This article is depressing. Research has revealed that today’s twenty-somethings need to earn double the average wage for people my age in order to enjoy the same lifestyle our parents had at our age.
Here’s the key point from the article:
“One of the biggest problems for twenty-somethings is the enormous cost of buying a property.
A couple who married in 1985 could have picked up a home for just £35,000 – the average price at the time and four times the average salary. A child born to the couple two years later would now be 24 and need to find £163,000 for an average house – eight times the average salary.
In many instances that house or flat will be smaller than those their parents bought.
To make matters worse, the study shows that a university education, free for their parents, would have left the younger generation with debts averaging £11,500. Taken together the financial pressures can make it all but impossible to buy a house or have a child.”
Well, that’s cheered me right up.