To think the babyboomers have had it a lot easier than the next generation?

[DarlingDuck]

In terms of house prices, uni fees, pensions and retirement.

I'm 30 and don't know any people my age who own their own homes unless they were substantially subsidised by their parents. All my friends have uni fees to pay off and a lot of them struggled/are struggling to find work even with a degree.

Am a bit jealous of my parents generation... Had a major pang when I heard the over 65's own 85% of the UK's property, AIBU?

Yes yaBU...you have no idea what you are talking about

My parents in law came here from Italy in the 60s with virtually the clothes on their backs. My mil had to be a virtual servant for a few years on next to nothing (in terms of wages) before she could choose her own job. She was virtually a slave. Her husband worked his fingers to the bone....and gradually together they managed to save a little money. They kept saving, had their family and continued to work hard (all their lives). Yes they worked their way up and became home owners...but did so through their own hard efforts...and determination to ensure their kids wouldn't miss out.
I absolutely admire people like that.

My own parents worked their way up...studied hard and achieved a great deal. They deserve everything they have.

The trouble is that many today don't know real hardship...they're not prepared to do so called 'menial' jobs...or make provision for their future. They want what they want now and on their terms...and then they want to take away from those who have earned every penny that they now have.

As my parents always said...

The world doesn't owe you a living.

sausagesandmarmelade - what a ridiculous coment, so people don't work in service jobs now and don't "work their fingers to the bone"?? Well I can assure you they do, on both counts.

gradually together they managed to save a little money. They kept saving, had their family and continued to work hard (all their lives). Yes they worked their way up and became home owners - you thin kyoung people nowadays don't do that?!

No one said the world owes you a living, simply that their generation had it easier economically

People didn't have computers, flash mobiles, huge tellys, Wii's, DS's years back but now most people have a few mod cons. People often see non essentials as essential today it seems.

www.mortgageguideuk.co.uk/blog/house-prices/house-prices-income/

figures on mortgage to earnings ratio and affordability - follow link

You are the one that said that babyboomers had it easier....and now say that that generation had it easier economically. I've provided examples to contradict that....obviously you don't appreciate a contrary view!

rolls eyes..

Absolutely skyblue....
I believe that there is a much higher standard of living nowadays...

It was harder in many ways. Our situation was fairly unique in that my mum was widowed at the age of 23, and had to scrimp and save every penny. The pensions she struggled to pay into have materialised into virtually nothing. She did however, manage to save for a deposit on a house and is now mortgage free and owns a property worth 7/8 times what she paid for it.

Getting credit was nigh on impossible and unheard of so everything was saved for and bought outright, which is no bad thing. No "must have it now" attitude. Food was basic, heat was scarce (brrrrrrr, the memories!) clothes were hand me downs. BUT it was a good scenarion in that it taught me a good work/save ethic.

I am now 41, incredibly proud to own my house outright, no mortgage though that was through a combination of hard work, sheer luck in the property upturn and a wise move rather than through saving pound coins in a whiskey bottle as my mum did

sausagesandmarmelade - what examples did you provide? If you mean saying they worked very hard and gradually managed to save money well most people still do that in my generation yet still can't get on the property ladder at the end of it, especially not if they are on minimum wage.

"People leaving school in the past had better opportunities than people leaving University do today. As for "choices", I think they are overrated."

How do you work that out then?

Our "careers advisers" at school asked us what we wanted to do. As a girl they offered me nursing, hairdressing or working in a bank/ office. That was it. They had no concept of anything else. DH's "choice" was labouring or going on the railway.

One of my DCs did Drama, one did marine engineering and one is doing marine biology. Not something our generation could have picked. OK ATM jobs are hard to come by, but it wasn't exactly easy back in 1980. My father told me I had to go into the civil service. Just after they took me on there was a 2 year ban on recruitment. That was when YTS came in and my brother's cohort (born in 1965) had no jobs to go to. Not exactly better opportunities.

The babyboomers had their own type of shit, though - the 1970s were not easy, and I think memories of the 3 day week and the whole Winter of Discontent thing are still very vivid. My MIL told me once that she found it all quite scary, and so they saved and scrimped and never took anything for granted, never borrowed, never had foreign holidays etc - hence a very affluent retirement, with a massive disposable income.

