he wouldn’t have that flexibility the other way around.

@DamnloginpopupI didn’t know you could borrow 10 x, we were offered 6x and that would have left very little.

Every generation has a different set of challenges. Gen X is better off in some ways and worse in others. It’s always comes down to your attitude to life and ability. What are you willing to do to get the life you want. The one thing I can guarantee is moaning on MN won’t help you achieve it.
It often comes down to priorities. 6 months ago at work a 29yo was looking for her 1st house. Had saved a large deposit (without family help, so it is possible). Found a house, was about to take the plunge and then got cold feet in favour of renting a flat in the centre of Manchester where she could continue to live the lifestyle she enjoyed.
What is the right choice? Will she regret it later? Life is and always has been about choices and sacrifices.

Source: YouTube

There's a very good YouTube video explaining the economic situation/economic inequality between generations by David Willetts.

He's also written a book called 'The Pinch. How the baby boomers stole their children's future'.
I am aware that some boomers live in poverty and this criticism obviously does not apply to that specific group.

There's a lot of criticism that should be levelled at some boomers who have bought up well more than their fair share of housing to fund their retirements. It's inflated prices, reduced availability to younger generations who would have bought those homes as starter homes and concentrated wealth in the older generations.

I'm a millennial and have been lucky enough to get in before the wealth drawbridge was pulled up by older generations but I worry about my gen alpha children who may need to emigrate.

Brexit and other changes to economic conditions have made this an increasingly poor country and I don't see this getting better.

@the80sweregreat a 40 yr mortgage isn’t in itself bad but one does need to do the sums & future proof where possible. Property isn’t the “bet” it was these days and I don’t see that changing.

Sorry, not sure what multiplication factor she got but realised my figures are wrong. She's bought for 10x her salary but put down a hefty deposit (15-20% I guess) Mortgage was on a rent-a-room mortgage or something.

In Surrey.

You spend all day doom-scrolling and vaping and drinking monster drinks, what do you expect?

Gen Z: Buys a £5 vape and gets locked out of the market forever.

Boomers: Chain-smoked two packs of Benson & Hedges a day down the pub and bought a four-bedroom house with loose change and a packet of scampi fries on a postman's wage.

It is depressing, and getting older and worrying about fertility is hard, Dh and I have wanted to ttc for years. We always dreamt of having 4 kids:')
I am 28 DH is 30, we both grew up in the most expensive parts of the country, and like literally all our friends (without a massive gifted deposit) our choice is to rent forever or move 200 miles away. We were very fortunate in being able to live rent free with family for a few years and save, we bought a house in the Midlands. We now love our area, but it is just difficult being far from friends and family.
I don't feel like we can afford babies yet, we don't go on holiday, only go eat/drink out for special occasions, had a registry office wedding, live frugally etc etc. Although we prioritised getting pets, having a dog and a cat brings us endless joy. Could you get a pet? Easier now with the rental reforms. Also could you move to a cheaper area? I'm sorry to hear you feel like in a negative slump, I think there is hope though. There are some mortgage options, like skipton building society have a rental track record mortgage, shared ownership or deposit contribution with buying a new build.

It must be hard being Gen Z, at least us millennials drank and raved through the tough years

I remember, when I was a teen, you could get a packet of 9 sovereign from a vending machine in the chippy for 10p. It suited the 3 of us who smoked together, as there would not be an argument over who got the 10th cigarette.