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Pop321

The Forgotten Generation X - Overlooked?

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Aged 39, born in '79 , but find it hard to refer to generation 'X' as being 'my generation' because it includes the people I work with who are all aged 55-58 - there's a vast gulf between me and the opportunities they had with cheap housing, final salary pensions, or large pension pots built up.

For a late gen-x'er to of bought a house before prices rocketed, they would of needed a well paid job from late teens, and the good advice from elders regarding house prices through the nineties relative to the late eighties.

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2 hours ago, Andy T said:

Aged 39, born in '79 , but find it hard to refer to generation 'X' as being 'my generation' because it includes the people I work with who are all aged 55-58 - there's a vast gulf between me and the opportunities they had with cheap housing, final salary pensions, or large pension pots built up.

For a late gen-x'er to of bought a house before prices rocketed, they would of needed a well paid job from late teens, and the good advice from elders regarding house prices through the nineties relative to the late eighties.

Oldest Gen X are aged 54/55 born in 1965. Prior to that you are looking at Boomers. But I still take your point. 

I am 51 and we bought in 1986 at age 18 due to my future wife’s unplanned pregnancy which curtailed my university plans....and the best thing I ever did (albeit by mistake) was to get a little office junior job and work hard.  

In 1986 prices were booming and a house we bought for £28k we then sold 3/4 years later for £52k and moved into rented. Bear in mind I was earning £4k a year but the house was rising faster than that. 

We moved to rented (to honour our sale despite our purchase falling through due to some evil gazumping). Then the market crashed...it really crashed and we weren’t even aware. My guardian angel clearly watching over me...and we bought our forever home for only £62k (derelict)...plus £18k improvements. The crash was only partly done when we bought but what people forget in a crash is that with houses if nothing is selling you pay what you want or walk away...literally nothing was selling, so we stole this house. 

This isn’t a story of entitlement or how clever I was...rather a story of luck when taking a chance. Saving money (£10k by 18 years old from little cleaning jobs) we were frugal and expected nothing. And we were lucky. 

Even the job was luck. Into finance because I wanted to understand money...make it work for me. Qualified Banker, Financial Planner and Accountant by 25...all paid for by the employer who needed young ambitious talent. 

I guess my original post is what I see now in finance. 28/35 years olds leap frogging the 50 year olds. But that (to me) felt natural, and probably happened when I was climbing the ladder...ie most of older people were being paid for experience and competency rather than ambition and hard work...whereas the 30 year old new boss infact had everything and was working 70 hours a week...and that’s fair enough, leapfrog away. 

I acknowledge that those with IT jobs suggest other experiences and I guess that’s really interesting. It teaches me that non of us ‘know everything’ and it’s been helpful to read other experiences and how it works for them. 

I guess one thing we can definitely all agree on and that is late 70’s and all 80’s music was definitely the best 😆😆

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2 hours ago, Andy T said:

Aged 39, born in '79 , but find it hard to refer to generation 'X' as being 'my generation' because it includes the people I work with who are all aged 55-58 - there's a vast gulf between me and the opportunities they had with cheap housing, final salary pensions, or large pension pots built up.

For a late gen-x'er to of bought a house before prices rocketed, they would of needed a well paid job from late teens, and the good advice from elders regarding house prices through the nineties relative to the late eighties.

Yeah, never thought about that, but some GenX are still not 40! 

You absolutely make the point about GenX being the transition generation. Opportunity for those at the start of the generation (born in the 1960s) and far less for those born after say 1977 upto 1979.  

That said,  whilst late GenX were screwed, we didn't really have the generational clout and size to do much about it. I think Millennials may be different as they are a larger group and seem to pick up on some issues, but they do need to get off their phones. 

 

 

 

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2 minutes ago, Pop321 said:

... . 

I guess one thing we can definitely all agree on and that is late 70’s and all 80’s music was definitely the best 😆😆

I'm not so sure, I hardly listened to music then. Much more of a 1990s grunge kid. 

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2 hours ago, Mikhail Liebenstein said:

Yeah, never thought about that, but some GenX are still not 40! 

You absolutely make the point about GenX being the transition generation. Opportunity for those at the start of the generation (born in the 1960s) and far less for those born after say 1977 upto 1979.  

This is where "Xennial" comes into it, the late 1970s and very early 1980s babies who are just on the edge between the median person being economically okayish as long as you don't make any major errors and economically shafted pretty much no matter what you do.

Didn't hang about in education, got a job and bought ASAP, stayed in work ever since, no divorce = basically okay

Spent a while studying, taught English as a foreign language in Asia, one or two career reboots in 20s, didn't own a house by 2003 = bzzzt, shafted, please join the other line with the Millennials whose grinding economic futures were already set in stone while they were in school uniform.