I'm sure that future generations will benefit from any wealth earned by the so called babyboomers....through inheritance.

I think that because many babyboomers survived the war (if I'm getting the ages right), they were more careful with what they had...and what they earned....saving hard (for a rainy day) and following the 'make do and mend' ethos. Very wise too.

They valued what they had... and didn't take things forgranted.

My FIL gave us some money recently - enough for a new sofa. He said he's spent his whole life saving for his old age and now he's reached his old age he doesn't need it.

We've pointed out that it's early days, he might need a care home etc., but he seems to think he'll still be OK - and I suspect he's right. He has a very good Shell pension (he worked on the rigs), he bought their current house in the mid-60s. I really don't think any subsequent generations will have such a comfortable retirement - but I don't begrudge it.

And I'm luckier again that my DCs - I left Uni with a credit card debt that was entirely my own fault, having had a reasonable grant. DS1 left Uni with a whopping debt that will take years and years to repay.

sausagesandmarmelade - the babyboomers are the generation born after the war ended. There was a 'babyboom' post WW2. You are talking about the parents of the babyboomers (my granparents generation) rather than the babyboomers.

soverylucky - £80k?!? that is insane! Here in the South it is at least double that for a 2 bed house ex council house

I think it's very much about prioritising...as sovery says.

I think maybe the majority of babyboomers had different priorities (not all of course, there are exceptions to every rule).

They'd never have spent 25 grand on a wedding for example...or have had 2 family cars, tvs in every room etc etc

The priority then was to buy a house, put money aside for their old age and to provide for their families.

sausagesandmarmelade - you are thinking of the wrong generation. From the sounds of things you are talking about the parents of the babyboomers.

I don't know anyone in my generation who has two cars, tv's in every room although I do know a lot of babyboomers who do.... I actually know no one of either generation who would even consider spending £25k on a wedding

I have to say also that there are probably plenty of people with the same values as the babyboomers....who have made similar priorities and are on the property ladder....and doing well.

Are they any worse off than the babyboomer generation?

No....in some ways they have had more opportunities, not less.

Just to say sovery (no wish to hog the thread...tho I know I'm doing a pretty good job of it!)..

I guess properties are cheaper up north because jobs are scarcer and wages are a lot lower. It's all relative I suppose.

I was amazed when looking at property prices in parts of liverpool and Stockton on Tees to see how cheap it was to get say a 3 bedroom house!

Hopefully by buying your own home you will have made something of an investment in that the value will have risen significantly enough....
Well more than if you had put the money into a bank account!

I wonder if it's at all lucrative to buy property up north and rent it out...
Might look into that.

I am 28 and have owned my own home for 6 years. We benefitted from how easy it was to get a mortgage in the early 2000 period. We received no help from parents but 'only' needed a deposit of 15k.

However we have never been on holiday etc etc and don't live in London. I can't see much different to how my parents lived 30 years ago (apart from no tuition fees - I have spent around 20k on tuition fees alone).

peppapighastakenovermylife - We missed out by about 3 years

We fell into the huge mortgage but easily got and now in negative equity category - not sure if that is good or bad .

Saying that my parents bought a house on one salary whereas we both need to work full time...

"We benefitted from how easy it was to get a mortgage in the early 2000 period ... I can't see much different to how my parents lived 30 years ago"

How about the difference was that it wasn't easy to get a mortgage? There was no hard sell and every Tom, Dick and Grocery Store Harry offering easy money. It was a privilege to be offered a mortgage. You only got them through Building Societies and then only after you had been a regular saver with them for several years to prove that you could make the repayments.

Everything was much harder to come by and material things were way more expensive in relation to earnings (and therefore valued more). The classic example is fitted carpets: people never used to have such things, they had to have lino instead and that was only after they had saved up for it. I still can't get my head around the concept that house decoration is a fashion thing that you are supposed to change every few years. Never mind all the other fashionable, throw-away things like TV, computer, phone.