I found this to be an interesting headline because, of course, the narrative is that the young today are going to be (or already are) the first generation to be less wealthy than their parents’ generation, which, to be fair, the article does tackle:
I’m an anomaly for my generation, though. Research indicates that millennials (that’s generally people born between the 1981 and 1996) are the first generation since the second world war to be worse off than the previous one. We’re less likely to own a home, with just over 40% of people aged between 25-34 being homeowners in 2011, compared to over 65% in 1991. For generation Z (people born between 1996 and 2015), the decrease is even more stark – over 35% owned homes in 1991 compared to just 10% a decade later.
It’s quite sad that the normalisation of reliance on parents has led to a situation in which parental support is now expected, rather than nice to have. I’m no outlier, and I’ve received help from parents before, but consider myself lucky.
Even now that I earn double what my mum does, she won’t take a penny off me, and is quick to spend on me against my protests!
Also, potentially found a UKPF member!
Sam*, 23, says his background has made him more frugal, even though he now earns what he calls “a significant amount” working for a US tech company.
And this is a bit grim, but good on “Ethan”, and I hope he succeeds beyond his expectations.
While Sam and Alana’s mums own their homes, Ethan’s doesn’t, and ensuring his family is financially comfortable is one of his aims.
“My drive is to help my parents out when they’re older. I said that in my interview for my graduate role – ‘I want to buy my mum a house’, she doesn’t have a mortgage,” he says. “I think they liked that, and it helped me get the job.
“I probably will have to, because her pension’s rubbish. My dad can’t work because of health issues so I’ll have to help him as well. I imagine I’ll be contributing to my younger sister’s university fees as well.”
It’s Ethan’s choice to look after his family money-wise, but that doesn’t mean it doesn’t cause friction: “My parents hate it, I think it’s a sense of pride. But I’d be worried if I hadn’t pushed myself career-wise enough to be able to help them.”
As u/CrispyEminems has made a few comments regarding class, I thought I’d use Google to clear things up.
I came out as Technical Middle Class, which sounds about right.