Edited by Dorkins

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2 hours ago, Dorkins said:

Didn't hang about in education, got a job and bought ASAP, stayed in work ever since, no divorce = basically okay

Spent a while studying, taught English as a foreign language in Asia, one or two career reboots in 20s, didn't own a house by 2003 = bzzzt, shafted, please join the other line with the Millennials whose grinding economic futures were already set in stone while they were in school uniform.

I'm a late Gen X (born late 70s) and your first paragraph is me exactly - started full time work aged 21, bought a flat aged 22 (friends thinking I was mad to make a commitment like that so young...) kept working ever since, with a single 3 week holiday in 2008 (when it was $2:£1 - couldn't resist 3 weeks in the US at that rate) otherwise no more than 2 weeks off work in a row any time in that 20 years.

Doing OK.  No final salary pension - but at least I have a house.

Not because I'm a genius who saw it all coming, just because I had a boringly linear career path and my landlord decided to kick me out aged 22 which jolted me into buying my own flat just before it all went mental.  Deposit for the flat was £3k work earnings, £3k from family (bank of grandma in my case) and £3k unspent Student Loan left over from uni  - effectively borrowed money as the downpayment on an even bigger borrowing(!!) 

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16 hours ago, scottbeard said:

effectively borrowed money as the downpayment on an even bigger borrowing(!!) 

Have you thought about a career in private Equity or banking?

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Don't forget genX is defined by dates between which the birthrate was low (and resulting political invisibility) rather than their economic experiences which varies hugely.

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I'm a gen X-er (in fact I remember happy evenings at University in the 90s spent in a bar with the same name). Can't say I feel forgotten or passed over for promotion etc, and have been admittedly lucky in terms of employment, home ownership etc. Not that I haven't grafted hard of course.

I think the issue gen-X has faced is being on-point during some huge social and economic shifts. Some will have done pretty well out of that and as many won't, through no particular virtue or flaws of their own. That tends to happen during such upheavals.

I do miss the late 90's - 'twas an awesome time to be young and rolling round the clubs and bars - especially up north (which IMO was where it was all happening back then) where I did my degree. 

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45 minutes ago, scepticus said:

I'm a gen X-er (in fact I remember happy evenings at University in the 90s spent in a bar with the same name). Can't say I feel forgotten or passed over for promotion etc, and have been admittedly lucky in terms of employment, home ownership etc. Not that I haven't grafted hard of course.

I think the issue gen-X has faced is being on-point during some huge social and economic shifts. Some will have done pretty well out of that and as many won't, through no particular virtue or flaws of their own. That tends to happen during such upheavals.

I do miss the late 90's - 'twas an awesome time to be young and rolling round the clubs and bars - especially up north (which IMO was where it was all happening back then) where I did my degree. 

Everyone looks back at their youth and thinks it was better back then. Everyone. I do. But observation that it occurs with every generation tells me I'm probably biased.

And I'm the flip side of you. I never bought a cheap house. I never took the right job opportunities. I messed around a bit too much. Had I done a few things differently, I'd be retired now. As it is, I'm probably going to be working well into my 50s to achieve what others through a bit of luck and house purchasing have done at my age (somewhere around 40, private to preserve anonymity). I've set things right now but I'm playing catch-up.

 

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49 minutes ago, scepticus said:

I'm a gen X-er (in fact I remember happy evenings at University in the 90s spent in a bar with the same name). Can't say I feel forgotten or passed over for promotion etc, and have been admittedly lucky in terms of employment, home ownership etc. Not that I haven't grafted hard of course.

I think the issue gen-X has faced is being on-point during some huge social and economic shifts. Some will have done pretty well out of that and as many won't, through no particular virtue or flaws of their own. That tends to happen during such upheavals.

I do miss the late 90's - 'twas an awesome time to be young and rolling round the clubs and bars - especially up north (which IMO was where it was all happening back then) where I did my degree. 

The London Clubs were great too!

That said, what I really loved at University was crashing down in the Middle Common room and watching a bit of MTV.

 

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3 minutes ago, Mikhail Liebenstein said:

kind of bears out my point about more starkly binary outcomes among their peer group for gen-X versus the preceding and following generations. I can believe it because I mixed with with both groups when I was younger.

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I get the impression most of the people on here are generation X.

 

RE: music, loved grunge and Britpop, to be honest some of the Britpop hasn't aged so well, unlike grunge.

 

I agree the 80s was a great time for music, but it's a bit weird because some of the music that I remembered as an under 10 year old would have a totally different meaning if I was 10 years older.

