Generational wealth differences

[KeenGreen]

My first AIBU so let’s see what I’m in for!

First to make clear none of the problems now are the fault of previous generations. It is not a blame game!!

So AIBU to be frustrated with the rhetoric that todays generations of young families have it no harder than previous generations in terms of wealth and they just need to be more frugal to have the same standard of living??

I am sick of hearing the idea that older generations. So called boomers (for the record I don’t like this term) didn’t have it easier than younger generations.

I am 38 I have worked since I was 16, lived independently since 17. Put myself through university all the way through to PhD. My husband is 39 works in a school as support staff (LSA) and takes up circa £1200 a month. He has a degree.
I work in a university and earn just under £50K before tax so our household income is probably about £65K not the lowest by any stretch but enough for us to struggle to balance costs. We claim child benefit but otherwise no extra help.
Husband only works term time of course, but that means he’s around for our child during holidays.

We have one DC age 5, and can’t afford any more.
Our closest family lives over 2 hours away, so we have no family support with childcare or help if there is a sick day or anything.

We have a mortgaged small semi detached 1930s house with 3 bedrooms, It needs a lot of work but we haven’t been able to do much because of time and money. Current mortgage fix ends in 2026 and I expect our mortgage repayments to go up by about 50% extra £300 a month.

We pay off student loans and my pension contributions are also high.
I took only 6 months maternity leave because I couldn’t afford to go to half pay for long and not into no pay at all.

My husband had virtually nothing in his workplace pension because of low earnings.
Mine is keep being devalued because of sector changes and it’s definitely not the best pension in education. (Teachers pensions are better).
I can’t even imagine what it will be like to try and live off my workplace pension alone and I would have to go all the way up to retirement age which I can’t imagine myself doing in a stressful job.

Retirement age for us is currently 68, that means we have 30 more years.
But with the way things are going I have no hope that there will be a state pension at all for us, or the age will be pushed even higher, so will probably be dead! Despite the fact I will have been paying in with tax national insurance for 50 plus years by that point.

I just feel frustrated about this idea that I hear people say that our generation just needs to work harder, or get better paid jobs etc because it’s not that easy. We both work hard in the education sector. Enjoy our jobs for the most part and find them fulfilling albeit stressful at times!

Like I said not about blaming previous generations for the picture we are in, but I don’t like the rhetoric of ‘well interest rates went up to 15% in my day’ etc when house prices were so much lower in proportion to wages and the cost of living right now and inflation over the last 10 years shows wages haven’t increased in line with this.

ps I know we are not the most hard done by! But still feel the pinch and we certain don’t live an extravagant lifestyle!

Yes, Zanzara we cannot win: helping dcs is wrong, not helping is selfish.

I wouldn’t bother trying to fathom this. There are some very spurious comments on this thread, coupled with some more sensible.

So it would seem. Critical thinking skills seem to be lacking.

I think you are probably right!

You could pursue both ESA and PIP. Bear in mind though that ESA is based on the last two years of NI contributions for the non means tested benefit. There are no new claims for means tested ESA - that’s been replaced by UC. PIP is non means tested and designed to help with the additional cost of living with a disability or health condition. And you don’t need a diagnosis - the effect of the condition is generally enough if medical evidence can support it.

You do jobs you chose just because you like them, work the hours your chose around maximising your family life, but somehow you’re miffed you’re not in a better financial position?

I have no issues helping our DC. Simply because they are my children and they are nice. We might not help sonmuch if they weren't nice.

What does this even mean?
utter drivel

I seriously think you’re just a troll now……completely unhinged.

Oooh @BeGoldHedgehog is the standard bearer against the Boomers for this week.

Not all boomers are bleeding the state.

I have not taken a penny from the public purse until I got my state pension, at age 67. And I was a net contributor at 40% for 35 years (except for the years I lived in the USA, working).

I am now retired, and I still pay tax on my income, and I will do until death, and it's considerably more more than my state pension. Just because we are older than you, does not make us stupid Hedgehog. I do get peevish that you can't distinguish between people. Stupid people are very rarely even solvent but they are often very noisy.

I think most people would hope to be able to help their children with a deposit but you’re still many years away so don’t assume you definitely won’t. Even if you can’t, if you’ve given him a genuinely happy home with bright, engaged parents, that’s more than the majority will get.
In your shoes I think I would be too frustrated carrying the family to be happy with my husband, however if you are then I honestly would just focus on that and accept that you won’t have flash holidays. I do agree that the standard of living these days for professionals is not what you’d expect, but the fact you own your home etc when you’ve basically done it alone is commendable.

Correct, whilst they’ve not actually given us anything about what they contribute to society at all….in fact vehemently refused to do so……..whilst berating anyone over 60…
so I’ll assume they’re a waste of space troll…..with absolutely nothing to bring to the table.

Ok and friendlycat if I'm so off the mark and unhinged. I'll leave you to find out for yourselves.
When you need NHS care and its not there.

I'm stupid. OK...Good contribution

Thats the point....I'm bringing to the table that you are aware of the predicament the UK is in. We are facing....no pensions...no health care...and you are ignorant...until you find yourself on the end of needing care etc

No need to worry about me. My selfish boomer parents who crippled me emotionally, didn’t support my education, paid as little tax as they could get away with, left me an enormous inheritance so it’s private all the way now.

I hope there are the people working in the health care you assume you have access to in the future.

Try harder

please don’t concern yourself. Am sure I can pay for treatment overseas with my massive boomer inheritance.

I haven’t read the full thread, @KeenGreen , but you are definitely not being unreasonable. (The grammar trolls here are though, however!)

I’m also married to an academic, senior lecturer, and it’s a struggle. I work in service and also brought myself up.Salaries just don’t go very far these days. My partner’s colleagues who are nearing retirement were all able to buy nice homes in London on their single salaries 30 years ago, which is now a laughable idea.

Like you we have some comforts and of course recognise that we have it much easier than some (I could for instance increase my hours but then the childcare costs go up as well, so it’s not worth it given my wages at this point), but the wages in the UK have not kept pace with inflation, and in the injection of tech and overseas money into the UK has widened the gap greatly. We both contribute to our pension pots but honestly I don’t know what our retirement will look like. We’re also in an older home with needed refurbs that we haven’t really got the time or money for. It feels a bit bleak sometimes, and it feels like a dirty secret. No one I know in academia is doing well financially unless they have a wealthy partner or inherited money, whilst the public perception is that academics must be living in stately homes riding their Rolls Royces around.

It feels like the struggles of what once was middle class are now much more like working class, and to feel “middle class,” you’d need at least twice the income. I feel for you, it’s not an easy position.

Because the boomers don't want their pensions to be mean tested or pay Capital Gains on unearned wealth. This would be a fairer distribution of wealth that didn't just result in people being being reliant on inheritance for the outcomes in life. Stop nit picking all my reponses and make a contribution of your own.

My pension is not means tested because it is a direct contribution pension: only I have paid money into it, and HMRC which doesn't want me to be a burden on the state in my dotage, has foregone the taxes I would have paid on that income. So when I am dotty at 88, there should still be something in the pot to defray the expenses... but I plan a fancy seawater suicide... quick click, job done, all the paperwork in an envelope on my desk... big hugs xx

I'm not concerned...you will find out soon enough

Good luck 😉

Yes, but he’d still get to keep most of it. Should he not work more because out of every £100 earned he’d only keep £80?! It would still mean a good deal more income, which is what they need.