Born in the 1940s - Have we lived through the best times?

[Al1944]

I was born in 1944 and believe people of this generation have seen the best of everything - except the extremely high mortgage rates of the 70s/80s.

If you were born around this time do you agree?

 

[KIPAX]

I was born in 1944 and believe people of this generation have seen the best of everything - except the extremely high mortgage rates of the 70s/80s.

If you were born around this time do you agree?

the best is always yet to come....

 

[gerry s]

It's all downhill from now until the end...

 

[shapeshifter]

I was born in 1944 and believe people of this generation have seen the best of everything - except the extremely high mortgage rates of the 70s/80s.

If you were born around this time do you agree?

100% yes. The only question is location over that period of time.Probarbly USA California. It's downhill all the way now.The problem is over population.

 

[Cobra]

I was born in 1944 and believe people of this generation have seen the best of everything

My son, born 1990 often mentions that he is glad he was born then, as he has seen the e-age developed and move on a phenomenal rate

except the extremely high mortgage rates of the 70s/80s.

And now the mortgage is paid off, and few quid in the bank, we are being hammered by the stupidly low interest rates.
We have been stuffed at both ends

 

[Nod]

My son, born 1990 often mentions that he is glad he was born then, as he has seen the e-age developed and move on a phenomenal rate



And now the mortgage is paid off, and few quid in the bank, we are being hammered by the stupidly low interest rates.
We have been stuffed at both ends

But, being between the 2 ('63 - a good vintage!!!), My Generation (deliberate UC for Who fans!) didn't have to put up with the privations that rationing caused while still being raised in a make do and mend mentality (to at least some extent). Being pre-e, we can also still do mental arithmetic (when necessary!) and understand inches etc. as well as the metric system.
As Chris says, well and truly spit roasted.

 

[Cobra]

Being pre-e, we can also still do mental arithmetic (when necessary!) and understand inches etc. as well as the metric system.

Absolutely

As Chris says, well and truly spit roasted

And again

 

[beyond the blue]

There's certainly been some interesting times that's for sure, however I remember going to school one day in 1963 when at morning assembly the headmaster told us that "today might be the last time we will all be together" luckily common sense prevailed.

 

[cambsno]

I was born in 1944 and believe people of this generation have seen the best of everything - except the extremely high mortgage rates of the 70s/80s.

If you were born around this time do you agree?

I agree. Partly as I love the the mid to late 60s so being in your early 20s then would have been awesome. Also as the house inflation since the 70s has been amazing. Many people of that age I know have sold and downsized and got a nice lump sum.

 

[Cobra]

There's certainly been some interesting times that's for sure, however I remember going to school one day in 1963 when at morning assembly the headmaster told us that "today might be the last time we will all be together" luckily common sense prevailed.

Not quite sure if that is a sinister as it might sound?
But I do remember the head stood on the stage, one assembly, really letting fly at us, I can't remember why we were being shouted at,
only the fact that he really did let fly, well that is, his false teeth flew across the stage.

That was the end of that bol'kin'

 

[beyond the blue]

Not quite sure if that is a sinister as it might sound?

Very scary I can assure you. The RI teacher gave it his best prayer. It's stuck in my mind ever since.

 

[wontolla]

Born in 1945, and do remember the rationing (still got a ration book somewhere)
I do think the best is behind us and I despair for my Grandchildren's future.
Must say though, I am thoroughly enjoying my retirement!

 

[Cobra]

It's stuck in my mind ever since.

I bet it did

 

[Al1944]

I think things were a lot safer pre Glasnost

 

[boliston]

I know a lot of people say "the old times were the best" but I'm not totally sure they were better - I think things have generally improved due to advances in technology.

 

[RichardTaylor]

I was born in 1944.
Some things are better now, somethings are not.
Higher education is more affordable, at least here in Australia. However finding good jobs may be more difficult.
Some jobs have got a lot better (I was a tech in the telecommunications industry)
Health services, at least in the cities, are a lot better.
Travel, including overseas, has become a lot more affordable.
A lot more food choices.
We have lost some personal freedoms.
Our two children are a lot better off than we were at the same age, both education wise and job wise..

 

[MartynK]

I was born in 1953, and I've seen a lot of changes over the years. I sometimes think a lot of things were better back in the 60s and 70s, but then I remember that I was young then and that puts a very different perspective on life!

