Thanks for all the comments on my ‘young and broke’ blog the other day. It’s not easy for youngsters now even if they are organised and careful with their money. Many of them have been encouraged to go to university as a means to get a great career. In reality the job market is such that having a degree doesn’t guarantee you anything. I am a manager in a call centre and there are as many graduates working there as non graduates. My daughter has recently graduated and managed to get a pretty decent job but many of her friends have just extended their student jobs and work in shops and cafes whilst they await their dream career. They had their expectations set so high…
It’s not a terrible salary at my place but it’s not great either. Enough to run a car or rent a room but not both. They either have to live with their parents or find an expensive house share. If they do the latter their chances of ever buying their own place are virtually non-existent unless they are lucky enough to have access to the bank of mum and dad. There are a few who scrimp and save and are absolutely determined to get on the housing ladder, which means not going out much, no splurges on new clothes or makeup, no holidays and watching every penny. I love that they are so disciplined as I know I wasn’t at that age.
When I was younger you got a full grant to go to university. I remember walking into a shop to ask if they had jobs and being given one on the spot. It was easy! I got my first house with no deposit – can you imagine any bank giving you a 100% mortgage now?
I was earning at 25 the same as the staff at my place earn now – I am now 50-something . I had no idea how lucky I was and I hugely regret not making the most of my good fortune and saving lots or paying my mortgage off. I was hopeless with money! I had no idea!
I didn’t start understanding money until I was getting divorced when I knew I had to embrace frugality or go under. Still,better late than never! Onwards and upwards!