We're Doomed to be Poorer Than Our Parents

By Gary Cutlack on at

Those of us born in the 1960s and 1970s look like being the first generation since the war to have a worse time of it financially than our parents, thanks to spiralling house prices, crappier pension deals and less opportunity to save money for our futures.

The depressing picture has been painted by the Institute for Fiscal Studies, which says the only way today's generation of would-be home-owners can beat the system and enjoy a life free from financial stress is to get lucky with a jackpot inheritance from the wealthier previous generation. We earn more, but spend more too, thanks to peer pressure to always have the best kind of telephone. Grandad didn't have that, as there was only one kind of telephone in the 1960s.

And to make it worse for us, the fact that the current wealthy wave of the middle-aged who bought their houses for nothing in the 1970s are likely to live longer than ever and spend their savings pots on health care when they reach old age, means there's going to be less in the way of money left to inherit in future.

So if you haven't already got a house or a loaded ISA or a rich dad in good health, you're stuffed, seems to be the message. [Telegraph]

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