 

[beyond the blue]

We used to play doctors & nurses, I bet you can't now.

 

[the black fox]

Used to love this time of year to ,find a house with milk bottles on the doorstep ,light a tuppeny banger put it in the bottle ,ring the doorbell and run like the wind

 

[bindex]

Used to love this time of year to ,find a house with milk bottles on the doorstep ,light a tuppeny banger put it in the bottle ,ring the doorbell and run like the wind

And peeping round the corner to see the result!

 

[danbroad]

There is one interesting fact of the 'baby boomer' generation that's not often mentioned... not only will they perhaps be wealthier than their kids, but that this will be the first generation to live longer, too. The postwar era saw less and less exercise, less fresh air, more pollution, etc etc. Lifestyle changes aren't always for the better, in other words. Not sure whether it'll pan out, but the conspiracy theories suggest it suits the government to plan for 'everyone living to 100' when deciding pensions etc!

Plus, for the conspiracy discussionists... where will house prices go once the wealthy generation has all retired, and Gen X/Y are the senior generation with [less overall] money? Hmmm. Let's see...

 

[Jim_Tod]

And now the mortgage is paid off, and few quid in the bank, we are being hammered by the stupidly low interest rates.
We have been stuffed at both ends

Nonsense, high levels of inflation were a cause of the high levels of interest however what that brought with it were relatively high annual pay increases all of which contributed to significant increases in the value of assets and a real terms reduction in your debt. Combine this with free education, grants for university, a level of pensions that are bankrupting the country now, and you had it best- those before you got some benefits but those after you have very much more mixed fortunes

 

[boliston]

ironic that someone with mortgage paid off plus money in bank feels hard done by lol

 

[Cobra]

Nonsense, high levels of inflation were a cause of the high levels of interest

I'm not argueing that.

and you had it best

Hardly, I think you missed the point, hammered at both ends, the rest in the middle is meaningless to all but those that "came after"

 

[Cobra]

ironic that someone with mortgage paid off plus money in bank feels hard done by lol

Just making a point that you never had it so good, if you are buying a property you are laughing, very low interest rates ours were sky high,
and the money in the bank may as well be under the mattress, for all the good its doing in there, save propping up the economy and giving the youngsters their mortgage money.

 

[Jim_Tod]

Just making a point that you never had it so good, if you are buying a property you are laughing, very low interest rates ours were sky high,
and the money in the bank may as well be under the mattress, for all the good its doing in there, save propping up the economy and giving the youngsters their mortgage money.

If you are buying property now you aren't laughing. Low interest rates have driven higher house price inflation and put the price of property out of many peoples reach over the last 15-20 years. When you were buying property back in the day you would have been looking at 3x single income or 3x higher income + 1 x lower income for joint or 2.5 x joint income. Nowadays it's not uncommon for people to have to borrow at levels of 5 or 6 times joint income and have a hefty deposit. Whilst interest rates are low the increase in house prices makes the level of mortgage interest paid relatively high and the increased capital has to be repaid. All this with the very real risk of a relatively small hike in interest rates having a disproportionate impact on the cost of the mortgage- a 2-3% change in interest rates would double the cost of many mortgages. At least in your idea of the bad old days general inflation and wage inflation would have reduced the real time level of debt and 5 years in you would be more comfortably affording the mortgage debt

 

[Cobra]

At least in your idea of the bad old days general inflation and wage inflation would have reduced the real time level of debt and 5 years in you would be more comfortably affording the mortgage debt

As I remember it took a little longer than 5 years, but I take your point.
And TBH I was on a pretty reasonable wage, when I / we bought this place, I'm still on a good wage now ( I guess you could say "pro rata")
House prices have just soared out of all proportion.
IIRC the total cost was something like > 2.5 x my annual salary, its now worth upwards of 10 x
I couldn't afford to buy it!

