Retirement

[P. G. Tipps]

...from which they were however soon able to move on to a house of their own with the help of a small mortgage (even if I did have to enlist my father to sign as my guarantor, though his modest salary never actually equalled mine).

You were clearly relatively privileged. In the part of the country where I started work homeownership was the realistic goal of a tiny few.

It was the advent of 'Thatcherism' which eventually paved the way to owning a home for much of the smelly hoi-polloi like myself.

[jean]

Absolute nonsense. It was in the early 1970s that I was able to buy a flat in London, which even then wasn't the cheapest part of the country - and Thatcher had nothing to do with it.

I was no more privileged than others of my age, but we were all immensely more privileged than today's young people.

[Eine Alpensinfonie]

Absolute nonsense. It was in the early 1970s that I was able to buy a flat in London, which even then wasn't the cheapest part of the country - and Thatcher had nothing to do with it.

I was no more privileged than others of my age, but we were all immensely more privileged than today's young people.

But we are getting more political, which may break house rules.

[P. G. Tipps]

Absolute nonsense!

Most young people today are much better off than I was at their age.

Speak for yourself not me!

[ferneyhoughgeliebte]

Large numbers owning smartphones does not necessarily indicate they are comfortably off. It merely suggests they are even more heavily in debt, which we never really were.

[teamsaint]

Absolute nonsense. It was in the early 1970s that I was able to buy a flat in London, which even then wasn't the cheapest part of the country - and Thatcher had nothing to do with it.

I was no more privileged than others of my age, but we were all immensely more privileged than today's young people.

A sensible dialogue on the economic realities for young people is well overdue.
I suspect that when Scottytips sees many of them indulging in expensive gadgets and holidays/travel, they are doing so because home ownership isn't even an aspiration when property prices and salaries are so far out of kilter in many areas, so the tendency is to live for now.
Quick example:
In 1987, I was a junior trainee manager in the inland revenue, Salary around £8k, with which I was able to buy a decent ( but in need of total decoration) one bedroom flat in Southsea for about £21k. I borrowed the £1k deposit from my parents and brother.

todays equivalent?
I reckon £25k starting salary tops, ( if the civil service still trains anybody), and a similar flat would be at least £120k, and thus unaffordable for a single person on a 95% mortgage.That is a huge change in circumstances in a generation.

[P. G. Tipps]

A sensible dialogue on the economic realities for young people is well overdue.
I suspect that when Scottytips sees many of them indulging in expensive gadgets and holidays/travel, they are doing so because home ownership isn't even an aspiration when property prices and salaries are so far out of kilter in many areas, so the tendency is to live for now.
Quick example:
In 1987, I was a junior trainee manager in the inland revenue, Salary around £8k, with which I was able to buy a decent ( but in need of total decoration) one bedroom flat in Southsea for about £21k. I borrowed the £1k deposit from my parents and brother.

todays equivalent?
I reckon £25k starting salary tops, ( if the civil service still trains anybody), and a similar flat would be at least £120k, and thus unaffordable for a single person on a 95% mortgage.That is a huge change in circumstances in a generation.

That's a fair point, teamsie ...

You are right there have been wholesale changes in recent years not least the increased amount of people in work, notably women.

So the fact that homeownership is more of a 'couple' and even 'multiperson' thing these days is not a huge surprise.

Every generation has its unique problems but overall youngsters (and, yes, pensioners too) are better off materially than they have ever been before?

[ardcarp]

I think a generation of women has been EXTREMELY hard done by as far as their State Pension (or as they call it now 'retirement benefit') is concerned. They signed up to a system which promised a pension at 60 and now have to wait until 67. I am surprised this is not considered as illegal as it is morally wrong.

Another weaselly trick by HM government concerns teachers. Friends of mine (male) retired at 60 and drew their pension frm the teachers' superannuation scheme. At age 65, their teachers' pension was reduced because they became eligible for the state retirement 'benefit'. WHY???

[Eine Alpensinfonie]

Absolute nonsense!

Most young people today are much better off than I was at their age

We must live on different planets. Young people face far greater hardships that I did in similar surroundings.

[Dave2002]

Perhaps Dave had Caliban in mind as the OP following the resurrection of the thread. Must admit I did as well.

Sorry - I wasn't thinking of the original OP. Caliban and Pet were the ones I was thinking of.

[Beef Oven!]

Impossible house prices, university debts of £80,000, low pay jobs with no security, paying for the mistakes of past generations - young people today don't know how unlucky they are.

[jean]

We must live on different planets. Young people face far greater hardships that I did in similar surroundings.

Is there anyone else at all on Tippsy's planet?

[cloughie]

I think a generation of women has been EXTREMELY hard done by as far as their State Pension (or as they call it now 'retirement benefit') is concerned. They signed up to a system which promised a pension at 60 and now have to wait until 67. I am surprised this is not considered as illegal as it is morally wrong.

Another weaselly trick by HM government concerns teachers. Friends of mine (male) retired at 60 and drew their pension frm the teachers' superannuation scheme. At age 65, their teachers' pension was reduced because they became eligible for the state retirement 'benefit'. WHY???

I suspect this goes back to contracting out from some earlier government scheme which affects the level of state pension relative to company pension.

[cloughie]

Is there anyone else at all on Tippsy's planet?

I'm hope not and certainly would not board the spacecraft to get there. I'm happy to be here and born when I was!

[Bryn]

Must admit I was a bit taken aback a few years ago to learn that the index linked pension that was accruing while in the Scientific Civil Service evaporated upon my leaving the job. Apparently as a non-contributory scheme, I simply lose it.