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Lydia Smith
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As a 23-year-old, it's nice to hear some balance here. Everyone is so quick to say that all young people are bad with their money, and can't save for the life of them. Sure, some of them, like any demographic, will be financially irresponsible. A lot of people not saving large amounts have no aspiration of buying a house in the near future. It's a lot easier to travel now and move around, and that lifestyle has become more popular. But many young people are regularly saving, using spreadsheets to track their money and so on. Not everything is a matter of entitlement and bad money management. I know many young people who certainly would not be upset about buying a property that needed a lot of work done to it. The whole "stop spending so much money on avocados and coffee" thing is getting a bit old now. If we saved all of the money from a few coffees here and there, it's not going to pay for a deposit. The key issue is, as Mark says, wages and property values being vastly out of alignment. When my Mum and Dad purchased their first property in the South-East decades ago, the property would have been about 3 times their annual salary. Now, it's about 10 times. If we are entirely self-sufficient in this day, and not living with Mum and Dad, we then enter a new territory of being basically unable to save - especially if you have a job in the City and need to pay rents that would have been nowhere near this amount years ago. Thanks Mark.
From:
Lydia Smith
07 January 2021 12:17 PM
I'm 22 and understand I am well in the minority on platforms like these aimed at landlords, who are primarily in a 40-60 age bracket. But it is incredibly arrogant to brand an entire demographic as being vain and entitled. I have never felt the need to comment on this page quite as I have after reading this comment and the reply below it. Many of us are hard-working. Let's not ignore the facts. In my parent's day, you could quickly start working in London in a decent job without extensive qualifications. Now, young people like me will be pushed out of vast opportunities unless we have a degree. That's three years, five years including A-levels, that I have spent working towards a qualification I felt I had to get to survive in the job market. I could have spent those years working my way up the ranks in a job in those five years, and probably would have had enough money for a deposit. The rate of inflation on properties far exceeds the expense it cost to buy a property when my parents were my age. It is tough at the moment. It is saddening to see that older generation are degrading a whole generation of young people as being idle and unmotivated when the odds are currently against us to become homeowners. Many young people base their spending choices on the fact that becoming a homeowner feels so far out of their reach, not merely because they don't want to save. It is sad that it has gotten to this point.
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From: Lydia Smith
07 January 2021 12:17 PM
From: Lydia Smith
30 September 2020 18:35 PM