I’ve followed this thread and the original one about young people buying houses with a mixture of awe and despair.
I was born in 1975, but into a British expat family in what was then viewed as the developing world, but now has a much higher income per head and standard of living than the UK. Although we were fairly unremarkably middle class and lived normally for that part of the world, we enjoyed probably higher income and lower costs than an equivalent family here. When I arrived in England for boarding school in 1985, when my parents were the age I am now, I was actually shocked just how poor and backward the UK generally was.
We ate out regularly – often at the country club. Tropical fruit juices, garlic and spices were normal whereas a Fray Bentos pie or Marmite was the exotic luxury, we had real coffee, cars with airconditioning (or at least one of them did), and domestic appliances such as dishwahers and tumble driers even though we had live-in staff in the servants quarters of our 3,000 sq ft home. Holiday allowance was six months every two and a half years (a throwback to the days of taking the boat home), so they were very long haul, long duration holidays. My parents funded all of this, and put two kids through boarding school, from a single income and associated benefits package. My DF left his northern grammar school at 16 with a few O-levels.
I probably own a few more clothes than they did and replace them more frequently, but that’s probably because I have to dress for seasons here and clothes definitely don’t last as long these days, rather than anything else. And there are a few ‘luxury’ things which I acquired at an earlier stage of life than they did – my crystal glassware collection springs to mind, but that was an unwanted gift to my DM when I was 20 which got given straight to me for my first home, so it probably doesn’t count.
Of all the tangible ‘stuff’ that I own now the only things I can think of which my parents didn’t have at my age, but would have been available at the time, is an espresso machine at home and a cordless handset for the landline. Of all the things which have been invented since, DF and PILs have newer, better ones than we do.
There are two non-tangible luxuries I consume far more of than they did though. I have the luxury of not having to worry about the costs of international phone calls thanks to inclusive packages. When I was at boarding school I was limited to speaking to parents for ten minutes at half term because of the cost.
I also have the luxury of education (two degrees, from globally-recognised universities) and access to knowledge that my parents could only dream of. They and I have invested vast sums of time and money for this in the belief that it would allow me to at least get remotely close to the standard of living my parents had, and still have after 18 years of retirement, but in truth that lifestyle seems further away than ever.
That knowledge, unfortunately, has also given me the luxury of knowing that the lifestyles, and in particular the welfare and pensions system, my parents’ generation enjoy was never sustainable: it is simply not possible, as in DF’s case, to pay 5% of your career salary in for 35 years and expect that to fund 60% of your final salary from the age of 54 until you die, which might well be another 35 years. It is my generation’s wealth creation which is making up the shortfall, which means that we cannot save for our own retirements or in many cases make ends meet, never mind piss our wealth up the wall now.
“But you should be fine,” says DF from the poolside of the four bedroomed villa in Southern Europe where he lives alone on a pension of nearly 50k after tax, while moaning that when he comes to stay with us for a month without contributing a penny to bills or food he has to sleep in the spare room where we store our own things because we’re stuck in a 800 sq ft shoebox which we couldn’t afford to buy again. He is still baffled that I am poorer than him, because he genuinely thinks I should be able to land a 100k a year job by walking up to any employer I fancy and asking for one.