It doesn't stop me being p***ed at the banks and interest rates ( savings v mortgage) though

 

[Jim_Tod]

It doesn't stop me being p***ed at the banks and interest rates ( savings v mortgage) though

Being p***ed at the banks is reasonable as they promoted the increase in house price inflation through allowing riskier products to be sold and removing/ reducing checks on income and not insisting on robust lending. Greedy bar stewards

 

[shapeshifter]

If you are buying property now you aren't laughing. Low interest rates have driven higher house price inflation and put the price of property out of many peoples reach over the last 15-20 years. When you were buying property back in the day you would have been looking at 3x single income or 3x higher income + 1 x lower income for joint or 2.5 x joint income. Nowadays it's not uncommon for people to have to borrow at levels of 5 or 6 times joint income and have a hefty deposit. Whilst interest rates are low the increase in house prices makes the level of mortgage interest paid relatively high and the increased capital has to be repaid. All this with the very real risk of a relatively small hike in interest rates having a disproportionate impact on the cost of the mortgage- a 2-3% change in interest rates would double the cost of many mortgages. At least in your idea of the bad old days general inflation and wage inflation would have reduced the real time level of debt and 5 years in you would be more comfortably affording the mortgage debt

Now that is correct. Well done somone has sat down and worked out that low interest rates have made it worse for people to buy a house. Now we just need to convince the Bank Of England.

 

[Llamaman]

I would recommend everyone interested in this topic to read Matt Ridley's "The Rational Optimist".

Ignore the endorsement from King Boris of Bullingdon (a poor decision of the publisher to put that on the cover IMHO).

 

[wontolla]

We used to play doctors & nurses, I bet you can't now.

Speak for yourself!

 

[Garry Edwards]

I was born in 1945.
The downside is that we lived in poverty, I often went to bed cold and hungry, and education for the working classes was appalling - a massive increase in the birth rate (due to fighting men coming home from the war), an enormous shortage of qualified or even half-decent teachers, In my year, only 2 kids were able to sit the GCE, and I wasn't one of them. Back then, the so-called careers advice for boys was to get a job at a local factory or join the army, and for girls it was either factory or typing. Further education was pretty much limited to providing factory fodder and higher education was almost impossible to get - although I managed it, but then I was sponsored by my employer.

The upside was that by the time I was in my 20's, the opportunities were there for those who wanted to work hard, jobs were easy to get. House prices were managable, my first house (1973) cost £6500 (London) and my second house cost £35,000, in the same area. The first house was a 3 bedroom terrace and the second was a 5 bedroom semi, now worth over £2 million - well beyond the reach of ordinary people. Yes, there was a point where I was struggling, with a mortgage rate of 15.5%, but that period passed and the wage inflation made life much easier.

 

[danbroad]

Truly incisive and IMO spot on comment in the Guardian comment section; copied/pasted here for discussion if it interests.

"What I think is being referred to is
a/ free universal healthcare while infants - first generation to have this
b/ massive housebuilding programmes while children and teenagers, accompanied by massive growth in middle class jobs and full employment meant parents had more disposable income while they were being raised
c/ free tertiary education while costs of living subsidised
d/ full employment while entering the job market with most employers offering final salary pensions
e/ cheap housing when entering the housing market
f/ massive house price inflation in 80s and 90s inflating price of assets
g/ massive reduction in tax rates in 80s while entering peak earning years - ultimate effect of which was to further increase house prices - further inflating price of assets
h/ massive injection in NHS funding at just the point when they started using it heavily
i/ a sizeable plurality voting for governments that gave them the advantages listed at b - e in the 60s and 70s then voting for governments that removed them from their children's generation in the 80s and 90s while at the same time voting for the governments that gave them the advantages listed at f-h.
Clearly that's not everyone in a generation, generalisation can be dangerous, and many boomers didn't have that great a time of it. BUT in general terms all these facts are true. compared with later generations the boomers lucked out."

Now, there are exceptions of course, but looking at it from a generational point of view, it's exactly right, and it's coming home to roost a little: for example house prices are rising only in areas where external monies come into play [specifically the south east] and otherwise we're seeing a naturally imposed 'expansion ceiling' based on the distribution of wealth across the generations. I'm neither a boomer nor an under-34, so I watch this from the GenX middle... but I feel there's a huge amount of disincentivisation for those looking up at the beginnings of their careers. It's almost as though this island nation didn't see globalisation coming, despite leading from the front for so long. We've ripped up most of our nationalised assets [the NHS and schools are just about the only major ones left, and they're under attack] and underinvested in our youth as a nation. 'There's only so long you can add storeys without strengthening the foundations' to quote..

Anyway, I'm an armchair sociologist, so what do I know. But that comment did strike a chord of truth with me.

 

[Cobra]

It's almost as though this island nation didn't see globalisation coming, despite leading from the front for so long

Spot on IMO.