To feel resentment that my parents are so well off

[Lissm]

I know I will get flamed for this...
My parents are in their early 70s. My father worked in a factory in a low skilled job and was made redundant when he was 56, and retired on a full pension. My mother worked on and off as a cashier and stopped working at 57.

They have a house which must be worth close to £800k, purchased for £40k, and £200k+ in savings and investments. They are able to save at least £1k each month.

We have worked just as hard as they have but we will never have their sort of financial security. We have 6 months of savings and that's it.

I feel so angry that this has happened - not at them but at the situation.

I thought every subsequent generation would at least enjoy the same standard of living. I dread to think what is going to happen to my children.

Also fed up of hearing about how buying a coffee will get me on the housing ladder. Yes, Linda, £5.00 a week really is the problem. Not the £1500 I pay to my landlord. Who, ironically is a boomer 🤣

Just a small point on the issue of each generation leaving a better economy for the next generation. The current generation is Gen Z who follow millennials who follow Gen X who follow Boomers who follow the greatest generation. And it’s probably fair to say that prior to 100% sufferage only a small elite made any difference to the economy.

All those Generations contributed to the economy we have today. All of those generations have prioritised low inflation. Except for the immediate period after the war none have prioritised housing.

I disagree that it's a reasonable assumption to make. Like all other generations we're subject to unpredictable events like wars and covid and we're the victims of stupid decisions like Brexit. So much of a generation's fortunes are down to luck and random events. The idea that things should just get better and better isn't realistic.

What jobs did your parents have and what were their final salary pension amounts.

I certainly understand house prices being an issue and I know a fair bit about DB pensions as I am the recipient of one as is my DH and we were certainly not low paid.

It’s a very interesting first post with detail to attempt to make people dislike the older generation.

Well let’s hope they spend some and enjoy their autumnal years.

Same here. We bought in 1980 and the first time we tried to get a mortgage, having saved up 10% deposit, we were laughed at and sent away to save some more. Also, interest rates were astronomical back then! I remember it going up to 15%.(Can that really be right?)

Would you prefer it if they were skint and you had to help support them?

A friend of mine got a 100% mortgage in the early 2000s. No-deposit mortgages were a huge factor in the 2008 financial crash.

and we're the victims of stupid decisions like Brexi

which people voted for.

I think every generation feels like this. Starting out in life is hard and it gets easier, with some luck and sensible planning along the way.

People I knew who bought their first homes in the 80s were in negative equity for years, or many had their homes repossesed, but are mostly doing OK now.

Wjat does seem to be different a out the current crop of young people is that they've given up and aren't even trying with those sensible decisions. Which is their choice, but you do need tonplan to achieve anything.

@DaffodilValley the majority of pension schemes are less generous today.

In a referendum that the Tory government were stupid and arrogant enough to make binding when it could have simply been advisory.

Looking at the figures, the Leave vote wasn’t as dominant in the older age brackets as the Remain was in the younger age brackets - but more older people voted. Not point in giving young people the vote if they just throw it away.

I am astounded at how families share financial information, who on earth thinks it a good idea to reveal savings and investment amounts. If you do have a decent amount then people just want some.

Why couldn't the government cap new build house prices though to help the younger generations get on the ladder.
It's not even worth buying a small flat now to get yourself started and building up from the bottom as the monthly fees with flats is absolutely ridiculous. The monthly fees on top of your mortgage and high council taxes make it unworkable

I think every generation feels like this. Starting out in life is hard and it gets easier, with some luck and sensible planning along the way.

again with this!

We never recovered from the financial crash, wages have stagnated.

Rents/mortgages have got more expensive

People are paying more tax due to fiscal drag

State pension age is increasing despite no increase in healthy life expectancy

Younger generations have lost hope because they don't feel things will ever get better, they aren't wrong either.

Taxes and costs of living are only going one way. The country can't afford to fund state pensions and the NHS now let alone for the next 40 years.

My eldest has 3 . She works really hard with a job and the children and I help her as much as I can. My twin grandsons are 21 , I’ve taken her on hols abroad on her own to give her a break . She still has more than I had at her age , she’s likes nice things for her home, I despair with her really , but we have a standing joke phrase , “not another sofa!” She will willingly go into debt for something nice. My sofas were always hand me downs or what friends were giving away and threadbare . She wouldn’t dream of having a tatty house . She’s got a lovely wood burner she’s going to be paying for forever ! My other 2 don’t have any kids yet , gonna be a big wake up call for them . I’m always there for all of them and immensely proud of them all .

@Ddakji but aren't there just more older people as well?

Good for you. Why shouldn’t you enjoy your money? I find myself falling in to the ‘I’m skint’ trap when really what I mean is I can’t afford a two week holiday but my parents were properly skint when I was growing up and I like that they enjoy being mortgage free and having a bit of money now.

No they don't. It's outrageous the way rights have been stripped away, salaries, pensions, hopes.

My parents had numerous holidays blah blah. We've got a house, thats it. No extras. AC renting.

The gig economy and so on, stinks.

This is also my experience albeit in the 70's, we always had second hand cars my dad fixed himself, hand me down clothes, caravan holidays in the UK once a year. I didn't feel poor but was aware my parents didn't have it easy and came from poor backgrounds. Later on they sold their house bought at £4000 for £80000 and moved North.
I was really happy for them, but I do get your resentment op. I wonder if it's their lack of understanding of their fortunate position.
My mum had some well off friends, went to Grammar school, had free Uni education, took advantage of the massive hike in house prices but like to talk about how hard they worked.
I feel resentment towards them and they're not even my parents.

Not sure. But my brief scan said that areas with larger older populations voted in greater numbers.

As a person just slightly younger than OP's parents I find it difficult to believe that a low paid factory worker and a part time time shop assistant both had such marvellous final salary pensions that they managed to save so much.

Shame they won’t help you. They can’t take money with them when they die and they’ll likely pay IHT so the earlier they gift it, the less chance of IHT being payable on the gifts.

I'd focus on what you do have because it is more than many, many people. 6 months in savings is something I'll never have, should people resent you for that?

It’s not just a single £5 coffee. It’s the holidays abroad, the hen dos, the botox, nails, hair extensions, the leased SUV, the nights out, the JustEat takeaways, the Turkey teeth, the designer clothes, festivals and concerts, the Mounjaro, the football season tickets, the £££ cosmetics, the 3 grand dog, the gym memberships…

I’m not saying that all young people will have all these things, but lots of young people will have a few of them. I know that my own DCs have many of them and are always crying poverty. 🤷🏻‍♀️

JFC the boomers saying they had it hard because the kids today have a few additional luxuries that weren't there a generation ago. Guess what, so did you. Cars, TVs, microwaves, the pill... your parents had none of that. Plus you had the new rights and welfare systems they created (yes, it was the previous generation that did most of that) and then affordable housing, secure jobs and pensions too.

Future generations are supposed to have nicer things, that's what all this striving is about. Not so long ago it was a luxury to have tea, or glass in your windows. It's not meant to be traded off against basic needs like housing and retirement, and it certainly wasn't for your generation.

In historical and cross cultural terms, it's very strange for families not to share wealth with each other. Going on a cruise while your kids struggle with the rent (and then wondering why you don't have grandkids) is an anomaly. If I end up luckier than my kids, I'll be sharing everything I can with them. And if, by some twist of economic fate, I end up luckier than my parents, I'll be sharing with them too.

Ultimately, societies that do not invest in the next generation will simply be displaced by those that do. If you're happy with that then carry on I guess.