This is an interesting thread.
I feel the work has changed and the UK is a mess with no stregegy from successive governments about the next generation and their lives.
As 1 poster has said, 'all in' full time minimum wage is 28 to 30k for a company. I class this as A Lot.... A lot to emplog an 18 or 21 yr old, for sure.
Yet, banks lend 3.5 times salary for a mortgage, so in this case 3.5 x 30 so £105,000. Per full time employed person.
Now my motivation for full time working was independence when I was 18. Freedom to make my own choices, my own life, using my own money.
Today, if you watch homes under the hammer, 105k buys you nothing, nowhere. A ruin in South Wales, full of rot, maybe just. Subsidence. People are in bidding wars over dumps.
So a couple on 2 salaries can by lent £210k. Still, in the south and south East, that gets just about nothing. In London, nothing. If a property is estimated that cheap, it sells 50k more every time. Every time. Dispiriting.
I understand these are numbers for starter jobs, but employers are already struggling to pay 30k. Five years later it may be 34k this person earns. It's not enough. Not close. Even 40k.. To buy any kind of home where most grad jobs are.
Near me, there are thousands of new build boxes going up, 2 or 3 beds starting at £399,500... A young, graduate couple are barely 60% of the way there to buying one.
Then motivation no 2 comes into play.
I wanted a family. How on earth do people begin a family when they rent rooms in shared flats at £1000pcm in London. They can't borrow enough for a homes under the hammer house and they pay 11% more 'tax' on their salary via student loans when they are earning not enough for a rotten studio with dry rot and mould.
Rents correlate with new build prices, indeed there's almost nothing to rent as well and what there is is extortionate.
The societal 'norms' I witnessed are gone. If you work full time doing anything, especially as a couple with 2 incomes, you should be able to have a decent home, either to rent or buy. That's not possible now. It's very unfair on the young. A single person, single graduate, is stuffed. Utterly stuffed.
I do want to add another thing... I do feel the generations are polarised and don't look out for each other. The nest egg flats bought by the elderly couple in the 1990s at 45k each, they now want to charge the young couple full market rent of £1700pcm, despite any residual mortgage payment being 300, 400.... They want every penny, and some, knowing the young have no choice.
The young people think why bother contributing so much, working so hard, to pay taxes to pay social care for a legion of other elderly people? Council tax revenues plummet, where 75% of this money would have gone on the elderly. The young people work pt, universal credit etc, and need huge discounts on the council tax.
I'm sad for the young. They are being robbed on the interest to student loans. They are being robbed blind on housing. They are being stunted by brexit and opportunities I enjoyed overseas. Plus social media is full of BS which makes them feel awful.
From someone who remembers cheap cars, 55p!/litre petrol, full size mars bars at 30p and rows of decent terraced houses for sale in Crawley at 40k each.. I'm the 1990s when "zig a zig ah" was the thing...
It wasn't long enough ago for this amount of financial change and increased challenge... X