Edited by reddog

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4 minutes ago, Mikhail Liebenstein said:

The London Clubs were great too!

That said, what I really loved at University was crashing down in the Middle Common room and watching a bit of MTV.

 

For sure, but the north had more going for it back then than it does now and there was hope. Something that really ought to be fixed. I'll vote for whichever party I believe will do that pretty much regardless of other policies.

What I miss most is the podium at the Hacienda and later Sankeys Soap and the like. Only dad-dancing to look forwards to now, sadly.

https://www.theguardian.com/music/the-northerner/2013/apr/12/sankeys-soap-manchester-club-ibiza

 

 

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Just now, reddog said:

I get the impression most of the people on here are generation X.

 

RE: music, loved grunge and Britpop, to be honest some of the Britpop hasn't aged so well, unlike grunge.

 

I agree the 80s was a great time for music, pit it's a bit weird because some of the music that I remembered as an under 10 year old would have a totally different meaning if I was 10 years older.

Yes, agree 100%. And actually some musicians like Dave Grohl are basically still Rock Gods. Always sad that Kurt Cobain died though.

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16 minutes ago, dugsbody said:

Everyone looks back at their youth and thinks it was better back then. Everyone. I do. But observation that it occurs with every generation tells me I'm probably biased.

You also find yourself telling your kids not to listen to or watch that rubbish.

I'm fairly relaxed except for gamer youtube videos and especially Annoying Orange!

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My youth was in the late 90s. Often think it was the best period to have lived in British history. 

Regarding culture, surely the older generation should be shocked, or at least confused by the culture that comes later. Things just seem banal these days. Nirvana and The Prodigy v ed sheeran. 

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1 hour ago, nothernsoul said:

Regarding culture, surely the older generation should be shocked, or at least confused by the culture that comes later. Things just seem banal these days. Nirvana and The Prodigy v ed sheeran. 

Ah but that's not how it works - the rule isn't "the next wave is edgier than the last", the rule is "the next wave seeks to be the opposite of the last, whatever that was".  The 50s was about stiff upper lip, so the 60s was about relaxed and hippy-ish.  The 70s was the decade of power for the union worker, so the 80s became the decade of power for the office worker/yuppie.  When it comes to music, the 80s was all synthesizers and saxophones, so the 90s went back to more drums and guitars.  So the 2000s was all club tunes.  Now the 2010s the club tunes are gone and lo and behold a crooner with a guitar like Ed Sheeran is back in.  In the 2020s no doubt it will change again.  Just like beards were "in" for the 60s/70s then "out" for the 80s/90s they're now in again, culture oscillates more than it evolves.

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3 hours ago, nothernsoul said:

My youth was in the late 90s. Often think it was the best period to have lived in British history. 

Regarding culture, surely the older generation should be shocked, or at least confused by the culture that comes later. Things just seem banal these days. Nirvana and The Prodigy v ed sheeran. 

It was but unfortunately the 80’s and 90’s were the best time to be young and in the workforce - pre globalisation to suppress wages and a dose of inflation to keep them going up and of course cheap houses - so massive disposable income

So born a little late to be a handed on a plate boomer 

Edited by GregBowman

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On 08/08/2019 at 16:00, Pop321 said:

...... Saving money (£10k by 18 years old from little cleaning jobs) we were frugal and expected nothing. And we were lucky. 

Even the job was luck. Into finance because I wanted to understand money...make it work for me. Qualified . 

I acknowledge that those with IT jobs suggest other experiences and I guess that’s really interesting. It teaches me that non of us ‘know everything’ and it’s been helpful to read other experiences and how it works for them. 

..... 😆😆

I think your comment on being able to save £10k is interesting. 

I also had £10k savings by 18, though mainly because I was a tightwad as a child and used to put all my Birthday, Christmas and pocket money away when savings used to get 10% interest. 

Now I'd suggest most millennials don't have 2 brass tacks to rub together. 

I think the issues being that:

A. kids seem to be banned from Saturday jobs

B. Parents seem to be less able to pay pocket money worth saving due to soaring food and housing costs. 

C. Low interest rates!!! 

D. Higher consumerism 

Edited by Mikhail Liebenstein

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Could be just the type of person you are born, siblings can be completely different in the way they see money and what it can do for them, how they spend it, no right or wrong......I worked as soon as I could, paper round, serving in a fish and chip shop, a hairdressers washing hair, great tips....that is before started full time job at age 16, never looked back......went clubbing, holidays with mates.....if anyone has that get up and go, loves life and tries to get the most out of it without hurting themselves or others, can't be going far wrong.....energy, and PMA worth tons.;)

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